Published
Jan 3, 2020
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PM Narendra Modi meets with jewellers in Surat

Published
Jan 3, 2020

Prime Minister Narendra Modi held a meeting with a trade delegation from diamond hub Surat, to discuss issues faced by the jewellery industry, as the government aims to grow the sector.

PM Modi heard the Surat jewellery industry’s suggestions for the sector at a meeting last week

 
With the aim of finding out how to relieve difficult areas and ameliorate the Indian jewellery industry, Modi met with industry representatives on December 27, the Gem and Jewellery Export Promotion Council announced on its website.

The meeting saw the GJEPC’s regional chairman for Gujarat, Dinesh Navadiya, represent and advocate for the industry and raise four main issues.

Navadiya told the Prime Minister that there is a need to introduce more modern technology into the gem and jewellery industry and suggested creating a scheme to upgrade technology in the sector. The regional chairman also voiced a need to introduce a risk management system in order to correctly monitor clearance for import and export shipments, according to the GJEPC. 
 
Navadiya also shared that there was an issue with Input Tax Credit accumulation, due to the inverted duty structure in diamond manufacturing. Among other recommendations to the Prime Minster, Navadiya suggested introducing Presumptive Taxation in Special Notified Zones for the jewellery industry. 
 
Modi’s meeting shows the Union Government’s desire to improve the jewellery industry. As the diamond cutting industry experiences a slowdown and gold prices are expected to continue to rise, the government plans to organise the sector with initiatives such as planning to introduce mandatory hallmarking for gold jewellery. 

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