Citing the global financial crisis and the slumping sales and export figures, representatives from India's jewelry and gem industry have made an appeal to the Indian government in an effort to ease the tax burden and help the industry through the crisis.

Representatives of India's Gems and Jewelry Export Council (GJEPC), who met with India's Finance Minister, asked for a full tax exemption for one year for all income from exports, and additional dollar finance benefits to procure diamonds and gems for two years.

Full tax exemption on exports is likely to give a major boost to India's fine jewelry and gem industries.

India's fine jewelry and gem industries, which mainly rely on export sales, has been hard hit by the global financial crisis, especially in the United States, which is a major market for Indian jewelry goods.

Vasant Mehta, chairman of GJEPC, said: "The governments in other diamond hubs like Israel and Belgium have taken enough steps help the sector buck the tide. We are expecting the same from UPA government."