Kirit Bhansali, Chairman, Gem & Jewellery Export Promotion Council (GJEPC), was invited to attend the meeting organised with selected representatives of various industry sectors that contribute majorly to India’s merchandise exports, chaired by Prime Minister Shri Narendra Modi at New Delhi, on 3rd November 2025. Kirit Bhansali was representing the Gems & Jewellery sector which contributes 7% to India’s Merchandise Exports. The meeting was convened to seek inputs from leading export sectors on measures to strengthen India’s competitiveness in global trade.

Utilizing the opportunity to speak at the occasion, Bhansali presented key Policy Reforms on behalf of the gems and jewellery sector, which contributes US$30 billion in exports, US$85 billion in domestic sales, and provides direct employment to over 42 lakh people across India.

He thanked the Prime Minister for his visionary leadership behind the India–UAE CEPA, which greatly boosted India’s gems and jewellery exports, with plain gold jewellery growing 47.4% annually between FY2023 and FY2025. Bhansali also lauded the FTAs with the UK, Australia, and EFTA nations and expressed confidence that the upcoming US BTA and India–EU FTA would further strengthen India’s global trade leadership.

Bhansali said, “It was an honour to join the select industry meet chaired by Prime Minister Shri Narendra Modi. Under his visionary leadership, India’s gem and jewellery sector has achieved remarkable growth and ease of doing business. With his continued guidance, we are confident of surpassing US$100 billion in exports and building a US$500 billion domestic market by 2047, making India the global hub for gems and jewellery.”

Bhansali presented key policy recommendations aimed at accelerating exports and strengthening India’s manufacturing ecosystem, noting that to remain globally competitive with leading trade hubs such as Belgium, London, the USA, and the UAE, India needs to establish an efficient and trade-friendly business environment.

1. Enhance ease of doing business in the sector
   Amendment of Customs Act,1962 - Just as major reforms in India’s Criminal Code and the introduction of faceless provisions in the Income Tax system, the industry now hopes to see similar modernisation of the Customs Act, 1962 – which includes implementation of a Risk Management System, and AI-based digital appraisals. These measures will make customs procedures faster, more transparent, and cost-efficient — significantly enhancing India’s ease of doing business and global competitiveness.
    
2. Facilitate affordable credit for export business in the sector
   In competing economies, exporters enjoy significantly lower interest rates on export finance. To ensure a level playing field, GJEPC requested the Government to introduce a special scheme offering export credit at concessional rates, particularly benefiting MSME units.
   With India’s banking system strengthened by recent reforms, extending interest subvention and ECGC premium subsidies will further enhance exporters’ cost competitiveness and boost India’s share in global trade.
    
3. Early Passage of the SEZ Act Amendment
   Nearly 65% of India’s studded jewellery exports originate from SEZ units. GJEPC urged the Government to expedite the passage of the SEZ Act amendment, which will allow limited domestic sales with fair duty adjustment and enable optimal utilisation of idle capacity during off-seasons — improving productivity, efficiency, and employment stability.
    
4. Formulation of a National Gem & Jewellery Park Policy
   Kirit Bhansali proposed the formulation of a National Gem & Jewellery Park Policy, similar to those existing for the textile and leather sectors, to strengthen domestic manufacturing ecosystems and attract global investment into India’s gem and jewellery value chain.

He further urged the Prime Minister to prepare a White Paper on the Gems & Jewellery Sector based on the inputs recently submitted by GJEPC to NITI Aayog and the findings of the Exim Bank report.

Additionally, GJEPC has requested the Ministry of Finance to simplify export–import procedures and customs processes for the gem and jewellery sector. Such measures are vital to ensure ease of doing business on par with leading global trading destinations.

Emphasizing the broader vision, he noted that India must evolve into a true trading economy to fully realize its potential — an opportunity that remains largely untapped.