GJEPC, Budget Demands, Budget 2025, Budget News: Finance Minister Nirmala Sitharaman is set to present the Union Budget on February 1, 2025. Following the significant benefits extended to the gems and jewellery sector in the previous budget, the GJEPC recently met with the Finance Minister to outline its key demands and recommendations for Budget 2025.
Vipul Shah, Chairman of the Gem & Jewellery Export Promotion Council (GJEPC), met with Hon’ble Finance Minister Smt. Nirmala Sitharaman during a pre-budget consultation in Delhi. Representing the gem and jewellery industry, Shah presented key recommendations designed to address the sector’s critical challenges, boost global competitiveness, and drive further growth.
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Expressing gratitude for the reforms introduced in the previous budget, Vipul Shah stated, “We thank the Hon’ble Finance Minister for reducing the import duty on precious metals in the last budget, a move that has spurred unprecedented growth in the sector. This is evident from the multiple stock market listings of family-run jewellery businesses, the expansion of major retailers overseas, and the planned opening of 3,000 retail outlets in the next two years, creating lakhs of employment opportunities across the country.”
Shah also highlighted the importance of clarifying the Safe Harbour Rule for the sale of rough diamonds at Special Notified Zones (SNZs). “We also thank the FM for introducing Safe Harbor Rule for the sale of rough diamonds at SNZs by foreign miners. However, we request the issuance of FAQs on Safe Harbour Taxation,” he said.
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The GJEPC’s key requests included co-funding diamond promotion campaigns, support for infrastructure development, and fostering a platinum jewellery ecosystem. Shah remarked, “We have requested the FM’s support for co-funding global diamond promotion campaigns, the inclusion of jewellery parks in the harmonised infrastructure list, and an Infrastructure Support Fund to develop a Gem Bourse in Jaipur. Advancing a platinum jewellery ecosystem and expanding IJEX trading centres will further strengthen India’s global leadership while creating substantial employment opportunities.”
Key Recommendations Submitted by GJEPC
Safe Harbour Rule FAQs:
GJEPC requested the Finance Ministry to approve a list of FAQs addressing concerns raised by foreign mining companies (FMCs) regarding the Safe Harbour Rule for rough diamond trading at SNZs.
Diamond Promotion Campaign:
To revive demand in the diamond sector amidst geopolitical challenges, GJEPC has launched a global campaign for natural diamonds, raising ₹15 crore through crowdfunding. The Council has requested a matching grant from the Government to protect jobs, safeguard exports, and sustain India’s leadership in diamond exports.
Infrastructure Development:
GJEPC emphasized the need for robust infrastructure, proposing the inclusion of jewellery parks in the harmonised list of infrastructure. This initiative aims to support the sector’s growth, with parks already under development in Mumbai, Meerut, Bangalore, and other cities.
Platinum Ecosystem Development:
Proposals included duty-free platinum supply through nominated agencies, the introduction of a tariff rate for platinum, a duty drawback mechanism akin to gold and silver, and a new HS Code for gold-platinum alloys.
With these recommendations, Vipul Shah expressed optimism about the Union Budget, hoping it would incorporate measures to maintain the momentum of growth in India’s gem and jewellery sector. GJEPC reaffirmed its commitment to collaborating with the Government to enhance the sector’s contribution to the national economy.
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