GJEPC draws out an action plan for industry growth for next 3 years

Gems & Jewelry Export Promotion Council (GJEPC), the apex body of gems and jewellery exports in India, has produced a memorandum outlining the action plan spanning one year and three years for the gem and jewellery sector. The memorandum recommends the basis of the proposals made at the recently concluded “World Diamond Conference” inaugurated by H.E. Vladimir Putin, Hon. President of Russia and Shri. Narendra Modi, Prime Minister India in New Delhi, India.

The document notes that GJEPC’s thrust areas for the first year would mainly include implementation of the much awaited turnover taxation system for Indian Diamond Industry and implementation of Special Notified Zone in Bharat Diamond Bourse to facilitate smooth movement of rough diamonds on consignment basis by RBI approved overseas diamond miners. Progressing into mid-term, GJEPC aims to establish India as a global diamond trading hub, developing skills, working with the GOI to commission exploration programmes and surveys to ascertain availability of rough diamonds and coloured gemstones in India. The Government of India may spearhead initiatives to legalise current mining activity through an appropriate licensing framework and develop a regulatory framework for new mining and exploration.

Commenting on GJEPC’s charter, Vipul Shah, Chairman of Gem & Jewelry Export Promotion Council said, “Narendra Modi, Prime Minister India’s acceptance of the industry’s proposal for a Special Notified Zone, is symbolic of GJEPC’s efforts to promote India as the International Diamond Trading Hub globally and considered as a milestone for the ‘Make in India’ campaign. We have successfully formed the Gem & Jewellery Skill Council of India and our industry boasts of the largest employment contributor with a skilled force of 3.4 million in India, and this will only get further augmented by the implementation of the SNZ in India, due to GOI’s patronage of the Make in India cause”.

GJEPC is endeavouring to propagate Make in India cause in gem and jewellery sector through an action plan. The same includes Implementation of Turnover based Taxation System for Indian Diamond Industry, Implementation of Special Notified Zone in Bharat Diamond Bourse, Hike in drawback rates for gold and silver in the backdrop of prevailing 10% import duty, Abolition of import duty on cut and polished coloured gemstones, Establishment of Common facility Centres across the country, Expansion of skill development activities in the sector, Inclusion of Gem & Jewellery Sector under Interest Subvention Scheme and Separate ITC HS Code for man-made diamond to protect the interest of natural diamond industry, amongst others. On the above lines Vice Chiarman, Shri Pankaj Parekh and Executive Director, Sabyasachi Ray presented them at a workshop at Vigyan Bhavan, New Delhi organised by Department of Industrial Policy and Promotion (DIPP) of the Ministry of Commerce & Industry, Government of India to finalise such plans for Make in India initiative by the Government. The Sectoral Workshop for the sector in the morning was attended by Mrs. Nirmala Sitharaman, Hon’ble Minister of State for Commerce (Independent Charge), Commerce Secretary, Shri Rajiv Kher and other important Govt. officials who finlaised Government short and mid-term plans for the gem & jewellery sector for the government based on consultation with different other industry bodies like FICCI, AIGJF and others. Such planswere presented before the honourable Prime Minister Shri Narendrabhai Modi and honourable Finance Minister , Mr. Arun Jaitley and other ministers of the Government in the evening alongwith other sectors who are part of the Make in India programme of the Government. Honourable Prime Minister termed it as the Public Private Initiative in decision making in the Government and to drive manufacturing in India and important step forward.