GJEPC: In an important step to address the ongoing challenges faced by the gems and jewellery sector, Shri Sunil Barthwal, Commerce Secretary, Ministry of Commerce & Industry, has proposed the formation of a task force. This proposal was made during his visit to the Gem and Jewellery Export Promotion Council’s (GJEPC) Head Office in Mumbai on 14th September. Modeled after the task force created for the textile industry, the initiative aims to address key issues in the sector. Barthwal was accompanied by Shri Santosh Sarangi, Director General of Foreign Trade.
The officials were received by key leaders of the industry, including Vipul Shah, Chairman of GJEPC, and other prominent figures such as Kirit Bhansali, Vice Chairman, GJEPC; Anoop Mehta, President, Bharat Diamond Bourse (BDB); Ajesh Mehta, Convener – Diamond Panel, GJEPC; Milan Chokshi, Convener – Promotions & Marketing, GJEPC; Mehul Shah, Vice President, BDB; and Sabyasachi Ray, Executive Director, GJEPC.
During discussions, industry leaders from GJEPC and BDB emphasized the need for stronger policy frameworks, improved liquidity, and a more conducive business environment to boost exports and cement India’s status as a global jewellery manufacturing hub. Their concerns stem from sluggish demand in critical markets such as the U.S., China, and West Asia, compounded by geopolitical instability and economic hurdles. Ongoing global uncertainties, including inflation, rising interest rates, and geopolitical conflicts, along with sanctions on Russia, have severely impacted the supply chain for rough diamonds, further affecting India’s export of cut and polished diamonds.
Sunil Barthwal, Commerce Secretary, stated, “As the industry faces challenges, now is the time for the government to step in and provide support. A task force in lines of the task force created for the textile sector can play a crucial role in identifying and addressing these challenges, ensuring a more favourable environment for businesses and boosting of India’s exports.”
Vipul Shah, Chairman of GJEPC, expressed his gratitude, saying, “Sincere thanks to Shri Sunil Barthwal, Commerce Secretary, for the proposal to form a G&J task force that could provide a platform to all stakeholders to come together and discuss solutions. By working collaboratively, we can create a more sustainable and prosperous future for the gems and jewellery industry.”
During the meeting, Shah also urged the Commerce Secretary to implement several policy measures, such as extending the credit period for the import of rough diamonds and the export of cut and polished diamonds to 180–365 days, broadening the scope of the Interest Equalisation Scheme to include all exporters, and extending pre-shipment and post-shipment credit terms to 180 days.
The GJEPC also sought government backing for the India Jewellery Park Mumbai (IJPM), requesting financial support through the TIES Scheme to develop facilities like an Incubation-cum-Testing Centre, an Export Promotion-cum-Display Centre, and a Central Logistics Hub.
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