Diamond traders hoping for tax cuts in upcoming Budget

As the Indian government gears up to present this year's annual Budget on February 26, diamond traders are anticipating tax cuts in a bid to lure investment and boost profits. The city of Surat in Gujarat, known as India's 'diamond capital', recently had to face tough times after the global financial crisis. Chandrakant Singhvi, the Chairman of the Gujarat State Chapter at the Gems and Jewellery Export Promotion Council, GJEPC, says the industry is hoping the government will lower the turnover margin for tax cuts.