The Gem and Jewellery Export Promotion Council (GJEPC) has called for a special government grant to support the promotion of Indian diamond jewellery in international markets. The initiative is aimed at maintaining India’s global leadership in diamond exports and safeguarding local jobs, particularly in the face of ongoing challenges.
In a bid to strengthen India’s position in the global market, the GJEPC has already committed ₹15 crore through crowdfunding from its members for international promotional campaigns. Despite these efforts, the Council is requesting additional government support to tackle the current economic difficulties and secure a matching grant for the broader promotion of diamonds worldwide.
Global Campaign to Promote Natural Diamonds
Vipul Shah, Chairman of GJEPC, highlighted the launch of a global campaign designed to promote natural diamonds in collaboration with leading international diamond mining companies and nations. The campaign seeks to address the difficulties faced by the industry, particularly those exacerbated by geopolitical challenges.
“The campaign aims to counter significant global headwinds affecting the diamond market,” said Shah, emphasizing the importance of collective efforts in overcoming current barriers.
In addition to the promotional push, GJEPC has sought further clarification from the government regarding the Safe Harbour Rule, which allows the sale of rough diamonds at special notified zones by foreign miners. The Council has requested the government to issue a set of Frequently Asked Questions (FAQs) on Safe Harbour Taxation to address industry concerns.
Infrastructure Development and Employment Growth
Beyond promotional activities, the GJEPC has called for the establishment of an Infrastructure Support Fund to help develop key projects in India’s diamond and jewellery sectors. This includes plans to build a Gem Bourse in Jaipur, create a platinum jewellery ecosystem, and expand the India Jewellery Exposition (IJEX) in Dubai.
“These initiatives will significantly strengthen India’s leadership in the global jewellery market and create substantial employment opportunities,” said Shah.
Moreover, the Council is developing what will soon be the world’s largest jewellery park in Mumbai, along with other projects in cities like Bangalore. GJEPC has urged the government to include Jewellery Parks in the harmonized list of infrastructure, which would provide much-needed support to the sector’s growth.
Sector Growth Driven by Policy Changes
Shah also noted that the recent reduction in import duties on gold has played a key role in stimulating unprecedented growth in the jewellery sector. This growth is evidenced by the surge in stock market listings of family-owned jewellery businesses, the expansion of major retailers abroad, and plans to open 3,000 retail outlets in the next two years—creating lakhs of new jobs across the country.
“The growth we are witnessing is a direct result of supportive government policies and the industry’s resilience,” said Shah, emphasizing the sector’s potential to further boost India’s economy and employment landscape.
In conclusion, GJEPC’s plea for government support, including a matching grant for diamond promotion, infrastructure funding, and policy backing, underscores the growing importance of the jewellery sector in India’s global economic standing.
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