Export Credit Guarantee Corporation of India Ltd. (ECGC), in association with the Gem & Jewellery Export Promotion Council (GJEPC), organised an awareness programme on 12 October 2026 at Bharat Diamond Bourse, Mumbai, to explain recent changes in export credit insurance for the gems and jewellery sector.
Mital Doshi, Convener – Banking, Insurance & Taxation, GJEPC, welcomed the ECGC representatives and delivered the introductory remarks. Also present were Ashish Borda, Convener – PMBD GJEPC; and Bharat Ghouri, Co-convener – MSME, GJEPC. The programme featured Sachin Khanna, DGM, ECGC; R.K. Pandian, GM, ECGC, who delivered the keynote address; Balbir Singh Maan, DGM, ECGC, who presented the revised provisions; and Kumar Smit Saurav, DGM, ECGC.
Effective 1 July 2026, ECGC increased the ceiling under its Whole Turnover Export Credit Insurance for Banks (WT-ECIB) cover from ₹100 crore to ₹300 crore per exporter or exporter group. The revision followed sustained engagement between GJEPC and ECGC, with the Council seeking higher coverage and greater protection for exporters. The final limit of ₹300 crore exceeded the ₹200 crore increase previously under discussion. The presentation attributed the expansion to improved export performance and a decline in defaults and claims.
Maan’s presentation traced the scheme’s evolution. Large defaults and claims in 2009 had led to tighter underwriting conditions, followed by restricted coverage. Relaxations introduced in 2022 allowed cover of up to ₹100 crore under the whole-turnover framework.
The revised guidelines also increased the normal cover available to banks from 50% to 75%, strengthening protection against potential losses arising from non-payment by overseas buyers. The change could also reduce the cost of cover and provide greater flexibility in export financing.
Eligible limits exceeding ₹300 crore can receive partial WT-ECIB coverage up to the approved ceiling, with the excess remaining uncovered. Existing individual ECIB accounts with fresh or enhanced limits above ₹300 crore may be considered under the individual-cover framework, subject to applicable guidelines.
The session also highlighted the requirement for exporters to register through GJEPC’s e-KYC platform, MyKYCBank, to facilitate identification of exporters availing finance under the scheme. ECGC urged exporters to ensure timely realisation of export proceeds and coordinate with their banks on applicable coverage and terms.
The programme concluded with an open discussion on the revised provisions and their implications for export finance in the gems and jewellery sector.