Nirmala Sitharaman on 24th September to seek urgent relief measures for the gem and jewellery sector, which has been severely impacted by the recent imposition of a 50% tariff by the United States.
During the meeting, Mr. Kirit Bhansali thanked the Finance Minister for the landmark GST reforms that have benefitted the sector. The Council requested interventions including permission for reverse job work, DTA sales by SEZ units, extension of export obligation periods, interest moratorium on packing credit and working capital loans, and other liquidity support measures.
The GJEPC delegation also requested the Ministry of Finance to recognise India Jewellery Park as an industrial park and include it in the Harmonised Master List of Infrastructure, ensuring it receives all benefits applicable to industrial parks
The Finance Minister gave a patient hearing to the industry’s requests and assured full support to the sector, emphasising the government’s commitment to sustain exports, protect jobs, and maintain the competitiveness of Indian gem and jewellery companies during this challenging period.