India’s Finance Ministry forms special group to resolve gem & jewellery issues

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In a virtual review meeting held between the Finance Ministry and the GJEPC on 18th August, Finance Minister Nirmala Sitharaman called for the formation of a Special Group, including customs and banking officials, to resolve all issues related to the gem and jewellery sector.

The Finance Minister added that if the gem and jewellery industry does not get a satisfactory response from the Special Group, the matter may be flagged to the FM.

The Meeting was attended by Ms Nirmala Sitharaman, Hon’ble Finance Minister; Mr Sandeep Bhatnagar, Member Customs; Mr G D Lohani, JS TRU; Mr Colin Shah, Chairman, GJEPC; Mr Vipul Shah, Vice Chairman, GJEPC; Mr Sabyasachi Ray, Executive Director, GJEPC were present at the meeting.

Expressing gratitude to the Finance Minister for the review meeting, Colin Shah, Chairman, GJEPC said, “The exports of gems and jewellery are seeing some signs of recovery. We are hopeful that market will recover soon as exports to USA, Europe and China have commenced. We are thankful to the Hon’ble Finance Minister for the special group formation under Member customs. This would help address the sectoral concerns and resolve trade related bottlenecks. It’s an important step towards attaining ease of doing business.”

The various issues represented by GJPEC during the last meeting included: direct sale of rough in the SNZ, Mumbai  by miners; reduction of polished import duty from 7.5% to 2.5%; clarification on Online Equalisation Levy for B2B International Diamond Auctions; Reverse Job work in SEZ; GST issues, and so on.India’s Finance Ministry forms special group to resolve gem & jewellery issues

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