GJEPC meets with Commerce Secretary to tackle jewellery industry issues

The Gem and Jewellery Export Promotion Council held a meeting with Commerce Secretary Sunil Barthwal in New Delhi to address the current downturn in the global diamond industry and the wider industry in general. The GJEPC posited a number of possible solutions including increasing promotions and consumer laws.

The GJEPC’s chairman Vipul Shah and executive director Sabyasachi Ray met with Barthwal in the capital to highlight the current challenges affecting the Indian diamond industry, both in India and on a global scale, the GJEPC reported on its website. A slowdown in demand in the global diamond sector has led to many businesses in the industry facing significant credit issues which is negatively impacting its overall financial health.
 
The traders’ body suggested that the Indian diamond industry needs increased promotion across India and worldwide to mitigate this global downturn. The GJEPC also made a case for the introduction of more detailed consumer laws in India to differentiate between natural and lab grown diamonds at the retail level to promote consumer trust and welfare.
 
Many Indian micro, small, and medium enterprises are struggling with an unavailability of gold, according to the GJEPC, which also shared its concern over the non-release of nominated agencies’ bonds by banks. The GJEPC suggested the introduction of a tariff value and duty drawback scheme for platinum and the organisation of a banking summit to build confidence in the gem and jewellery industry.