How Can GJEPC Transform Customs and Boost Gems and Jewellery Exports?
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Synopsis
Discover how the GJEPC is pushing for crucial reforms in customs and export policies to elevate India's gem and jewellery sector on the global stage. Their recommendations could reshape the industry and boost exports significantly. Stay tuned to learn more!
Key Takeaways
- Call for Customs Act revision to enhance trade efficiency.
- Proposed concessional export credit for MSME support.
- Expedited SEZ Act amendment for optimal resource utilization.
- National Gem and Jewellery Park Policy to attract investments.
- Need for a trade-friendly environment to boost competitiveness.
New Delhi, Nov 4 (NationPress) The Gem and Jewellery Export Promotion Council (GJEPC) has urged the government to revise the Customs Act, introduce concessional export credit, fast-track the SEZ Act amendment, and establish a National Gem and Jewellery Park Policy to improve India's standing in the international market.
Kirit Bhansali, Chairman of GJEPC, shared vital policy suggestions during a meeting with select industry stakeholders in the export domain, which was chaired by Prime Minister Narendra Modi, as per a statement released by the Council.
Bhansali emphasized the necessity for India to create a streamlined and trade-friendly environment to remain competitive against prominent trade centers like Belgium, London, the USA, and the UAE.
He pointed out the industry's need for a modernization of the Customs Act of 1962, advocating for the adoption of a Risk Management System and AI-driven digital evaluations. These changes would expedite customs processes, enhance transparency, and reduce costs, significantly improving India's ease of doing business and global competitiveness.
The council also proposed a specialized scheme to provide export credit at lower rates, particularly benefiting MSME units.
With recent reforms strengthening India’s banking infrastructure, offering interest subvention and ECGC premium subsidies would further bolster exporters’ cost-effectiveness and amplify India’s footprint in global trade, Bhansali noted.
Furthermore, the council urged the government to hasten the SEZ Act amendment process, which would facilitate limited domestic sales with appropriate duty adjustments and enable optimal use of idle capacity during off-peak seasons.
A National Gem and Jewellery Park Policy was suggested to fortify domestic manufacturing ecosystems and draw international investment into India’s gem and jewellery supply chain.
Additionally, GJEPC requested the Ministry of Finance to streamline export-import protocols and customs procedures for the gem and jewellery sector to ensure a seamless business environment comparable to leading global trading hubs.
Point of View
The GJEPC's proposals represent a significant opportunity for India to enhance its competitiveness in the global gem and jewellery market. By modernizing customs procedures and offering targeted financial support, the government can strengthen the manufacturing ecosystem and attract international investment. It's imperative for India to adapt to changing global dynamics and ensure that its export sector thrives.
NationPress
27/12/2025
Frequently Asked Questions
What is GJEPC's main objective?
The GJEPC aims to promote the export of Indian gems and jewellery by advocating for favorable policies and reforms.
Why is the Customs Act important?
The Customs Act regulates the import and export of goods, and its modernization could enhance efficiency and transparency in trade.
What are the benefits of concessional export credit?
Concessional export credit can lower financial costs for exporters, particularly benefiting small and medium enterprises (MSMEs).
How will the SEZ Act amendment help the industry?
The SEZ Act amendment will allow for limited domestic sales with fair duty adjustments, optimizing use of resources and capacity.
What is the National Gem and Jewellery Park Policy?
This proposed policy aims to strengthen domestic manufacturing and attract global investment into India’s gem and jewellery sector.
