The Gem & Jewellery Export Promotion Council (GJEPC) has appealed to the Indian government for policy measures to boost the sector’s global competitiveness and foster growth.
GJEPC chairman Vipul Shah presented recommendations during a pre-budget discussion with Finance Minister Nirmala Sitharaman in Delhi last week, the council said. He highlighted the industry’s need for enhanced infrastructure, global promotion initiatives and tax clarifications to address ongoing challenges.
Shah thanked Sitharaman for reducing the import duty on precious metals in the last budget, “a move that has spurred unprecedented growth in the sector,” he noted. “This is evident from the multiple stock market listings of family-run jewelry businesses, the expansion of major retailers overseas, and the planned opening of 3,000 retail outlets in the next two years, creating…employment opportunities across the country.”
GJEPC sought government co-funding for global natural-diamond promotion campaigns to counter geopolitical challenges. The council has already raised INR 150 million ($1.8 million) through crowdfunding, but it requested a matching grant to safeguard exports, jobs and India’s leadership in the diamond trade.
Infrastructure development was another major focus, with the council urging the government to provide an Infrastructure Support Fund to develop a gem bourse in Jaipur, support a platinum jewelry ecosystem and expand the India Jewellery Exposition Centre (IJEX), a 365-day jewelry exhibition event in Dubai, to other locations.
Main image: Rough diamonds in a shovel. (Shutterstock)
