The Gem and Jewellery Export Promotion Council (GJEPC) of India has signed an agreement with global consultancy major-Accenture in a bid to revitalize the sinking jewellery exports through the country’s six Special Economic Zones (SEZs), as cited by www.retailjewellerIndia.com. Accenture is being hired to sort out all policy issues regarding SEZs and to prepare a detailed roadmap towards revival of SEZs.
According to GJEPC data, the shipment of gold jewellery from SEZs had slumped by 28.78% to Rs 4,702.02 crores during the first quarter (April to June ’14) of the current fiscal year. The gold jewellery exports through SEZs had totalled Rs. 6,602.53 crores during the corresponding quarter last year. This indicates that SEZs have lost major share of the export business to Domestic Tariff Areas (DTAs). The gold jewellery exports from DTAs soared higher by 173% to Rs. 6,973.95 crores during Q1 this fiscal year. This is in comparison with Rs. 2,553.38 crores of exports recorded during the corresponding quarter a year before.
Accenture will mainly focus on exit policy, labor laws and tax-related issues pertaining to the SEZs. The study recommendations will be submitted to the Union government for consideration. During the last budget presentation, the Finance Minister had stated that the new government is keen to pay special attention to trade through SEZs.
India has six SEZs that trade gems and jewellery- SEEPZ-Mumbai, SEZ-Jaipur, SEZ-Noida, SEZ-Vizag, SEZ-Hyderabad and SEZ-Manikanchan, Kolkata.
Aruna Gaitonde, Rough&Polished correspondent in India
