During his interactive session at the 40th edition of India International Jewellery Show 2024, Piyush Goyal, Minster of Commerce and Industry, Govt. of India, announced the introduction of the Diamond Imprest Licence, the flagship show of the Gem & Jewellery Export Promotion Council (GJEPC) held last week at the Bombay Exhibition Centre (BEC), NESCO, Goregaon. The Diamond Imprest Licence will benefit MSME exporters, which comprise a large portion of India’s gem and jewellery exporters.
GJEPC has been recommending this policy initiative for a long time. The Diamond Imprest Licence ensures that Indian diamond exporters above a certain export turnover threshold will be allowed to import at least 5 per cent, (if not 10 per cent as it was earlier) of the average export turnover of preceding three years. This will provide a level playing field for Indian MSME diamond exporters with that of their larger peers, while stopping flight of investment of Indian diamantaires to diamond mining destinations. It will give more employment in terms of diamond assorters and processing of semi-finished diamonds in the factories.
Goyal was addressing a packed house of gem and jewellery exporters in the presence of Vipul Shah, Chairman, GJEPC, Kirit Bhansali, Vice Chairman, GJEPC; Siddharth Mahajan, Joint Secretary, Ministry of Commerce and Industry, Govt. of India; Dnyaneshwar B. Patil – IAS, Zonal Development Commissioner, SEEPZ-SEZ, Mumbai; R K Mishra, Additional DGFT; Nirav Bhansali, Convener, National Exhibitions, GJEPC; Sabyasachi Ray, ED, GJEPC, members from the trade, media, ladies and gentlemen. Manisha Gupta, Commodities Editor, CNBC TV18 Group moderated the session with the minister.
Goyal also promised the gem and jewellery trade that since GJEPC’s IIJS Premiere is facing shortage of space for exhibitors, he would think of ways to create 2 million square feet exhibition space for IIJS in the future.
“Gold and jewellery will increasingly come through official channels and our workforce will get job orders,” said Goyal, adding, “India’s domestic market is resilient and growing fast to compensate for the loss in exports due to global recession. I urge gem and jewellery exporters to be positive.”
