GJEPC Chairman, Vipul Shah addressed the Board of Trade meeting chaired by the Hon’ble Commerce & Industry Minister Piyush Goyal in New Delhi on September 13. Piyush Goyal said that global confidence in India’s prospects for growth were truly immense and called on the domestic industry to overcome all weaknesses when it comes to grabbing the plethora of growth opportunities available to the nation. The world is already looking at India as a superpower, he added.

In his speech, the new Chairman, Vipul Shah informed the Minister that the gem and jewellery sector in India is well on target to achieve $46 billion in exports this year. He noted, “We have mooted an idea of a multi-sectoral government apparatus with executive powers to resolve our procedural issues in revenue, banking, MSME, etc. With natural rough diamonds becoming scarce and with the conflict between Ukraine and Russia disrupting the supply chain, our long-standing demand of presumptive taxation for foreign mining companies at the Special Notified Zones (SNZs) should be approved by this budget to make India the rough trading hub of the world.” He further said that India with its vast skills in jewellery manufacturing can be the jewellery repair hub of the world, displacing Thailand, Turkey, etc. if jewellery is included in the Manufacture and Other Operations in Warehouse (MOOWR) provisions.

Vipul Shah also raised the issue of the duty drawback rates of gold/silver, which have not been revised for two years. He pointed out that the problem has only become more acute with the shortage of duty-free gold and silver supply to small exporters, and lack of fresh supply from MMTC.

With China remaining closed due to lockdowns, it’s imperative that sales returns should be allowed to return duty-free to enhance exports of diamonds from India. The Diamond Imprest License is the need of the hour and should be announced in FTP, he informed the Commerce Minister.

News courtesy to gjepc.org.