Published
Jul 20, 2020
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GJEPC requests new regulations to boost jewellery exports from SEZs

Published
Jul 20, 2020

The Gem and Jewellery Export Promotion Council has suggested the central government introduce new regulations for Special Economic Zones, such as improving logistics to increase the industry’s exports.

The GJEPC hopes to boost gem and jewellery exports from SEZs - GJEPC India- Facebook


The GJEPC recently held a video conference with the government’s Department of Commerce to discuss ways to increase India’s gem and jewellery exports, it announced on its website. Citing that a large amount of India’s gem and jewellery exports are generated through SEZs, the GJEPC suggested to the ministry that it increase ease of doing business for these units to target exports worth $70 billion (Rs 4.7 lakh crore).
 
“SEZs have always played a critical role for our sector as 30% of exports are generated from these special zones,” said GJEPC chairman Colin Shah, the GJEPC reported.

“However, this figure could be larger if, given the current pandemic, the government could tweak certain policies- most importantly, the thrust on e-commerce as the world is moving towards the online mode of business.”

The GJEPC suggested the government amend the Courier Import & Export Regulations 2010 to allow the export and import of precious and semi-precious jewellery valued up to $800 on which advance remittance could be received. The organisation also asked for the government to allow the import of precious metals directly from foreign buyers on a loan basis by SEZ units.
 
“E-commerce out of India is not easy,” said Shah. “We can manufacture quickly to meet consumer demand across the world, but logistics and paperwork are not economical to ship single goods. As a result, most of this business has shifted to New York, Dubai or Hong Kong from where parcels are shipped to the ultimate customer.”

The GJEPC hopes this will be reversed with favourable regualtions.

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