Published
Dec 8, 2020
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GJEPC proposes new measures to Ministry of Finance to boost jewellery industry

Published
Dec 8, 2020

The Gem and Jewellery Export Promotion Council has proposed trade measures including reductions in gold import duty to the Ministry of Finance ahead of the upcoming Union Budget for the 2021 to 2022 financial year.

The GJEPC has asked the government to reduce import duties on precious metals and natural gems - GJEPC- India- Facebook


The GJEPC’s list of recommendations for the upcoming Union Budget include reducing the import duty on gold and precious metals from 12.5% to 4%, the GJEPC announced on its website. The traders’ body also asked the Finance Ministry to reduce import duty on cut and polished diamonds and precious and semi-precious gems from 7.5% to 2.5%.
 
While calling for reductions in import duties on natural stones, the GJEPC requested the government raise the import duty on synthetic cut and polished stones, a fast growing category, from 5% to 25%. The GJEPC also stated that there is a need for additional Common Facility Centres for the industry to aid manufacturing and a need to extend the Scheme for Common Facility Centres for another five years among other recommendations. 

“This year has been tough for everyone and we sincerely acknowledge the government for taking prompt measures to get the economic momentum back on track,” said GJEPC chairman Colin Shah, the GJEPC  reported.

“Particularly for the gems and jewellery industry, the government has ensured that barring the lockdown period, exports didn’t stop during the pandemic. The gems and jewellery exports industry is a perfect example of Atmanirbhar Bharat and Vocal for Local, which are the government’s policy to make India a self-reliant country and to make the Indian economy one of the largest in the world.”
 
Stating that the Indian gem and jewellery industry is a 100% import-based sector, which employs around 4.3 million people, Shah stressed the importance of making the industry more competitive globally.

“We are hopeful that the Government will accept our proposed recommendations in the Union Budget,” said Shah.

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