Shri Piyush Goyal, India’s Minister of Commerce and Industry, has unveiled the Diamond Imprest Licence, a new policy aimed at benefiting small and medium-sized enterprises (SMEs) in the gem and jewellery industry. The announcement was made at the 40th India International Jewellery Show (IIJS) Premiere 2024, held at the Bombay Exhibition Centre in Goregaon.
The Diamond Imprest Licence will enable Indian diamond exporters, who meet specific turnover criteria, to import up to 5% (and potentially up to 10%) of their average export turnover from the past three years. This initiative is expected to level the playing field for smaller exporters and prevent investment loss to overseas diamond-mining centers. It is also anticipated to create more jobs in diamond sorting and semi-finished diamond processing.
Addressing a gathering of gem and jewellery exporters, Goyal reiterated the government’s commitment to supporting the industry. He noted recent Union Budget measures that reduced duties on gold, silver, and platinum, which had previously hindered the sector’s growth and job creation.
Goyal also promised to address space issues faced by IIJS Premiere exhibitors. He suggested the possibility of creating a new 2 million square foot exhibition space for future editions of the show.
Additionally, Goyal highlighted India’s ongoing discussions with G7 nations and the European Union. He mentioned that these negotiations are significant as India is now negotiating from a position of strength, particularly regarding transparency and data protection. The Minister also proposed the establishment of a diamond center in Mumbai or Surat, similar to Antwerp, and discussed ongoing talks with De Beers Kimberley Process to improve diamond segregation and tracing mechanisms.
India’s approach to Free Trade Agreements (FTAs) was also a topic of discussion. Goyal praised the successful India-UAE CEPA and India-Australia ECTA agreements, which have removed double taxation for the Indian IT sector and secured a $100 billion investment commitment from Europe’s EFTA (Switzerland, Iceland, Norway, and Liechtenstein), expected to create 1 million jobs in India.
Vipul Shah, Chairman of the Gem and Jewellery Export Promotion Council (GJEPC), commended Goyal’s efforts in securing these FTAs and expressed optimism for future agreements with the UK, EU, and Canada, which could further boost exports.
The IIJS Premiere 2024, themed “Brilliant Bharat,” is set to attract over 50,000 buyers from across India and more than 2,000 international buyers from over 60 countries. With 3,600 stalls and 2,100 exhibitors, the show will cover an area of 135,000 square meters (1.45 million square feet), making it significantly larger than comparable western events.
The event will feature a wide range of products, including diamond, gemstone, and studded jewellery, gold and gold CZ jewellery, lab-grown diamonds, high-end couture jewellery, silver jewellery, colour gemstones, and related machinery and technology, highlighting India’s growing prominence in the global gem and jewellery market.
