Co-funding diamond promotion campaign, more focus on platinum ecosystem among GJEPC Chairman’s pre-Budget proposals to FM

Vipul Shah, Chairman of the Gem and Jewellery Export Promotion Council (GJEPC), met with Finance Minister Nirmala Sitharaman in the capital to present a series of recommendations for the gems and jewellery sector

New Delhi: Vipul Shah, Chairman of the Gem and Jewellery Export Promotion Council (GJEPC), met with Finance Minister Nirmala Sitharaman during a pre-Budget consultation held in the capital. Shah submitted a series of recommendations aimed at bolstering the growth, competitiveness and infrastructure of India’s gems and jewellery sector.

In his presentation to the Finance Minister, Shah outlined several key proposals, including co-funding for the Council’s diamond promotion campaign—a global initiative started by GJEPC to revive demand for natural diamonds in collaboration with international mining companies and countries; the inclusion of jewellery parks in the harmonized list of infrastructure projects; advancing the platinum jewellery ecosystem— inclusion of the supply of duty-free platinum through nominated agencies, the introduction of a tariff rate for platinum, duty drawbacks similar to those for gold and silver, and the creation of a new HS Code for gold-platinum alloys.

Expressing gratitude for past policy measures, Shah highlighted the impact of the reduced import duty on precious metals introduced in the previous Budget. “This move has propelled unprecedented growth in the sector, evident from the numerous stock market listings of family-run jewellery businesses, the overseas expansion of major retailers, and the anticipated opening of 3,000 retail outlets over the next two years, which will create lakhs of employment opportunities nationwide,” he said.

Shah also thanked the FM for the introduction of the Safe Harbour Rule for the sale of rough diamonds by foreign miners at Special Notified Zones (SNZs). However, he requested the issuance of detailed FAQs on Safe Harbour Taxation.

The Gem & Jewellery Export Promotion Council (GJEPC) was established in 1966 by the Ministry of Commerce, Government of India (GoI), as part of the country’s initiative to promote exports during its early post-Independence economic expansion into global markets. Since 1998, the GJEPC has operated with autonomous status, serving as the apex body of India’s gems and jewellery industry.

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