Indian Minister for Finance Mr. P. Chidambaram announced the reduction in import duty on Cut & Polished Diamonds to Zero in an announcement made in the parliament on Thursday May 03, 07.%%The US$ 17 billion, Gem & Jewellery industry has welcomed the move by the government and is thankful to the ministry for accepting the industry's demand that was long overdue.%%Sanjay Kothari, Chairman, GJEPC commenting on the Government's move said , "India imported US$ 1986.53 million worth of Cut & Polished Diamonds in FY 06-07. With CPD category being completely exempted from import duty, industry will have wide surge of diamonds of varied shapes and sizes required for jewellery fabrication." He further added, " This step by the ministry is a way forward towards liberalizing the bi lateral trade with target destinations, will boost the industry, enhance growth and help India emerge from just being a world's largest diamond manufacturing centre to the Global trading hub for Gem & Jewellery ".%%The step has certainly encouraged the industry, Ashish Goenka MD Suashish Diamond Ltd said " This decision brings India in line with the other diamond trading centers around the world and would help India also establish itself, as a Global Destination for all the Diamond and Jewellery products, apart from being the largest manufacturing base. With a larger variety of products freely available in the market, more international customers will be attracted to India. The booming Indian Consumer market will also gain, as they will get more variety "