The Gem & Jewellery Export Promotion Council’s Chairman Colin Shah, Vice Chairman Vipul Shah, and Executive Director Sabyasachi Ray held a video meeting with the Hon’ble Finance Minister, Smt. Nirmala Sitharaman on 6th July, and made a presentation on the critical issues concerning the gem and jewellery industry.Some of the concerns presented during the meeting included, E-commerce policy for the gem and jewellery sector; making MyKYCBank platform mandatory for all gem and jewellery entities; sale of rough diamonds in India by miners to Special Notified Zones (SNZs); requested a clarification on Online Equalisation Levy for B2B international diamond auctions; reduction in import duty on polished diamonds, and Gold Monetisation scheme, amongst others.
Colin Shah, Chairman, GJEPC, said, “We need to take measures and bring in reforms that would strengthen the ease of doing business in the industry, and at the same time make the industry self-reliant or Aatmanirbhar. I would like to thank our Hon’ble Finance Minister Smt. Nirmala Sitharaman, who took time from her busy schedule to hear about the industry concerns. Madam has assured us that she will look into the issues and address the concerns through periodical reviews.”
In addition, GJEPC has put forth concerns to the Hon’ble FM with the vision to bring in “Ease of Doing Business” in the industry in these trying times. The Indian gem & jewellery industry is one of the leading exporters in the world, significantly contributing to the GDP of the country, 13% to merchandise exports and employing around 5 million people.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
