epages News [Jewellery, March 2002]

• Arasia, a new brand of diamond jewellery launched
• Gujarat to slap 1% sales tax on diamond trade
• Back to Jewellery Archives

Arasia, a new brand of diamond jewellery launched

Mar 18, 2002: Arasia, a new brand of diamond jewellery has been introduced in India. Tanishq (from Tatas), Gili, Carbon and a few more brands of jewellery are popular in the country. In addition, Dee Beers (DTC) introduced Nakshatra range of jewellery last year and there were several advertisements with popular actress Aishwaya Rai promoting the brand.

Popular brands of diamond jewellery are available in Mumbai, Delhi, Kolkata, Chennai, Hyderabad, Bangalore, Ahmedabad and Chandigarh. World is looking for new markets for diamond-studded jewellery. USA is the present market leader and it dominates Japan.

China and India have good potential as new markets for popular brands of diamond jewellery. The success of Arasia brand of diamond jewellery will be a turning point.

Gujarat to slap 1% sales tax on diamond trade

Mar 29, 2002: In a bid to raise its revenues, the Gujarat Govt. has decided to slap 1% sales tax on diamond trade and diamond studded jewellery. Only 1% of the diamonds processed in the state is sold in the State and 99% is exported. The exports trade is not affected by the State rules.

Diamonds sales within the State amounts to Rs 360 crore. So, the Govt. would geta revenue of only Rs 3.6 cr. by imposing the sales tax. But it has to employ government machinery by spending more than the revenue it gets. The govt. could not realise this fact in announcing the sales tax.