MUMBAI, Aug 11: Union minister of Commerce and Industry Piyush Goyal announced restoration of Diamond Imprest Licence, which allows import duty exemption on cut and polished diamonds up to a specified limit.
GJEPC has been recommending this policy initiative for a long time. Goyal also promised the gem and jewellery trade that since GJEPC’s IIJS Premiere is facing a shortage of space for exhibitors, he will think of ways to create 2 million sq ft exhibition space for IIJS in the future.
He also said the Union Budget had cut duty rates of gold, silver, and platinum, which was hurting the vibrant gem and jewellery industry and job creation.
Gold and jewellery will increasingly come through official channels, and our workforce will get job orders. India’s domestic market is resilient and growing fast to compensate for the loss in exports due to the global recession. I urge gem and jewellery exporters to be positive,” he said.
Goyal said, “The Indian Government is engaging with the G7 actively, and several relevant Union Ministers are very much involved in negotiations.”
“We are hoping that Mumbai or Surat can have a centre similar to the one in Antwerp. We are also in talks in De Beers Kimberley Process to segregate diamonds and trace their origins, Goyal said. ”
“In terms of FTAs, we follow a consultative process. Many discussions are happening with developed countries and with continents.
In the FTA with Australia, we got double taxation removed for the Indian IT sector. In the case of Europe’s EFTA (Switzerland, Iceland, Norway, and Liechtenstein), they have committed to investing $100 billion in India and creating 1 million jobs.
“Indian exporters need to create a greater degree of value addition due to the recession in developed countries.
The world is not looking for high-cost products or jewellery but intricate products with diligent workmanship, exquisite artistry, and bespoke handmade jewellery. Discerning customers will always seek value for money,” Goyal added. (UNI)
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