The India-UK CETA is going to boost exports, create new jobs in the jewellery sector, and reinforce India’s position as a global leader in jewellery craftsmanship and trade, says Kirit Bhansali, Chairman, GJEPC, in a conversation with Suneeta Kaul.

The World Gold Council (WGC) has expressed concerns about the potential hike in gold import duties in India’s upcoming Union Budget for 2025

The Indian gold jewellery industry is poised for significant growth in the financial year 2025 (FY25), with revenue expected to increase by 13-15%, according to a report by ICRA

The Indian Government has increased the customs duty on imports of gold alloys under the Comprehensive Economic Partnership Agreement (CEPA) with the UAE, aiming to close a loophole exploited by bullion dealers that led to significant market distortions and revenue loss

The Budget has not addressed any of the concerns of the gem and jewellery industry, leaving the industry disappointed

GJEPC, the representative body for India's international gem and jewelry trade, has put forth numerous suggestions to the Government in anticipation of the forthcoming budget

Industry players feel the move is ill-advised and ill-timed, as they are already grappling with challenges caused by the pandemic and HUID issues. If the proposal goes through, it will add a huge burden to the industry, finds out Suneeta Kaul

The suggestions of gems and jewellery industry related to duties and taxes are under consideration of the Finance Ministry, Commerce and Industry Minister Piyush Goyal said on November 27

Gold and diamond jewellery exporters are witnessing a steady growth in export orders

He also asked the industry to follow legal practices such as doing digital transactions to enhance the integrity of the sector
 

The council also urged that the Gold Monetisation Scheme be made more attractive so that the industry gets better access of domestic gold as raw material

The GST Council recently announced that gem & jewellery exporters will no longer have to pay 3% IGST to nominated agencies (banks) from 1st January 2019.

SEZs outperform DTA in gold jewellery export owing to beneficial zero-duty structure. The industry demands for a reduction in customs duty.

After PM Narendra Modi’s pep talk about ‘Design in India’ and how India should be Number One in gems and jewellery, Indian exporters are all geared up to hit $60 billion worth of exports in the next 5 years. Given the current climate, this could be a tall order. There is no dearth for inspiration in this country that has had a longstanding heritage when it comes to craftsmanship. We have a strong foundation in jewellery manufacturing and the industry currently employs 4.5 million skilled and semi-skilled workers across India, but we are meeting only 10 per cent of the global demand. If our forte lies in jewellery making, why is India not playing to its strength? Where is the industry lacking and what should it be doing to be on top? Explores Vijetha Rangabashyam