India to ease precious stones import

Announcing the Annual Supplement 2006 to the Foreign Trade Policy, Commerce and Industry Minister Kamal Nath said Mumbai has to match Dubai and Tel Aviv in gems and jewellery trade.

There are a number of unutilised gems and jewellery manufacturing units, which need to be revived, he said, adding that imports of precious metals and stones would be made easier.

He said tax benefits would be extended only to inputs and not for finished jewellery products.