A GJEPC delegation met the FM and requested steps such as allowing reverse job work and DTA sales by SEZ units, extending export obligation periods for US shipments, providing an interest moratorium on packing credit and working capital loans, offering liquidity support
New Delhi: The Gem &Jewellery Export Promotion Council (GJEPC) leadership, led by Chairman Kirit Bhansali, along with Vice Chairman Shaunak Parikh and Executive Director Sabyasachi Ray, met Finance and Corporate Affairs Minister Nirmala Sitharaman in the capital to seek urgent relief measures for the gem and jewellery sector, which has been severely impacted by the recent imposition of 50% tariffs by the United States.
Speaking after the meeting, Bhansali said, “We are pleased that India-US trade discussions have resumed, which is encouraging news. However, the process may take time, and until a resolution is achieved, it is essential to introduce relief measures to help the sector survive and sustain employment. We have requested allowing SEZ units to undertake reverse job work and DTA sales to keep factories and artisans engaged, extending export obligation periods for US shipments, and providing an interest moratorium on packing credit and working capital loans to ease financial stress. These measures will not only help safeguard jobs but also support the competitiveness of Indian exporters during this challenging period. We are grateful to the Hon’ble Finance Minister for giving a patient hearing to our concerns and assuring support.”
During the meeting, Bhansali thanked the Finance Minister for the landmark GST reforms that have benefited the sector.
The delegation also requested that the India Jewellery Park be recognized as an industrial park and included in the Harmonised Master List of Infrastructure, so it can avail all benefits applicable to industrial parks.
The Finance Minister assured full support to the sector, emphasizing the Government’s commitment to sustain exports, protect jobs and maintain the competitiveness of Indian gem and jewellery companies during this challenging period.
The GJEPC, set up by the Ministry of Commerce, Government of India in 1966, is the apex body of the gems &jewellery industry. Today, it represents 10,700+ members in the sector and enjoys autonomous status.
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