{"id":29135,"date":"2024-12-26T17:24:03","date_gmt":"2024-12-26T11:54:03","guid":{"rendered":"https:\/\/gjepc.org\/solitaire\/?p=29135"},"modified":"2025-01-21T17:12:53","modified_gmt":"2025-01-21T11:42:53","slug":"gjepc-presents-pre-budget-recommendations-to-honble-finance-minister","status":"publish","type":"post","link":"https:\/\/gjepc.org\/solitaire\/gjepc-presents-pre-budget-recommendations-to-honble-finance-minister\/","title":{"rendered":"GJEPC Presents Pre-Budget Recommendations to Hon\u2019ble Finance Minister"},"content":{"rendered":"<p>Vipul Shah, Chairman, GJEPC, met with Hon\u2019ble Finance Minister Smt. Nirmala Sitharaman during a pre-budget consultation held in Delhi on 26<sup>th<\/sup> December.<\/p>\n<p>During the meeting, Mr. Shah presented key recommendations on behalf of the gem and jewellery industry, aimed at fostering growth, enhancing global competitiveness, and addressing the industry\u2019s critical challenges.<\/p>\n<p>Vipul Shah, Chairman, GJEPC, said, \u201cWe thank the Hon\u2019ble Finance Minister for reducing the import duty on precious metals in the last budget, a move that has spurred unprecedented growth in the sector. This is evident from the multiple stock market listings of family-run jewellery businesses, the expansion of major retailers overseas, and the planned opening of 3,000 retail outlets in the next two years, creating lakhs of employment opportunities across the country.\u201d<\/p>\n<p>Shah further added, \u201cWe also thank FM for introducing Safe Harbor Rule for sale of rough diamonds at SNZs by foreign miners. However, we request the issuance of FAQs on Safe Harbour Taxation.<\/p>\n<p>Additionally, GJEPC has requested the FM\u2019s support for co-funding global diamond promotion campaigns, the inclusion of jewellery parks in the harmonised infrastructure list, and an Infrastructure Support Fund to develop a Gem Bourse in Jaipur. Advancing a platinum jewellery ecosystem and expanding IJEX trading centres will further strengthen India\u2019s global leadership while creating substantial employment opportunities.<\/p>\n<p>GJEPC remains committed to collaborating with the Government of India to ensure the sector continues to contribute significantly to the nation\u2019s economy.<\/p>\n<p><strong>Key Recommendations Submitted by GJEPC:<\/strong><\/p>\n<ul>\n<li>GJEPC has expressed gratitude for the announcement of the safe Harbour Rule of taxation for trading rough diamonds at SNZ by Foreign Mining Companies FMCs. However, GJEPC is receiving various queries from FMCs about its applicability. To address these concerns, GJEPC has prepared a list of FAQs on the Safe Harbour Rule. Chairman Vipul Shah requested the same be considered and approved.<\/li>\n<li>Co-Funding for Diamond Promotion Campaign to Revive Sector Demand: GJEPC has launched a global campaign to promote natural diamonds in collaboration with leading international diamond mining companies and countries. This initiative aims to counter the strong headwinds faced by both diamonds due to geopolitical challenges.<\/li>\n<\/ul>\n<p>To date, GJEPC, through crowdfunding from its members, has contributed \u20b915 crores towards this campaign. However, in light of the ongoing challenges, GJEPC requested the Government\u2019s support in these troubled times. The Council urged the approval of a matching grant for the generic promotion of diamonds in international markets to protect jobs, safeguard exports, and preserve millions of livelihoods while ensuring India\u2019s global leadership in diamond exports.<\/p>\n<ul>\n<li>To achieve the goal of a \u201cViksit Bharat,\u201d the industry requires robust infrastructure development. The Council, with funding from the industry, is developing the world\u2019s largest jewellery park in Mumbai, and similar park are also emerging in Meerut, Bangalore, and other cities. We propose the inclusion of Jewellery Park in the harmonized list of infrastructure to support the sector\u2019s growth.<\/li>\n<li>In reference to creating an ecosystem for platinum, GJEPC proposed the inclusion of the supply of duty-free platinum through nominated agencies, the announcement of a tariff rate for platinum, the introduction of duty drawback similar to gold and silver, and the creation of a new HS Code for gold-platinum alloys.<\/li>\n<\/ul>\n<p>Mr. Vipul Shah expressed his optimism regarding the upcoming Union Budget and hopes that the Finance Ministry will take up these measures to sustain the growth momentum of India\u2019s gem and jewellery sector.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vipul Shah, Chairman, GJEPC, met with Hon\u2019ble Finance Minister Smt. Nirmala Sitharaman during a pre-budget consultation held in Delhi on 26th December. During the meeting, Mr. Shah presented key recommendations on behalf of the gem and jewellery industry, aimed at fostering growth, enhancing global competitiveness, and addressing the industry\u2019s critical challenges. Vipul Shah, Chairman, GJEPC,&hellip;<\/p>\n","protected":false},"author":1,"featured_media":29136,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[83],"tags":[],"thb-sponsors":[],"class_list":["post-29135","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bulletin"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v14.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>GJEPC Presents Pre-Budget Recommendations to Hon\u2019ble Finance Minister - solitaire magazine<\/title>\n<meta name=\"description\" content=\"Solitaire magazine serves as a reflection of the Indian jewellery industry, offering the latest information on jewellery events, news, and fairs across India. 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