This will ensure that Indian diamond exporters will be allowed to import at least 5% of the average export turnover of preceding three years.
MUMBAI, Aug 10 (The CONNECT) – Aiming to provide a level playing field for Indian MSME diamond exporters with that of their larger peers, the government has announced the introduction of the Diamond Imprest Licence.
Gem & Jewellery Export Promotion Council (GJEPC) has been recommending this policy initiative for a long time and Union Commerce and Industry Minister Piyush Goyal made the announcement accepting the demand on the same organization’s platform.
The Diamond Imprest Licence ensures that Indian diamond exporters above a certain export turnover threshold will be allowed to import at least 5% (if not 10% as it was earlier) of the average export turnover of preceding three years GJEPC said.
It will stop flight of investment of Indian diamantaires to diamond mining destinations. It will also ensure increased employment in terms of diamond assorters and processing of semi-finished diamonds in the factories.
Goyal also promised the gem & jewellery trade that since GJEPC’s IIJS Premiere is facing shortage of space for exhibitors, he will think of way to create 2 million sq ft exhibition space for IIJS in the future.
Addressing the 40th edition of India International Jewellery Show 2024, GJEPS’s flagship show, Goyal said that the Union Budget had cut duty rates of Gold, Silver and platinum, which was hurting the vibrant gem & 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 global recession. I urge gem & jewellery exporters to be positive,” he said.
Goyal said, “Indian Government is engaging with G7 actively and several relevant Union Ministers are very much involved in negotiations. We have been having extensive discussions with EU Ministers and Commissioner. There are issues of transparency, data protection and costs. But this is the first time that India is negotiating from a position of strength with the G7.”
“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. However there is no technical mechanism and no protocol in this regard and we are jointly working towards this,” Goyal said.
“In terms of FTAs, we follow consultative process. Many discussions are happening with developed countries and with continents. However it is difficult to predict timeline as discussions evolve over a period of time. In the case of ECTA with Australia and CEPA FTAs with the UAE, we were able to protect all our sensitive sectors. We conclude only once we have a fair equitable and balanced approach unlike in the past,” he said.
In the FTA with Australia, India got double taxation removed for Indian IT sector. In case of Europe’s EFTA (Switzerland, Iceland, Norway and Liechtenstein), they have committed to invest $100 bn in India and create 1 million jobs.
“Indian exporters need to create greater degree of value addition due to 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 said.
GJEPC Chairman Vipul Shah said, Goyal’s relentless dedication and visionary leadership have resulted in signing of FTAs like India-UAE CEPA, India-Australia ECTA, India-EFTA TEPA.
“It was on your insistence that a series of meeting with stakeholder and industry leaders were done to take industry onboard before finalising these FTAs,” Shah said. The India-UAE CEPA has resulted in a strong growth of 40% gem & jewellery exports to UAE. “We are looking forward to the signing of India-UK, India-EU and India-Canada FTAs in near future under your leadership which will give exports big boost. We are also encouraged with your renegotiations of old FTAs with ASEAN countries and more,” he said.
Showcasing “Brilliant Bharat” theme this year, IIJS Premiere 2024 show dates are: 8-12 August at JIO World Convention Centre, Mumbai and 9-13 August at Bombay Exhibition Centre, NESCO Goregaon, Mumbai.
IIJS Premiere 2024 will have a total exhibition area of 135,000 sq. mt. (1.45 million sq. ft.), which is much higher than that of the prominent comparable shows in the western world. With over 3,600 stalls and 2,100 exhibitors, IIJS Premiere is expected to attract over 50,000 buyers from across India and more than 2000 buyers from over 60 countries.
This year, IIJS has 15 international delegations coming from 13 countries, underscoring the event’s global reach and impact. The countries include Cambodia, Iran, Japan, Malaysia, Nepal, Russia, Saudi Arabia, Sri Lanka, Thailand, Turkey, United Kingdom, Uzbekistan.
IGJME Premiere 2024 (Machinery and Allied Expo) from 9th to 13th August at the Bombay Exhibition Centre.
