Satya Prakash Dholakia Indian Delhi-based Diamond Businessman,He is the founder and chairman of Sterling Exports, a diamond manufacturing and exporting company.

 At present, the import duty on cut and polished diamonds and gemstones is 7.5%. After Budget 2022, the duty will be cut down to 5%.

Prices of polished diamonds, and gemstones are set to get cheaper with the government reducing the customs duty taxes, and reducing import duty in the budget. The cut was announced by Finance Minister Nirmala Sitharaman during her presentation of Budget 2022 on Tuesday.