Concessions offered to the gem and jewelry industry

Imports:
A) Duty free imports of

1. Pearls, rough gems, cut and polished gems, diamonds, synthetic gems, diamond powder
2. Gold (in all forms)
3. Silver (in all forms)

B) Imports on a concessionary duty basis

1. Tools, machinery and equipment used in the gem and jewelry industry.

C) Import and supply of following items are subject to 15% value added tax (VAT)

1. Pearls, Diamonds, Precious and Semi Precious gems.
2. Precious metal or metal clad with precious metal and gold coins.

Exports:

1. Duty and tax free export of cut and polished gems, plain gold jewelry and gem studded jewelry.
2. Direct export earnings are totally exempted from income tax.