Union Minister of Commerce & Industry, Piyush Goyal, announced the introduction of the Diamond Imprest Licence during the 40th edition of the India International Jewellery Show (IIJS) Premiere 2024. This policy, a long-standing recommendation by the Gem & Jewellery Export Promotion Council (GJEPC), is set to benefit MSME diamond exporters, who constitute a significant portion of India’s gem and jewellery industry.
The Diamond Imprest Licence allows eligible Indian diamond exporters to import up to 5% of their average export turnover from the past three years, with the potential to increase this to 10%. This initiative aims to create a level playing field for MSMEs, helping to curb the flight of capital and boost employment in diamond sorting and processing.
Addressing a packed audience at the Bombay Exhibition Centre in Goregaon, Mumbai, Shri Goyal said, “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.”
The Minister also assured the industry of his commitment to finding a solution to the space constraints faced by IIJS Premiere, hinting at the possibility of expanding exhibition space to 2 million square feet in the future.
In discussing the broader trade landscape, Goyal mentioned, “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 Commissioner. 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 also touched upon efforts to establish diamond centers in Mumbai or Surat akin to Antwerp and ongoing discussions with the De Beers Kimberley Process to improve diamond traceability, stating, “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.”
GJEPC Chairman, Mr. Vipul Shah, praised Goyal’s role in securing key Free Trade Agreements (FTAs), saying, “Shri Piyush ji, your relentless dedication and visionary leadership have resulted in signing of FTAs like India-UAE CEPA, India-Australia ECTA, India-EFTA TEPA. It was on your insistence that a series of meetings with stakeholders and industry leaders were done to take industry onboard before finalizing these FTAs. The India-UAE CEPA has resulted in a strong growth of 40% gem & jewellery exports to UAE.”
The IIJS Premiere 2024, under the theme “Brilliant Bharat,” spans 135,000 square meters and is expected to attract over 50,000 domestic buyers and more than 2,000 international buyers from over 60 countries. Featuring 3,600 stalls and 2,100 exhibitors, the event showcases a wide range of products, from diamonds and gemstones to high-end couture jewellery and lab-grown diamonds.
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