The problems of taxes on polished goods entering India were brought before the Chief Minister. Tax currently stands at 6% and makes it very difficult for Indian diamantaires who buy polished in Israel or alternatively for Israeli diamantaires who wish to trade with their Indian counterparts.
It was explained to the Minister that under the existing free trade agreements, there is no reason why such a tax should continue to exist. I also mentioned to him that in conversations I had with senior officials of the Indian stock exchange, I found that the interests of tax reduction are common to both Indians and Israelis. Minister Rupani promised to intervene in the matter and support it, in view of its great importance and influence on the industries.
"We believe that following the request to the Minister and the Deputy Ambassador, a process will begin, which will be accompanied by the Diamond Inspector and the Ministries of Finance and Economics, and at the end of the processes, this tax will be reduced or canceled completely." Said Mr. Yoram Dvash, President of the Israel Diamond Exchange.
