GJEPC discusses pressing industry issues with commerce secretary  

 The meeting saw an invitation being extended to Sunil Barthwal, commerce secretary, to address an exporters’ meet at the upcoming IIJS Premiere 2024 

New Delhi – A significant meeting was held between the Gem & Jewellery Export Promotion Council (GJEPC) and Sunil Barthwal, Commerce Secretary, to discuss the status and pressing issues facing the Indian gems and jewellery industry. The meeting was attended by Vipul Shah, Chairman of GJEPC, and Sabyasachi Ray, Executive Director of GJEPC. 

The discussion highlighted the challenges posed by global and domestic factors impacting exports and the overall Indian diamond industry. The slowdown in demand abroad has led to significant credit issues within the industry, affecting its financial health. 

There was a consensus on the need for strong and aggressive promotion of diamonds worldwide, including within India, to help mitigate the current downturn. The meeting emphasized the adoption of consumer laws in India, similar to those in the USA, to differentiate natural and lab-grown diamonds at the retail level for consumer welfare. 

The unavailability of gold, particularly among the micro, small & medium enterprises (MSMEs), was a major talking point. The non-release of bonds of nominated agencies by banks was also a concern. The introduction of a tariff value and duty drawback scheme for platinum was proposed to support the industry. 

Support was sought for organising a banking summit as a confidence-building measure for the industry. Discussions included support for the jewellery park to further bolster the sector. 

Additionally, during the meeting, an invitation was extended to Sunil Barthwal to address an exporters’ meet at the upcoming IIJS Premiere 2024 in Mumbai, scheduled from August 8-12. 

Retail Jeweller India News