Budget 2013: What Diamond traders expect from Chidambaram

Diamond merchants in Gujrat have laid out their own expectations and demands ahead of Budget 2013.

According to Chandrakant Sanghvi, a Diamond Merchant in Gujrat, the government will have to take important measures to ensure that India sustains its monopoly in manufacturing polished diamonds.

"Especially, towards diamond traders' demand regarding introducing reforms in taxation policy on turnover profit," Sanghvi told ANI.

Dinesh Navadiya, Chairman of Surat Diamond Association, suggested that tax should be imposed only on the goods sold, so that rest can be sent back.

"Raw material Rough diamonds that foreign mining companies want to sell in India… A notified area must be embarked for them," he added.

The diamond merchant association also wants the establishment of a special fund created by the Reserve Bank of India to the tune of USD 3-5 billion for the refinancing of loans given to export industries, which have a high import content of over 70 percent of their exports.

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