The FY15 has been quite eventful for the gem and jewellery industry as it successfully battled several economic issues including the downturn in China, the political and terrorist unrest in Middle East, declining European market and the suffering Russian Ruble, which had a direct and adverse impact on the G&J exports that saw a downward trend. However, the foresight and agility of GJEPC and the industry helped survive in these trying times, owing to the significant actions taken towards divesting in the USA and UAE to boost export trade from India.
The promotional efforts towards increasing exports to the USA through Buyer Seller Meets, co organizing VoD in Dubai, India Pavilions at global Trade Fairs, and on-going dialogues with key G&J players in the USA, value-additions in the form of design excellence and trends forecast seminars for Indian manufacturers have resulted in a better understanding and the positive state of the industry stands testimony to the Council’s efforts. At the same time, the Council has taken substantive measures to instill confidence of the global consumer by addressing ethical issues.
Besides, The GJEPC consistently continued with its various initiatives aimed at promoting international as well as domestic trade in India. Some of the initiatives included India International Jewellery Week (IIJW), India International Jewellery Show (IIJS), India Pavillions at global exhibitions including the latest initiatives of Beijing International Jewellery Fair 2015 in China and Vicenzaoro Dubai 2015, Smart Jewellery Show 2015 in Chicago, Budget recommendations to the Government of India and regular industry reports.
GJEPC’s thrust areas in alignment with the ‘Make in India’ campaign will 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, in year 1. In the mid-term, GJEPC will champion the mission to further industry growth and strongly establish India as a global diamond trading hub. This includes skill and talent development, working with the GOI to commission exploration programmes and surveys to ascertain availability of rough diamonds and colored gemstones in India. The Government of India may spearhead initiatives to legalize current mining activity through an appropriate licensing framework and develop a regulatory framework for new mining and exploration.
Summary of 2014-2015 performance
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