India’s first woman Finance Minister Nirmala Sitharaman is set to present this year’s Union Budget on July 5. This apparently would be her first major assignment ever since her appointment to finance ministry.

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As usual, the government is expected to come out with fresh policies and amendments to existing schemes, impacting farmers to the middle class, entrepreneurs, professionals and corporates.

Investors have high hopes from the new government’s maiden budget against the backdrop of a strong election mandate.

Following are the pre-budget expectations of the gems & jewellery sector:

Reduction in import duty of gold from the current 10%

Duty on importing diamonds should be lowered to 2.5% from 7.5%

Rebate to foreigners on jewellery bought in India

Foreign miners should be allowed to sell in India

Relaxation of credit norms for working capital requirements

Pan card limit should be raised to Rs 5 lakh from Rs 2 lakh

Elimination of the Commodity Transaction Tax