Editor’s Note
The Gem and Jewellery Export Promotion Council has outlined a series of policy requests aimed at boosting India’s position in the global market. Key recommendations include amendments to customs and SEZ laws, better access to credit, and a dedicated national policy for the sector.
The Gem and Jewellery Export Promotion Council (GJEPC) has called on the government to amend the Customs Act, offer concessional export credit, expedite the passage of the SEZ Act amendment, and form a National Gem and Jewellery Park Policy to enhance India’s competitiveness in global trade.
Kirit Bhansali, Chairman of GJEPC, presented key policy recommendations to boost exports and India’s manufacturing ecosystem during a meeting with select industry representatives in the export sector, chaired by Prime Minister Narendra Modi, according to a statement from the Council.
Bhansali noted that India needs to establish an efficient and trade-friendly business environment to remain globally competitive with leading trade hubs such as Belgium, London, the USA, and the UAE.
The council also requested a special scheme offering export credit at concessional rates, particularly benefiting MSME units, the statement said.
The council also urged the government to expedite the passage of the SEZ Act amendment, which will allow limited domestic sales with fair duty adjustment and enable optimal utilization of idle capacity during off seasons.
A National Gem and Jewellery Park Policy was proposed to strengthen domestic manufacturing ecosystems and attract global investment into India’s gem and jewellery value chain.
Further, GJEPC requested the Ministry of Finance to simplify export-import procedures and customs processes for the gem and jewellery sector to ensure ease of doing business on par with leading global trading destinations.
