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Union Minister for Commerce and Industry Piyush Goyal on Saturday announced the introduction of a Diamond Imprest Licence, which is expected to benefit MSME exporters.
The Minister made the announcement during an interactive session at the 40th edition of the India International Jewellery Show 2024, organised by the Gem & Jewellery Export Promotion Council (GJEPC) here. GJEPC had been recommending this policy for a long time.
The Diamond Imprest Licence would ensure that Indian diamond exporters above a certain export turnover threshold would be allowed to import at least 5% (if not 10% as it was earlier) of the average export turnover of the preceding three years. This would provide a level-playing field for Indian MSME diamond exporters with their larger peers.
“It will stop flight of investment of Indian diamantaires to diamond mining destinations. It will give more employment in terms of diamond assorters and processing of semi-finished diamonds in the factories,” the GJEPC said.
Mr. Goyal said that the duty rates for gold, silver and platinum, which had been hurting the gem and jewellery industry and hampering job creation, had been cut in the Union Budget.
“Gold and jewellery will increasingly come through official channels and our workforce will get job orders. India’s domestic market is resilient and growing fast to compensate for the loss in exports due to global recession. I urge gem and jewellery exporters to be positive,” he said.
He urged Indian exporters to create a greater degree of value addition due to recession in developed countries.
“The world is not looking for high-cost products or jewellery, but intricate products with diligent workmanship, exquisite artistry, and bespoke handmade jewellery. Discerning customers will always seek value for money,” Mr. Goyal said.
Vipul Shah, Chairman, GJEPC, said, “The India-UAE CEPA has resulted in a strong growth of 40% gem and jewellery exports to the UAE. We are looking forward to the signing of India-U.K., India-EU and India-Canada FTAs in the near future, which will give exports a big boost.”
Showcasing the ‘Brilliant Bharat’ theme this year, the IIJS Premiere 2024 show is currently underway in Mumbai. “IIJS Premiere continues to be instrumental in enhancing India’s position as a key player in the global gem and jewellery market,” Mr. Shah added.
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Goyal announces introduction of Diamond Imprest Licence
