A formal proposal has been submitted to the GIFT City authorities, with an estimated investment of Rs 500 crore for the proposed GIFT Trade Centre, according to sources familiar with the development.

"The idea is to create a centralized platform where jewellers from all over the country can showcase their products to potential international buyers," explained a source from the International Financial Services Centres Authority (IFSCA) committee.

Envisioned as a global hub for Indian jewellers, the centre aims to provide a venue for exhibiting designs and facilitating direct purchases by international buyers. A significant advantage of this facility is that buyers can purchase jewellery directly from jewellers without incurring Indian taxes. This initiative is expected to facilitate duty-free exports of gold equivalent to the sale value for Indian jewellers.

Jewellers who sell gold will be eligible to receive a bullion depository receipt equivalent to the value of their sales, thereby incentivizing and simplifying the process of jewellery export.