The Gem & Jewellery Export Promotion Council (GJEPC) is urgently appealing to the Indian government for crucial relief measures. The sector faces significant challenges following the United States’ recent imposition of a steep 50% tariff on its products, threatening the livelihood of many within the industry.
A high-level GJEPC delegation, including Chairman Kirit Bhansali, Vice Chairman Shaunak Parikh, and Executive Director Sabyasachi Ray, recently met with Union Minister of Finance and Corporate Affairs Nirmala Sitharaman in New Delhi to discuss the pressing need for financial assistance.
In a statement, Mr. Bhansali expressed optimism about the resumption of India-U.S. trade talks, acknowledging it as a positive step. However, he stressed that until a long-term resolution is reached, immediate relief measures are vital to ensure the sector’s survival and protect employment.
To alleviate financial strain, the GJEPC has proposed several key initiatives. These include allowing Special Economic Zone (SEZ) units to engage in reverse job work and domestic tariff area (DTA) sales, which would keep factories operational and artisans employed. They also requested extensions for export obligation periods for U.S. shipments and an interest moratorium on packing credit and working capital loans.
Mr. Bhansali emphasized that these proposed actions are essential not only for safeguarding jobs but also for preserving the competitiveness of Indian exporters during this challenging economic climate.
Furthermore, the delegation advocated for the India Jewellery Park to be officially recognized as an industrial park. This recognition would enable the park and its occupants to access various benefits typically available to industrial infrastructure projects, fostering growth and development.
The GJEPC reported that the Finance Minister listened attentively to the industry’s concerns and assured them of the government’s full support. She reaffirmed the government’s unwavering commitment to sustaining exports, protecting jobs, and maintaining the strong competitive edge of Indian gem and jewellery businesses through these difficult times.