India’s Gem & Jewellery Export Promotion Council (GJEPC) presented a host of policy recommendations to support the industry at a meeting with the country’s prime minister, Narendra Modi.
GJEPC chairman Kirit Bhansali called for modernization of India’s Customs Act 1962, which grants the government powers to collect import duties. His recommendations include implementing a risk-management system as well as digital appraisals using artificial intelligence (AI), seeking to make customs procedures faster, more transparent, and more cost-efficient, the GJEPC said in a statement last week.
He called for the government to introduce a program offering export credit at concessional rates, noting that exporters in competing economies enjoyed significantly lower interest rates.
Furthermore, Bhansali requested that the government expedite changes to the Special Economic Zones (SEZ) Act and introduce a National Gem & Jewellery Park Policy similar to those in the textile and leather sectors. This would strengthen domestic manufacturing and help attract global investment, the GJEPC explained.
He also urged the prime minister to prepare a white paper on the gem and jewelry sector and asked the Ministry of Finance to simplify export-import procedures.
“Under [Prime Minister Modi’s] visionary leadership, India’s gem and jewelry sector has achieved remarkable growth and ease of doing business,” Bhansali commented. “With his continued guidance, we are confident of surpassing $100 billion in [annual] exports and building a $500 billion domestic market by 2047, making India the global hub for gems and jewelry.”
Bhansali attended the meeting in New Delhi on November 3 alongside representatives of various industries. It came amid ongoing negotiations between India and the US over a trade deal to lower the US’s import tariffs on Indian goods, which are currently at 50%.
Image: Indian jewelry. (Shutterstock)
Source : Rapaport