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India's Gem Export Crisis: Why GJEPC Demands Customs Overhaul Now

The Gem and Jewellery Export Promotion Council has presented crucial policy recommendations to boost India's export competitiveness. GJEPC Chairman Kirit Bhansali emphasized the need for customs modernization and concessional credit during a meeting with PM Modi. The council seeks faster implementation of SEZ amendments and a National Gem Park Policy. These reforms aim to position India as a global trade hub competing with centers like Belgium and Dubai.

Key Points: GJEPC Urges Customs Reform and Credit to Boost Exports

  • Modernize Customs Act with AI-based digital appraisals for faster procedures
  • Offer concessional export credit rates to benefit MSME units
  • Expedite SEZ Act amendment for optimal capacity utilization
  • Create National Gem Park Policy to attract global investment
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GJEPC calls for customs overhaul, concessional credit to boost gems, jewellery exports

GJEPC calls for Customs Act modernization, concessional export credit, SEZ reforms and National Gem Park Policy to enhance India's global trade competitiveness.

"India needs to establish an efficient and trade-friendly business environment to remain globally competitive - Kirit Bhansali, GJEPC Chairman"

New Delhi, Nov 4

The Gem and Jewellery Export Promotion Council (GJEPC) has called on the government to amend the Customs Act, offer concessional export credit, expedite the passage of the SEZ Act amendment, and form a National Gem and Jewellery Park Policy to enhance India's competitiveness in global trade.

Kirit Bhansali, Chairman, GJEPC, in a meeting with select industry representatives in the export sector, chaired by Prime Minister Narendra Modi, presented key policy recommendations to boost exports and India’s manufacturing ecosystem, a statement from the Council said.

Bhansali noted that India needs to establish an efficient and trade-friendly business environment to remain globally competitive with leading trade hubs such as Belgium, London, the USA, and the UAE.

He said that industry expects a modernisation of the Customs Act, 1962, which includes the implementation of a Risk Management System, and AI-based digital appraisals. These measures will make customs procedures faster, more transparent, and cost-efficient -- significantly enhancing India’s ease of doing business and global competitiveness, he noted.

The council also requested a special scheme offering export credit at concessional rates, particularly benefiting MSME units, the statement said.

With India’s banking system strengthened by recent reforms, extending interest subvention and ECGC premium subsidies will further enhance exporters’ cost competitiveness and boost India’s share in global trade, the GJEPC chairman said.

The council also urged the government to expedite the passage of the SEZ Act amendment, which will allow limited domestic sales with fair duty adjustment and enable optimal utilisation of idle capacity during off seasons.

A National Gem and Jewellery Park Policy were proposed to strengthen domestic manufacturing ecosystems and attract global investment into India’s gem and jewellery value chain.

Further, GJEPC requested the Ministry of Finance to simplify export-import procedures and customs processes for the gem and jewellery sector to ensure ease of doing business on par with leading global trading destinations.

- IANS

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Reader Comments

R
Rohit P
As someone working in this industry for 15 years, I can tell you the current customs procedures are a nightmare. AI-based digital appraisals and risk management systems are much needed reforms. Hope the government acts quickly on these recommendations.
A
Arjun K
The SEZ amendment is crucial! Many units in Jaipur's SEZ are struggling with idle capacity. Allowing limited domestic sales with duty adjustment will help us utilize our facilities better during off-seasons. Good thinking by GJEPC.
S
Sarah B
While these proposals sound promising, I hope they also focus on ethical sourcing and sustainability. India's gems industry needs to match global standards not just in efficiency but also in responsible practices.
V
Vikram M
Concessional credit for MSMEs is exactly what we need! Many small jewellery units in Delhi's Karol Bagh are struggling with high interest rates. This could be a game-changer for local artisans and small businesses. 🙏
M
Michael C
The National Gem and Jewellery Park Policy could position India as a global manufacturing hub. With our skilled workforce and these infrastructure improvements, we can definitely compete with Dubai and Belgium.
K
Kavya N
I appreciate these recommendations but implementation is key. We've seen many good policies fail due to bureaucratic hurdles. Hope the

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