GJEPC requests jewellery repair policy in upcoming FTP
The Gem and Jewellery Export Promotion Council aims to make India a hub for the global jewellery repair market and has requested the government to create a favourable policy for the sector in its next foreign trade policy.
As part of its plan to promote India as a destination for the restoration of old and damaged jewellery, the GJEPC has asked the government to enable foreign businesses to send jewellery to India for repair without attracting customs duty, the Press Trust of India reported. The GJEPC also suggested that regulations in the upcoming FTP stipulate that jewellery imported to India for repair must be re-exported in a period of between three and six months maximum.
“We need this policy in the next foreign trade policy (2020-25),” said GJEPC chairman Colin Shah, the Press Trust of India reported.
“India has skilled man power for repair of jewellery. A friendly policy would help us in excelling in the sector.”
Shah also said that there is ample opportunity for India to thrive in the sector as countries such as the U.S. have fewer resources for jewellery repair and that repair costs there are exceedingly high. Boosting India’s jewellery repair market would provide more work for artisans and help to offset the recent decline in jewellery exports.
The Union Government’s Ministry of Commerce and Industry is currently holding stakeholder consultations for its upcoming FTP which will cover the time period from 2020 to 2025. The government aims to roll out the policy in April and the policy is designed to ameliorate India’s standing in the international market.
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