GJEPC RECOMMENDATIONS
West Asia conflict may spike dal prices; rice exports to Iran at risk
West Asia conflict disrupts trade routes, potentially increasing prices for Indian consumers on staples like dal. While rice prices might decline due to export disruptions, the gem and jewellery sector faces significant risks, impacting employment and trade with the UAE. Bullion prices are expected to remain volatile as investors seek safe-haven assets.
Budget 2026 addresses key bottlenecks for gems and jewellery: Industry
The gems and jewellery sector has welcomed the Union Budget. Industry leaders state the budget is positive and growth-focused. Key bottlenecks are addressed, providing fresh momentum. Reforms in customs and SEZ sales are expected to boost manufacturing and exports. Stability in customs duty and GST is appreciated. This budget supports sustainable growth and India's position as a global jewellery hub.
Union Budget 2026-27: Gems, jewellery sector seeks duty rationalisation, GST cut
Budget 2026 Wishlist: India's gem and jewellery industry is pushing for significant changes in the upcoming Union Budget. The sector wants lower taxes and simpler procedures to compete globally. Proposals include reducing GST on gold and silver jewellery and streamlining customs. These reforms aim to make Indian exports more cost-effective and attract foreign buyers.
Budget 2026: GJEPC seeks duty cuts and policy reforms to boost gem and jewellery exports
The Gem & Jewellery Export Promotion Council (GJEPC) has submitted pre-budget recommendations to the Union finance minister, seeking duty rationalisation, SEZ reforms, and tax reforms for exporters. The council aims to position India as a global diamond trading hub and enhance cost-competitiveness amidst geopolitical uncertainties and slowing demand.
Cluster-led reforms can push India’s gems and jewellery exports to $75 billion by 2030: Exim Bank–GJEPC study
A joint study by Exim Bank and GJEPC suggests a cluster-focused approach to boost India's gems and jewellery exports to $75 billion by 2030. Recommendations include diversifying into high-value products, expanding markets, and enhancing policy, infrastructure, technology, and finance to unlock $38 billion in unrealized export potential.
GJEPC charts out $100-billion export vision for India’s gem and jewellery sector
India's gem and jewellery sector is targeting $100 billion in exports by 2047. The Gem & Jewellery Export Promotion Council presented policy reforms to Prime Minister Narendra Modi. These include affordable credit, customs modernisation, and a National Gem & Jewellery Park Policy.
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Gems and jewellery exports rise by 6.5 pc to $2.9 bn in September
India's gem and jewellery exports have seen an uplift in September and during the first half of the fiscal year, driven largely by increased demand during the festive and wedding period. Key markets such as the UAE, Hong Kong, and the UK reflect promising growth trends.
Jewellery exporters press for relief as US tariffs bite
The GJEPC is appealing to the Centre for immediate relief as the US tariffs of 50% on Indian goods are impacting the gems and jewellery industry. Exporters had anticipated tariff action, but the unexpected duty has left the industry reeling, especially in Surat.
In the rough: India’s Gem and Jewellery industry loses shine, pins hope on budget
Industry experts seek initiatives that can uplift the sector, elevate exports and position India as a global trading hub for diamonds and coloured gemstones.
Is your diamond real? India's diamond industry takes a stand against natural & lab confusion
India's GJEPC now defines a 'diamond' as a naturally mined stone. Following US FTC guidelines, they advocate updating the Consumer Protection Act to distinguish between natural and lab-grown diamonds. This aims to prevent misrepresentation and build consumer trust. New terminology guidelines are set for clear labeling.
Budget 2024 boosts India's diamond industry growth & export potential
The Union Budget for 2024-25 presented by Finance Minister Nirmala Sitharaman has been hailed by the Gem & Jewellery Export Promotion Council (GJEPC) for its significant measures aimed at bolstering India's position as a global leader in the diamond and jewellery sectors. The abolition of the equalisation levy on sales of rough diamonds and the introduction of safe harbour tax rules are expected to streamline operations and attract foreign mining companies to trade directly with Indian manufacturers.
Budget 2024: GJEPC suggests safe harbour for sale of rough diamonds in Special Notified Zones
Union Budget: The Gem & Jewellery Export Promotion Council (GJEPC) has suggested the introduction of a Safe Harbour Rule for the sale of rough diamonds in Special Notified Zones (SNZs), as well as the implementation of a Diamond Imprest License and a reduction in import duty on cut & polished diamonds. These measures would allow India to become a trading hub like Dubai and Belgium, enabling Indian diamond manufacturers to access trading hubs without traveling abroad.
Jewellery industry wants Repair Policy to make India a global outsourcing service centre
Vipul Shah, Chairman, GJEPC, said, “Keeping in view India’s inherent skill in making handmade jewellery, we believe that India will outperform in jewellery repair sector also. With this Policy, India has the possibility of taking 10-20% of the world market share, which will bring in billions of dollars of business with high employment potential.”
India-UAE FTA likely to help gem and jewellery industry increase exports to Gulf country
Among the top 10 gem and jewellery export destinations, UAE has witnessed the highest fall of 41.50% followed by Belgium 15.81%, Japan 12.20%, and Hong Kong 3.06% during April 2021 – January 2022 as compared to April 2019 – January 2020.
Gem, jewellery exports decline by 4.21 pc in Nov to Rs 17,784.92 cr: GJEPC
Provisional gross export of silver jewellery for the period April-November 2021 showed a growth of 20.47 per cent at Rs 12,552.39 crore (USD 1,691.86 million) against Rs 10,419.33 crore (USD 1,400.04 million) in the same period of previous year.
Gem, jewellery shipments may reach Rs 1.6 lakh crore in FY21 as export demand improves: GJEPC
Several government measures, including the extension of time limit for export credit available on the gold loan, on interest subvention, extension of moratorium on interest and EMI payments, the real classification of MSME, among others have helped the industry get back on its feet.
GJEPC prays for urgent policy reform in bid to double gem & jewellery exports by 2025
The Council has requested the Finance Minister that if customers in India choose to confirm their orders, an invoice can be made within the SNZ. Miners could pay a “turnover tax” not exceeding 0.16% (the prevailing rate in Belgium).
Gems & Jewellery Export Promotion Council suggests changes to gold deposit scheme to make it more attractive
The Revamped Gold Deposit Scheme, which was formulated to mobilise and productively use idle gold held by households and institutions (estimated to be over 24,000 tonnes), has not yielded the desired results, garnering deposits of only around 20 tonnes of gold, the council said.
GJEPC seeks reduction in import duty in Budget
The council has urged to reduce the import duty on gold, silver and platinum from 12.5 per cent to 4 per cent.
Budget 2019: Gems & jewellery sector seeks cut in gold import duty to 4%
The industry is also seeking to waive off the bank commission or reduce it to 0.20 per cent, to boost digital transactions in the industry.
Local council for gem & jewellery to be launched on January 31
While the DC will be launched at the month-end, its structure will take a few more months to be put in place.
GJEPC seeks GST exemption or flat 0.25% rate on labour charges for polished diamonds
The logic is that value-addition done by karigars (labourers) accounts for 70-80% of the value of the polished stone and this could have a direct bearing on exports.
GJEPC gives growth prescription for jewellery sector
The proposals include abolition of import duty on cut and polished coloured gemstones from the existing 2.5 per cent level.
Government discussing plan to set up special zone for diamond import and trading in Mumbai
The government is discussing a plan to set up a special zone with tax benefits for diamond import and trading in Mumbai.
Government plans diamond hub in Mumbai
Gems & Jewelry Export Promotion Council's (GJEPC) estimates suggest that in volume terms, 85% of the global cutting work takes place in India.
Budget 2014: Gem and jewellery industry show mixed response
The gem and jewellery industry is upset over finance minister Arun Jaitley’s decision to continue with 10% import duty on gold in the budget.
Gems & jewellery export down 40% at USD 23.79 bn in Q1
Gems and jewellery export tanked by about 40% to USD 23.79 bn in the first quarter of current fiscal against USD 40 billion in the same period last year.
Gems, jewellery exports slip 17 per cent
India's gems and jewellery exports slipped 17% to $38.27 billion in 2012 compared to $46.36 billion in 2011.
GJEPC to seek tax exemptions for jewellery purchases by women
GJEPC said it will make a case for seeking tax exemptions for working women on jewellery purchases to encourage demand in the domestic market.
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