An important meeting was convened between GJEPC and Shri Sunil Barthwal, Commerce Secretary, in New Delhi on 11th July to address the current status of the Indian gems and jewellery industry. The meeting, attended by Shri Vipul Shah, Chairman, GJEPC, and Shri Sabyasachi Ray, Executive Director, GJEPC, focused on several critical issues affecting the sector, including:
Global and Domestic Factors: The meeting highlighted the challenges posed by global and domestic factors impacting exports and the overall Indian diamond industry.
Credit Issues: The slowdown in demand abroad has led to significant credit issues within the industry, affecting its financial health.
Diamond Promotion: The need for strong and aggressive promotion of diamonds worldwide, including within India, to help mitigate the current downturn.
Consumer Laws: The adoption of Consumer Laws in India as promulgated in USA for differentiating natural and lab grown diamonds at retail level for consumer welfare.
Gold Availability: The unavailability of gold, particularly among the Micro, Small & Medium Enterprises (MSMEs), was a pressing issue. The non-release of bonds of nominated agencies by banks was also a concern.
Tariff Value and Duty Drawback Scheme: The introduction of a tariff value and duty drawback scheme for platinum was proposed to support the industry.
Banking Summit: Support was sought for organising a Banking Summit as a confidence-building measure for the industry.
Jewellery Park: Discussions included support for the Jewellery Park to further bolster the sector.
During the meeting, an invitation was extended to Shri Sunil Barthwal to address an exporters’ meet at the upcoming IIJS Premiere 2024 in Mumbai (8th to 13th August).