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Our Bureau

Mumbai , July 14

THE Union Government is planning to set up an International Convention Centre spread over 20 acres near Mumbai Airport to facilitate business community for holding international exhibitions and seminars.

"The Airport Authority of India (AAI) would prepare a feasibility report soon and on that basis, the decision would be taken," Mr Praful Patel, Civil Aviation Minister, told presspersons on Thursday, on the sidelines of Indian International Jewellery Show 2005 organised by the Gem and Jewellery Export Promotion Organisation (GJEPC).

"Nothing has been finalised as yet. The proposal is under consideration," Mr Patel said.

"China and Dubai are emerging as major competitors to the Indian gem and jewellery sector. In order to blunt the edge of this competition and to make India a trading hub, it is imperative that a reduction is considered in the import duty on cut and polished diamonds, and cut and polished coloured gems tones from the existing five per cent to nil," said Mr Bakul Mehta, Chairman of GJEPC, at the inauguration ceremony of the jewellery show here.

"Exports of gem and jewellery sector are entirely dependent on imports. Approximately 85 per cent of the imports for the sector are made through the Mumbai Airport. With the introduction of the 0.1 per cent stamp duty on import of cargo by air, by Maharashtra, the growth of the sector and the viability of business trading in Mumbai is highly affected," Mr Mehta added.

The industry has in recent years continuously surpassed its targets. In the last fiscal, the total exports of the gem & jewellery sector were at $15677.13 million, an impressive growth of 29.27 per cent compared to the previous year. The jewellery sector, which is the sunrise sector of the industry, has in particular recorded a whopping 42.23 per cent growth in the last fiscal, Mr Mehta said.

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