GJEPC takes steps across India to mitigate Covid-19 crisis

By

Isabelle Crossley

Published
Mar 24, 2020

The Gem and Jewellery Export Promotion Council has reached out to international organisations and is tracking exports across India, in a bid to mitigate the financial distress caused by the spread of Covid-19.

 
Working to protect its exporter-members and following the announcement of a complete lockdown in 80 Indian districts and the suspension of international flights, the GJEPC has started to liaise with authorities on the export situation, the GJEPC announced on its website.

The organisation aims to keep the import-export trade secure to keep jewellery businesses afloat. 

The Jaipur Commissioner of Customs responded to a request from the GJEPC and decided to wave penalties on late ‘Bill of Entry’ filings as import offices remain shut until March 31, with the potential for further extension.

The GJEPC reported that Surat, where exports ceased on Saturday, has either exported all goods in the Surat Hira Bourse or returned the goods to the sender. 
 
The GJEPC is working with the Union Government and state governments and trade organisations with the aim of formulating relief measures for workers who have found themselves unemployed due to the pandemic.

The organisation is also pursuing relief measures for businesses, especially micro, small, and medium enterprises. 
 
The GJEPC has suggested that the government revise its definition of ‘MSME’ from ‘capital investment’ to ‘turnover base’.

The organisation has also suggested priority lending with a collateral requirement of only 25%, relaxed non-performing asset recognition norms from 90 to 150- 180 days, and a total 7% interest subsidy.
 
“GJEPC is also liaising with different trade bodies across the world and industry apex organisations such as World Federation of Diamond Bourses and World Gold Council on steps that can be taken to ensure that supply and demand equilibrium and price stability is maintained during the difficult period that the industry is facing,” the organisation announced on its website.