India’s gem and jewellery industry attains Authorized Economic Operator status from government, 20 businesses apply for certification

The central government has granted the Indian gem and jewellery industry ‘Authorized Economic Operator’ status and 20 businesses have already applied for the certification, which is designed to help streamline and increase exports.

The first Indian gem and jewellery business to receive Authorized Economic Operator status was diamond and diamond jewellery manufacturer Asian Star, Indian Retailer Bureau reported. As other companies follow suit, the Gem and Jewellery Export Promotion Council is confident that certified businesses will be able to avail savings of both time and money.
 
In March this year, the GJEPC gathered together jewellery industry stakeholders at the Bharat Diamond Bourse in Mumbai to share information on how to obtain Authorized Economic Operator status and the benefits of doing so, the GJEPC reported on its website. “AEO certification is globally recognised for signalling a company’s commitment to secure and efficient international trade practices, offering benefits such as simplified customs procedures, reduced inspection rates, and enhanced supply chain security,” stated the GJEPC about the certification.
 
The Indian gem and jewellery industry was previously excluded from Authorized Economic Operator status, which was first debuted as a pilot programme in 2011. The GJEPC worked together with the Ministry of Finance to expand the certification to include the industry, in line with the government and the GJEPC’s shared plan to boost exports.