The demand for diamonds will invariably affect the domestic industry as India has expertise in diamond cutting and polishing, says Shankar Pandya, chairman, Diamond India.
Aiming at rough diamond imports of $1 billion annually, Diamond India Ltd, a grouping of 60 traders, is looking at markets other than Russia to scale up its imports.
Precious ornaments are estimated to become 3% costlier under GST
Prime Minister Narendra Modi had asked exporters to prepare a strategy for the next five years and start working in that direction.
While an official in the Commerce Department indicated a trade war was in the offing, till now the government has been in wait-and-watch mode.