GJEPC proposes key policy reforms to elevate India's global gem and jewellery standing

New Delhi: The Gem and Jewellery Export Promotion Council (GJEPC) has urged the government to amend the Customs Act, extend concessional export credit, fast-track the passage of the SEZ Act amendment, and introduce a National Gem and Jewellery Park Policy to strengthen India’s position in global trade.

In a meeting chaired by Prime Minister Narendra Modi and attended by key export industry representatives, GJEPC Chairman Kirit Bhansali outlined the sector’s key policy recommendations aimed at boosting exports and enhancing India’s manufacturing competitiveness, the council said in a statement.

Bhansali stressed the need to build a more efficient, transparent, and trade-friendly business environment to keep pace with major global hubs such as Belgium, London, the US, and the UAE.

He said the industry expects a modernised Customs Act, 1962, incorporating a Risk Management System and AI-based digital appraisals to make customs procedures faster, more transparent, and cost-effective, improving India’s ease of doing business and global competitiveness.

The council also called for a special scheme offering export credit at concessional rates, particularly to support MSME exporters. With India’s banking sector strengthened by recent reforms, Bhansali said interest subvention and ECGC premium subsidies would further reduce financing costs and boost India’s share in global trade.

Additionally, GJEPC urged the government to expedite the passage of the SEZ Act amendment, which would allow limited domestic sales with fair duty adjustments and help manufacturers utilise idle capacity during off-seasons.

The council also proposed a National Gem and Jewellery Park Policy to attract global investment and strengthen domestic manufacturing within the sector.

Furthermore, GJEPC appealed to the Ministry of Finance to simplify export-import and customs procedures for the gem and jewellery industry, ensuring ease of doing business on par with leading international trade destinations.

IANS