Mr. Kirit Bhansali, Chairman, GJEPC, along with Mr. Sabyasachi Ray, Executive Director, GJEPC, met the Hon’ble Union Commerce & Industry Minister Shri Piyush Goyal on 30 June during an interactive meeting with Export Promotion Councils and industry associations at Vanijya Bhawan, New Delhi.
The GJEPC delegation highlighted several critical policy concerns and proposed reforms to boost the sector’s global competitiveness. Key issues raised included the long-standing challenge of gold availability for export, the complexities of the licensing regime for gold jewellery, and the need to re-include the gem and jewellery sector under the list of national priority sectors—on par with other labour-intensive industries like textiles and leather.
The delegation also recommended reintroducing the Interest Equalisation Scheme (deadline till 31 March 2026) and removing the current fiscal benefit cap of ₹50 lakhs for MSMEs, which limits support for exporters. Additionally, they called for building an ecosystem for platinum jewellery—now witnessing consistent export growth—through duty-free supply and introduction of a duty drawback structure similar to gold and silver.
GJEPC expressed its appreciation for the Government of India’s proactive approach in advancing discussions on the India–USA Bilateral Trade Agreement, which is expected to address tariff barriers and enhance long-term trade stability for the gem and jewellery industry.
In terms of infrastructure, the GJEPC proposed including Jewellery Parks in the Harmonised List of Infrastructure to help secure institutional funding. The Council also advocated for the appointment of a nodal agency to implement G7 traceability norms for diamonds, and for introducing globally aligned self-regulatory guidelines for the sector, modelled on established frameworks like LBMA and AMFI.
Mr. Kirit Bhansali, GJEPC Chairman, stated, “We deeply appreciate the Hon’ble Minister’s continued engagement with the industry. The gem and jewellery sector is not only a significant contributor to India’s exports but also a cornerstone of employment, supporting over 5 million livelihoods. With focused policy support—such as easing raw material access, simplifying export procedures, and reinstating our sector as a national priority—we are confident that India can strengthen its position as a global leader in this space.”