GJEPC Chairman Mr. Vipul Shah addressed the Board of Trade meeting chaired by the Hon’ble Commerce & Industry Minister Mr. Piyush Goyal in New Delhi on 13th September. Mr. Goyal said that global confidence in India’s prospects for growth were truly immense and called on the domestic industry to overcome all weaknesses when it comes to grabbing the plethora of growth opportunities available to the nation. The world is already looking at India as a superpower, he added.
In his speech, Mr. Vipul Shah informed the Minister that the gem & jewellery sector in India is well on target to achieve $46 billion in exports this year. “We have mooted an idea of a multi-sectoral government apparatus with executive powers to resolve our procedural issues in revenue, banking, MSME, etc.,” Mr. Shah said.
“With natural rough diamonds becoming scarce and with the conflict between Ukraine and Russia disrupting the supply chain, our long-standing demand of presumptive taxation for foreign mining companies at the Special Notified Zones (SNZs) should be approved by this budget to make India the rough trading hub of the world,” Mr. Shah noted.
Mr. Shah said that India with its vast skills in jewellery manufacturing can be the jewellery repair hub of the world, displacing Thailand, Turkey, etc. if jewellery is included in the Manufacture and Other Operations in Warehouse (MOOWR) provisions.
He also raised the issue of the duty drawback rates of gold/silver, which have not been revised for two years. The problem has only become more acute with the shortage of duty-free gold and silver supply to small exporters, and lack of fresh supply from MMTC, Mr. Shah said. With China remaining closed due to lockdowns, it’s imperative that sales returns should be allowed to return duty-free to enhance exports of diamonds from India. The Diamond Imprest License is the need of the hour and should be announced in FTP, he informed the Commerce Minister.