GJEPC requests government support in promoting diamonds internationally (#1688688)

The Gem and Jewellery Export Promotion Council requested the government’s support to foster growth in and promote the Indian diamond industry globally by co-funding international diamond promotion campaigns.

Members of the GJEPC met with finance minister Nirmala Sitharaman in New Delhi on December 26 to take part in a pre-budget consultation, the GJEPC announced on its website. The traders’ body took the occasion to reaffirm its commitment to working with the government to boost the jewellery industry’s performance and in turn increase its contribution to the nation’s economy. 

“We thank the honourable finance minister for reducing the import duty on precious metals in the last budget, a move that has spurred unprecedented growth in the sector,” said the GJEPC’s chairman Vipul Shah, the traders’ body announced on its website. “This is evident from the multiple stock market listings of family-run jewellery businesses, the expansion of major retailers overseas, and the planned opening of 3,000 retail outlets in the next two years, creating lakhs of employment opportunities across the country.”

For its upcoming budget, the GJEPC requested that the government include jewellery parks in its harmonised infrastructure list. The organisation also asked to be granted an Infrastructure Support Fund to develop a Gem Bourse in Jaipur and provide both growth and employment opportunities in the region. 

The GJEPC requested government aid in creating a platinum jewellery ecosystem and to expand IJEX trading centres. “We also thank FM for introducing Safe Harbor Rule for sale of rough diamonds at SNZs by foreign miners,” said Shah. “However, we request the issuance of FAQs on Safe Harbour Taxation.”