Vipul Shah, Chairman of Gems and Jewellery Export Promotion Council (GJEPC), recently met Finance Minister Smt. Nirmala Sitharaman, as part of the pre-budget consultations in Delhi on December 26. During the meeting, he made important recommendations to improve the gems and jewellery industry.

Mr. Shah highlighted the impressive development of the sector and attributed much of this progress to the recent reduction in import duties on precious metals. He noted that these positive policy changes have helped foster the growth and expansion of the industry. Furthermore, he mentioned an increase in the registration of family businesses in this field and revealed plans to set up 3,000 new companies soon. This initiative is expected to generate millions of employment opportunities. Further, he acknowledged the introduction of the safe harbour rule for sales of rough diamonds but urged the publication of a frequently asked questions (FAQ) document to further clarify its application.

The GJEPC is seeking support to co-finance global diamond promotion campaigns, develop jewellery parks and establish a platinum jewellery ecosystem with duty-free sourcing and new tariffs. The Council is committed to promoting the sector’s contribution to the national economy and hopes that the upcoming Union Budget will support these initiatives.

Image Source: GJEPC India