Accelerate Domestic Jewelry Industry, Government Cuts Raw Materials Import Duty Tariff

By : Ridwan And Aldi Firhand. A | Monday, March 19 2018 - 21:37 IWST

INDUSTRY.co.id - Jakarta, National jewelry industry is believed to be growing and competitive. This is in line with government policy to cut import tariff (BM) on raw materials or components needed by the sector.

"The Ministry of Industry has proposed a decrease in the imposition of customs tariffs for rough diamonds and diamonds from five percent to zero percent," said Head of the Agency for Research and Industrial Development (BPPI) Ngakan Timur Antara in Jakarta, over the weekend.

The proposal was finally accommodated through the issuance of Regulation of the Minister of Finance (PMK) No. 17 of 2018 on the Second Amendment to PMK No. 6 of 2018 concerning the Stipulation of Classification System Shipping and Imposition of Import Duty on Imported Goods, as of March 1, 2018.

According to Ngakan, the import duty exemption policy shows the support and care of the government in an effort to protect national industry, especially jewelry craftsmen.

"Given the jewelry so Indonesia is interested in domestic and foreign consumers because of the design and quality," he explained.

Furthermore, the reduction of import duty rates will also be able to increase state revenue because the added value of diamond in the form of jewelry is much greater than the value of diamond import duty.

"In addition, it can improve the compliance of diamond imports so that it will improve the transparency of customs administration and taxation," Ngakan said.

Ministry of Industry noted, the jewelry industry has a positive impact on the national economy, both through employment and export value.

Currently, there are 36,636 units of jewelry industry in Indonesia with total employment of more than 333 thousand people.

Throughout 2011-2016, national jewelry export performance showed an increasing trend of 16.85 percent, with export value in 2011 amounting to USD2.59 billion to USD5.34 billion in 2016.

"One of Indonesia's largest jewelry exporters comes from East Java," he said.

News Comment

Today's Industry

Photo: Aris Nurjani/VOI

Rabu, 28 Februari 2024 - 12:47 WIB

Carsurin and NBRI Strengthen Strategic Alliance to Propel Indonesia’s EV Industry

PT Carsurin Tbk ("Carsurin") and the National Battery Research Institute ("NBRI") are pleased to announce the signing of a pivotal Strategic Alliance Agreement (SAA), marking a significant advancement…

Beras (Foto/Rizki Meirino)

Rabu, 21 Februari 2024 - 08:43 WIB

Gov’t to Continue Disbursing Rice Assistance

President Joko “Jokowi” Widodo has ensured that the Government will continue rolling out the rice assistance program for low-income families. The President made the statement when handing…

Ilustrasi pabrik beras. (Foto: DetikFood)

Rabu, 21 Februari 2024 - 08:40 WIB

Bapanas Head Ensures Availability of Rice Stock Ahead of Ramadan

The National Food Agency (Bapanas) has ensured the availability of rice for the fasting month of Ramadan and Eid al-Fitr 1445 Hijri/2024 CE. “We believe that there is enough rice for the fasting…

Receives Chairman of Jababeka (KIJA), Menpora Dito Ready to Support the Development of Sports SEZs

Rabu, 21 Februari 2024 - 08:23 WIB

Receives Chairman of Jababeka (KIJA), Menpora Dito Ready to Support the Development of Sports SEZs

Chairman of PT Jababeka Tbk (KIJA), Setyono Djuandi Darmono met the Minister of Youth and Sports of the Republic of Indonesia (Menpora RI) Dito Ariotedjo at the Kemenpora RI Office, Senayan,…

The Indonesian Embassy in Cairo Receives Aid for Palestine

Senin, 19 Februari 2024 - 17:39 WIB

The Indonesian Embassy in Cairo Receives Aid for Palestine

The Indonesian Embassy in Cairo welcomes the Radjiman Wedyodiningrat Warship (RJW-992) which arrived at the Al Arish Port, North Sinai Province of Egypt at 8.00 A.M. Cairo local time (13/02).…