Import duty on diamonds has been raised to 7.5 percent from 5 percent.
Chief Financial Officer at Titan, S Subramaniam, believes that the hike in basic customs duty on diamonds will not impact Titan. He said that the government's decision to not raise import duty on gold is a sensible decision.
"At 10 percent, import duty on gold in India is already one of the highest in the world," Subraniam said.
On September 26, the government raised import on 19 products, including white goods, jet fuel, diamonds and footwear.
Custom duty on diamonds has been raised to 7.5 percent from 5 percent. The government aims to curb imports to contain current account deficit (CAD).Watch the full interview for more...