Mr. Piyush Goyal, Hon\u2019ble Minister of Commerce & Industry<\/figcaption><\/figure>\nMr. Goyal addressed a full house of gem and jewellery exporters, in the presence of Mr. Vipul Shah, Chairman of GJEPC; Mr. Kirit Bhansali, Vice Chairman of GJEPC; Mr. Dnyaneshwar B. Patil \u2013 IAS, Zonal Development Commissioner of SEEPZ SEZ, Mumbai; Mr. Siddharth Mahajan, Joint Secretary of the Ministry of Commerce and Industry, Government of India; Mr. R.K. Mishra; Mr. Nirav Bhansali, Convener of National Exhibitions, GJEPC; Mr. Sabyasachi Ray, Executive Director, GJEPC; as well as trade members, media representatives. TV Anchor Manisha Gupta, Commodities Editor at CNBC TV18, moderated the session with the Minister.<\/p>\n
The recent significant reduction in import duty on gold, silver<\/strong> and platinum<\/strong> was the centrepiece of his address, where he elaborated on the government\u2019s rationale and vision behind this substantial policy shift. Key highlights of the interaction included the cut in import duty on gold and silver, which has been hailed as a major boost for the industry. The government\u2019s decision to address long-standing demands has boosted investor confidence. The Minister emphasised the growing importance of the domestic market, which is now poised to offset any potential challenges in the global arena. He said the government is actively engaging with G7 countries<\/strong> to address the issue of the Russian diamond ban. Efforts are underway to safeguard the interests of the Indian diamond industry.<\/p>\nIndia is also actively pursuing Free Trade Agreements (FTAs) with various countries, aiming to create new opportunities for the gem and jewellery sector. Mr. Goyal encouraged the industry to focus on value addition and intricate designs to compete effectively in the global market.<\/p>\n
Minister Goyal revealed that the decision stemmed from the need to make gold and silver more affordable for Indian consumers, while also curbing the incentives for illicit trade.<\/p>\n
Mr. Goyal explained, \u201cThe import duties on gold, silver, and platinum had reached levels that hurt the domestic industry. By reducing the duty to a reasonable level, we aim to ensure that gold is imported through official channels, benefiting the Indian market and the industry at large.\u201d<\/p>\n
The minister also highlighted the broader economic implications of this move. With discretionary spending in developed markets like Europe and the United States under pressure, the Indian domestic market\u2019s robust growth is expected to compensate for the decline in exports to these regions. This move is seen as part of the Modi government\u2019s broader strategy to bolster India\u2019s position as a leading player in the global gem and jewellery sector.<\/p>\n
Despite the celebratory mood, Mr. Goyal acknowledged the industry\u2019s concerns, particularly regarding the potential for an increase in GST rates<\/strong>. He urged the industry to remain positive, reassuring them that the government was mindful of their worries and was not planning any immediate hikes.<\/p>\nAnother pressing issue discussed was the G7\u2019s ban on Russian diamonds<\/strong>, which has posed significant challenges for the Indian diamond industry. The minister detailed the government\u2019s efforts in negotiating with the G7 countries to find an amicable solution. These efforts have included discussions at the highest levels, with India pushing for the recognition of Mumbai or Surat as centres for diamond certification, similar to Antwerp. Goyal admitted that while the outcome post-March remains uncertain, the government is committed to protecting the interests of the Indian industry.<\/p>\nMr. Goyal also touched upon the progress of India\u2019s Free Trade Agreements (FTAs)<\/strong> with various countries, which have been pivotal in opening up new markets for Indian goods. The Minister emphasised that India\u2019s current approach to FTAs is one of strength and balance, unlike in the past when deals were often skewed in favour of the other party.<\/p>\n\u201cToday, India is negotiating FTAs with developed nations and emerging markets with high per capita incomes, ensuring that these agreements are fair and beneficial for Indian industries,\u201d Goyal said. He cited the Australia-India FTA as a prime example, where India secured zero-duty access for its goods while protecting sensitive sectors like agriculture and dairy.<\/p>\n
The Q&A session that followed Goyal\u2019s address saw industry leaders raising various issues, from the need for duty drawback on platinum<\/strong> exports<\/strong> to concerns about the new ICEGATE<\/strong> system for exports. Goyal assured the audience that their concerns would be addressed and highlighted the government\u2019s ongoing efforts to improve infrastructure and support for the industry.<\/p>\nA notable point was the minister\u2019s mention of the Special Economic Zones (SEZ) Act<\/strong>, which is in its final stages and is expected to provide a significant boost to the industry by fostering a more conducive environment for exports.<\/p>\nIn his closing remarks, Mr. Goyal praised the industry for its contributions, particularly in training physically challenged individuals at the Mega CFC, and reiterated the government\u2019s commitment to supporting the sector\u2019s growth. He urged the industry to focus on value addition and innovation to stay competitive in global markets, particularly in the face of evolving consumer preferences in developed countries.<\/p>\n
Key Takeaways<\/strong><\/p>\n\n- Duty Cut Bonanza:<\/strong> The significant cut in import duty on gold, silver and platinum has been hailed as a major boost for the industry. The government’s decision to address long-standing demands has boosted investor confidence. The need for a duty drawback on platinum exports has also been flagged off with the Finance Ministry.<\/li>\n
- Focus on Domestic Market:<\/strong> The minister emphasised the growing importance of the domestic market, which is now poised to offset any potential challenges in the global arena.<\/li>\n
- Addressing Global Challenges:<\/strong> The government is actively engaging with G7 countries to address the issue of the Russian diamond ban. Efforts are underway to safeguard the interests of the Indian diamond industry.<\/li>\n
- FTA Negotiations:<\/strong> India is actively pursuing Free Trade Agreements (FTAs) with various countries, aiming to create new opportunities for the gem and jewellery sector.<\/li>\n
- Value Addition Focus:<\/strong> The industry is encouraged to focus on value addition and intricate designs to compete effectively in the global market.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"
IIJS Premiere on day three buzzed with an air of optimism as Mr. Piyush Goyal, Hon\u2019ble Minister of Commerce & Industry, addressed the industry in an interactive session at the Launch Pad in Nesco, touching upon recent government policies that sent waves of jubilation through the Indian gem and jewellery sector. Accepting GJEPC\u2019s longstanding demand,…<\/p>\n","protected":false},"author":1,"featured_media":27428,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[100,90],"tags":[],"thb-sponsors":[],"class_list":["post-27427","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-in-focus","category-policy"],"acf":[],"yoast_head":"\n
Mr. Piyush Goyal Announced Reintroduction of Diamond Imprest Licence at IIJS Premiere - Indian jewellery magazine<\/title>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gjepc.org\/solitaire\/mr-piyush-goyal-announced-reintroduction-of-diamond-imprest-licence-at-iijs-premiere\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mr. Piyush Goyal Announced Reintroduction of Diamond Imprest Licence at IIJS Premiere - Indian jewellery magazine\" \/>\n<meta property=\"og:description\" content=\"IIJS Premiere on day three buzzed with an air of optimism as Mr. Piyush Goyal, Hon\u2019ble Minister of Commerce & Industry, addressed the industry in an interactive session at the Launch Pad in Nesco, touching upon recent government policies that sent waves of jubilation through the Indian gem and jewellery sector. 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