GJEPC Surat organised a meeting with Diamond India Limited (DIL) in Surat yesterday to discuss measures that could be taken to make gold more easily available to jewellery exporters in key manufacturing centres across Gujarat.

Giving a background, Council’s Regional Chairman, Gujarat, Dinesh Navadiya provided information on the requirements at the local level and challenges being faced by members in dealing with banks or other agencies situated in other cities. Further, he suggested that gold should be offered to exporters in small denominations to make it easier for MSMEs to procure the required quantities for their small orders.

Surya Naryan Singh, Manager – Dealing, DIL then explained to the trade members present the procedural and operational aspects of procuring gold for jewellery exports from DIL. He provided information about the time period, procedure, documentation, commercial proposal, release of deposit, partial use of gold procured for export etc. He promised to discuss the suggestion of making gold for export orders of jewellery available in smaller denominations with the senior management.

Clarifying that at present IGST is applicable on gold procured from DIL even for exports, he said that the organisation is hopeful of getting this issue resolved and confident that they will be able to offer gold for exporters without additional IGST quite soon. DIL also expressed its willingness to maintain minimum amounts of gold for exporters in Surat, and said that this could begin in a few months once a feasibility study to assess local requirements is completed.

The President of Surat Jewellers Manufacturing Association Jayanti Savaliya assured DIL that there would be orders from Surat jewellers and appealed to members of the association to complete the one-time registration with Customs and registration with DIL at earliest.