The Gem & Jewellery Export Promotion Council (GJEPC) has warmly welcomed the GST reforms announced at the 56th GST Council meeting held on 3rd September in New Delhi under the chairpersonship of Hon\u2019ble Union Finance & Corporate Affairs Minister, Smt Nirmala Sitharaman. The rationalisation of GST rates across multiple sectors reflects the Government\u2019s commitment to stimulating domestic demand, easing cost pressures, and enhancing the competitiveness of Indian industry.<\/p>\n
For the diamonds and jewellery sector, the reforms bring significant relief. The Council\u2019s decision to exempt imports of natural cut and polished diamonds up to 25 cents under the Diamond Imprest Authorisation Scheme (DIAS) from IGST (previously 18%) will ease working capital pressures and support manufacturers and exporters engaged in small-diamond processing. In addition, the reduction of GST on jewellery boxes from 12% to 5% will lower costs for retailers and exporters, while making packaging and gifting more affordable for consumers\u2014benefiting both businesses and buyers alike.<\/p>\n
Shri Kirit Bhansali, Chairman, GJEPC, said, \u201cWe welcome the GST reforms announced under the guidance of Hon\u2019ble Finance Minister Smt Nirmala Sitharaman. These measures will stimulate domestic demand and provide a cushion to our export supply chains, which are under pressure due to global challenges. The diamonds and jewellery sector remains committed to ensuring that the benefits, including reduced costs for jewellery boxes, are transparently passed on to Indian consumers, reinforcing trust and supporting long-term industry growth.\u201d<\/p>\n
These reforms, combined with GST reductions in allied sectors such as handicrafts, leather goods, and packaging, will further strengthen India\u2019s diamonds and jewellery ecosystem. By lowering operational costs, enhancing affordability, and boosting global competitiveness, they reinforce India\u2019s position as a leading hub for diamond processing, jewellery design, and exports.<\/p>\n
GJEPC appreciates the Government\u2019s consultative approach and is confident that these measures will deliver broad-based benefits, supporting both domestic growth and export resilience for the Indian diamonds and jewellery sector.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Gem & Jewellery Export Promotion Council (GJEPC) has warmly welcomed the GST reforms announced at the 56th GST Council meeting held on 3rd September in New Delhi under the chairpersonship of Hon\u2019ble Union Finance & Corporate Affairs Minister, Smt Nirmala Sitharaman. The rationalisation of GST rates across multiple sectors reflects the Government\u2019s commitment to…<\/p>\n","protected":false},"author":1,"featured_media":33084,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[83],"tags":[],"thb-sponsors":[],"class_list":["post-33083","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bulletin"],"acf":[],"yoast_head":"\n