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GJEPC key meet addresses customs-related issues in diamond and jewellery industry
The discussions voiced concerns about recent show cause notices related to customs duties on sawn diamond imports made before February 2, 2022
Mumbai: A pivotal meeting took place between the Gem & Jewellery Export Promotion Council (GJEPC) and Customs officials to tackle pressing issues with regards to customs impacting the diamond and jewellery industry.
Led by Surjit Bhujabal, Member Customs, the session brought together a high-level delegation from the GJEPC, including vice chairman Kirit Bhansali, diamond panel members Ajesh Mehta and Russell Mehta, MSME convener Naresh Lathiya, MSME member Manish Jivani, BDB vice president Mehul Shah, Director of policy KK Duggal, and Director of membership Mithilesh Pandey.
The discussions focused on several critical matters. The industry voiced concerns about recent show cause notices related to customs duties on sawn diamond imports made before February 2, 2022. Additionally, the GJEPC requested that the height variance parameter be included in Notification No. 16/2014-Customs to facilitate the duty-free re-import of cut and polished diamonds sent for certification or grading.
They also proposed expanding the RMS (Risk Management System) facility to include exports under USD 50,000 for countries beyond Hong Kong and Dubai. The issue of hand carriage of gems and jewellery from all ports was raised, along with the need for a clear standard operating procedure (SOP) for the re-import of jewellery intended for repair and re-export. Finally, the GJEPC advocated for the introduction of a duty drawback on platinum jewellery and suggested aligning the duty on platinum findings with those on gold and silver findings.
Customs officials listened attentively to these concerns and assured the GJEPC that the matters would be considered. The meeting underscored the necessity of continued dialogue between the government and the diamond and jewellery sector to address challenges and foster industry growth.
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