The Gem & Jewellery Export Promotion Council (GJEPC) is urging the Indian government to provide financial backing for a global campaign aimed at promoting diamonds, particularly natural diamonds, in international markets. The move seeks to protect Indian jobs, safeguard exports, and maintain the country’s dominant position in the global diamond trade.
In a recent meeting with Union Finance Minister Nirmala Sitharaman, Vipul Shah, chairman of GJEPC, emphasized the need for government support to address a significant demand crisis in the diamond sector, especially in China. The global campaign, which GJEPC has launched in partnership with leading international diamond mining companies, aims to combat the challenges posed by geopolitical tensions affecting the diamond industry.
The Council has already contributed Rs 15 crore to this initiative, raised through crowdfunding among its members. The funds are being used to support the promotional campaign, which is part of GJEPC’s broader strategy to enhance India’s global leadership in the diamond market. As part of its infrastructure development goals, the Council is also working on establishing the world’s largest jewellery park in Mumbai, alongside other parks in cities like Meerut and Bangalore. GJEPC is advocating for the inclusion of Jewellery Parks in the harmonized list of infrastructure to foster industry growth.
Additionally, GJEPC has proposed several measures to strengthen the platinum sector. These include providing duty-free platinum through designated agencies, establishing tariff rates for platinum, introducing duty drawbacks similar to those for gold and silver, and creating a new HS Code for gold-platinum alloys.
Through these initiatives, the GJEPC aims to navigate the challenges posed by a slowing global market, positioning India as a leader in the diamond industry while securing the livelihoods of millions dependent on the sector.
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