GJEPC calls for industry support at Board of Trade meeting with Commerce minister
At the recent Board of Trade meeting, the Gem and Jewellery Export Promotion Council shared its plans for India to become a global rough diamond trading hub. The traders’ body urged Minister of Commerce and Industry Piyush Goyal to support its plans in the government budget.
The Board of Trade meeting took place in New Delhi on September 13 and was chaired by Goyal, the GJEPC reported on its website. GJEPC chairman Vipul Shah addressed the attendees and proclaimed that the Indian jewellery industry is well on target to achieve its target of $46 billion in exports this year.
“We have mooted an idea of a multi-sectoral government apparatus with executive powers to resolve our procedural issues in revenue, banking, MSME, and other” said Shah as reported by the GJEPC. “With natural rough diamonds becoming scarce and with the conflict between Ukraine and Russia disrupting the supply chain, our long-standing demand of presumptive taxation for foreign mining companies at the Special Notified Zones should be approved by this budget to make India the rough trading hub of the world.”
Shah also put forward that India is ready to become a global jewellery repair hub due to its wealth of jewellery manufacturing skills. The country currently competes with nations including Thailand and Turkey in the jewellery repair market, according to the GJEPC.
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