The Gem & Jewellery Export Promotion Council (GJEPC) has sought the government’s support for the generic promotion of diamonds in international markets to protect jobs, safeguard exports, and preserve millions of livelihoods while ensuring India’s global leadership in diamond exports.
Vipul Shah, chairman of GJEPC who met Union Finance Minister Nirmala Sitharaman recently has sought funding support for promoting natural diamonds facing a demand crisis in the global markets, particularly China.
GJEPC has 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.
To date, GJEPC, through crowdfunding from its members, has contributed Rs 15 crore towards this campaign to achieve the goal of a “Viksit Bharat,” the industry requires robust infrastructure development. The Council, with funding from the industry, is developing the world’s largest jewellery park in Mumbai, and similar parks are also emerging in Meerut, Bangalore, and other cities. We propose the inclusion of Jewellery Park in the harmonized list of infrastructure to support the sector’s growth.
About creating an ecosystem for platinum, GJEPC proposed the inclusion of the supply of duty-free platinum through nominated agencies, the announcement of a tariff rate for platinum, the introduction of duty drawback similar to gold and silver, and the creation of a new HS Code for gold-platinum alloys.
