Gem & Jewellery Sector granted Authorized Economic Operator (AEO) Status

In a significant development for India's gem and jewellery industry, the Gem & Jewellery Export Promotion Council (GJEPC) has announced the extension of Authorized Economic Operator (AEO) status to the sector
Gem & Jewellery Sector granted Authorized Economic Operator (AEO) Status

This achievement comes after extensive collaboration between the GJEPC and the Ministry of Finance, marking a pivotal milestone for the industry.

Initially introduced as a pilot project in 2011 through Circular No. 37/2011 – Customs dated 23rd August, the AEO program has played a crucial role in simplifying export operations across various sectors, leading to notable time and cost savings for exporters. Despite its evident benefits, the gem & jewellery sector had been excluded from participation in the AEO program.

Through proactive engagement and advocacy efforts, the GJEPC successfully lobbied for the inclusion of the gem and jewellery industry in the AEO program. Consequently, the Ministry of Finance has now opened the doors for units within the sector to apply for AEO status, enabling them to access associated benefits.

In response to this development, the GJEPC organized an informative Outreach Program on March 18, 2024, at the Bharat Diamond Bourse. The event aimed to educate industry stakeholders on obtaining AEO status, with a focus on enhancing international trade operations, strengthening supply chain security, and bolstering global competitiveness.

Encouragingly, 20 companies have already applied for AEO status, with Asian Star, a prominent diamond and diamond jewellery manufacturer, becoming the first in the Indian gem and jewellery industry to receive the certificate.

The GJEPC extends its gratitude to the Government, particularly the Ministry of Finance, for heeding the council's request and bringing the gem and jewellery industry within the purview of the AEO program. This milestone not only enhances the industry's standing but also reinforces India's position as a global leader in gem and jewellery trade.

Diamond World