The Gem and Jewellery Export Promotion Council has sought a special grant from the government to promote India’s diamonds jewellery in the international markets for ensuring the country’s global leadership in exports and protect jobs back home.
Through crowdfunding from its members, GJEPC has contributed ₹15 crore in campaigns to promote diamond jewellery in the international markets.
However, in light of the ongoing challenges, GJEPC has requested for the government’s support in troubled times and approve a matching grant for the generic promotion of diamonds in international markets.
Global campaign
Vipul Shah, Chairman, GJEPC said the council had launched a global campaign to promote natural diamonds in collaboration with leading international diamond mining companies and countries.
This initiative aims to counter the strong headwinds faced by both diamonds due to geopolitical challenges, he said.
The government had introduced Safe Harbour Rule for sale of rough diamonds at special notified zones by foreign miners. However, the Council requested for FAQs (frequently asked questions) on Safe Harbour Taxation.
Infra support fund
It also sought the government to provide an Infrastructure Support Fund to develop a Gem Bourse in Jaipur, advance a platinum jewellery ecosystem and expand IJEX (India Jewellery Exposition, a B2B event in Dubai).
The trading centres will further strengthen India’s global leadership while creating substantial employment opportunities, he said.
With funding from the industry, the council is developing the world’s largest jewellery park in Mumbai, Bangalore and other cities and urged the government to include Jewellery Park in the harmonised list of infrastructure to support the sector’s growth.
The cut in import duty on gold has spurred unprecedented growth in the sector which was evident from the multiple stock market listings of family-run jewellery businesses, expansion of major retailers overseas and the planned opening of 3,000 retail outlets in the next two years, creating lakhs of employment opportunities across the country, he said.
