Union Commerce and Industry Minister Piyush Goyal.
Credit: Reuters Photo
Mumbai: The Centre has announced the introduction of the Diamond Imprest Licence - a policy initiative that the Gem & Jewellery Export Promotion Council (GJEPC) has been advocating for a long time.
Union Commerce and Industry Minister Piyush Goyal made the announcement during his interactive session at the 40th edition of India International Jewellery Show 2024, the flagship show of the GJEPC held at the Bombay Exhibition Centre (BEC) in NESCO Complex in Goregaon in Mumbai.
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. It will stop the 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 said that the Union Budget 2024-25 had cut duty rates of Gold, Silver and platinum, which was hurting the vibrant gem and jewellery industry and job creation.
“Gold and jewellery will increasingly come through official channels and our workforce will get job orders. India’s domestic market is resilient and growing fast to compensate for the loss in exports due to global recession. I urge gem & jewellery exporters to be positive,” he said.
According to him, the Indian government is engaging with G7 actively and several relevant Union Ministers are very much involved in negotiations. “We have been having extensive discussions with EU Ministers and Commissioners. There are issues of transparency, data protection and costs. But this is the first time that India is negotiating from a position of strength with the G7,” he said.
“We are hoping that Mumbai or Surat can have a centre similar to the one in Antwerp. We are also in talks in De Beers Kimberley Process to segregate diamonds and trace their origins. However there is no technical mechanism and no protocol in this regard and we are jointly working towards this,” Goyal said.
Among those present include Vipul Shah, Chairman, GJEPC, Kirit Bhansali, Vice Chairman, GJEPC; Siddharth Mahajan, Joint Secretary, Ministry of Commerce and Industry, Govt. of India; Dnyaneshwar B. Patil, Zonal Development Commissioner, SEEPZ-SEZ, Mumbai; R K Mishra, Additional DGFT; Nirav Bhansali, Convener, National Exhibitions, GJEPC; Sabyasachi Ray, ED, GJEPC, according to a press statement.