GJEPC praises government for jewellery stance in budget

By

Isabelle Crossley

Published
Feb 2, 2022

The Gem and Jewellery Export Promotion Council has praised the government for its approach to the jewellery industry in its new, “strong pro-reform and export growth-oriented Union Budget”.

The upcoming budget has many favourable policy reforms for the jewellery industry, the GJEPC announced on its website on February 1 in response to the government’s publishing of its budget for the 2023 financial year. “The Indian gem and jewellery sector is one of the leading contributors to the national economy and the country is the undisputed leader in diamond processing,” said GJEPC chairman Colin Shah, the GJEPC reported on its website. “Reduction in import duty on cut and polished diamonds to 5% will further help in strengthening the sector and retain its leadership position.”
 
THE GJEPC also praised the government for its approach to micro, small, and medium enterprises in its budget. 

“Since more than 90% of the gem and jewellery sector consists of MSMEs, the extension of the Emergency Credit Line Guarantee Scheme” (ECLGS) for MSMEs up to March 2023 will be a great relief to the sector, and we are happy that its outlay has been increased by Rs 50,000 crore to a total cover of Rs 5 lakh crore,” said Shah.
 
GJEPC vice chairman Vipul Shah opined that the measures put forward in the new budget will enable the Indian jewellery industry to move past a decade of slow growth and witness exceptional growth over the coming year. 

“The emphasis on infrastructure spending is good news for the India Jewellery Park Mumbai (IJPM) which will be greatly benefitted due to the same,” said Vipul Shah. “We also expect these reforms to raise the level of trust and transparency in the Indian gem and jewellery sector to a whole new level.”