Jewellery sector seeks jewellery repair policy in upcoming government budget

By

Isabelle Crossley

Published
Jan 17, 2023

Traders’ bodies in the jewellery sector have urged the Union Government to include a jewellery repair policy in the upcoming government budget. The industry is keen to increase its share in the international jewellery repair market and bring in increased revenue. 

Organisations including the Gem and Jewellery Export Promotion Council have asked the government to create a repair policy for jewellery, believing the sector to represent a $5.75 billion opportunity and potential for employment generation. The GJEPC also asked the government to implement a 4% import duty on gold, silver, and platinum as well as zero duty on lab grown diamond seeds, the organisation announced on its website. 
 
“Keeping in view India’s inherent skill in making handmade jewellery, we believe that India will outperform in jewellery repair sector,” said GJEPC chairman Vipul Shah, the GJEPC reported. “With this policy, India has the possibility of taking 10- 20% of the world market share, which will bring in billions of dollars of business with high employment potential.”

Other demands include the re-introduction of the ‘Diamond Imprest Licence’ and allowing the sale of rough diamonds in Special Notified Zones through a Safe Harbour rule. These, along with reductions to duty rates, should help the gem and jewellery sector to reach its target of $55 billion in exports by 2025, according to the GJEPC.