In the recently concluded World Diamond Conference, Gems & Jewelry Export Promotion Council (GJEPC), the apex body of gems and jewellery exports in India has presented a memorandum outlining the 1 year and 3 year action plan for the gem and jewellery sector. The memorandum is a conclusive action plan and recommendations on the basis of the proposals made at the World Diamond Conference inaugurated by H.E. Vladimir Putin, Hon. President of Russia and Shri. Narendra Modi, Prime Minister India.
As per the agenda laid out, GJEPC’s thrust areas for year 1 will mainly include implementation of the much awaited turnover taxation system for Indian Diamond Industry and implementation of Special Notified Zone in Bharat Diamond Bourse to facilitate smooth movement of rough diamonds on consignment basis by RBI approved overseas diamond miners.
In the mid-term, GJEPC will champion the mission to further industry growth and strongly establish India as a global diamond trading hub. This includes skill and talent development, working with the GOI to commission exploration programmes and surveys to ascertain availability of rough diamonds and coloured gemstones in India. The Government of India may spearhead initiatives to legalise current mining activity through an appropriate licensing framework and develop a regulatory framework for new mining and exploration
Commenting on GJEPC’s charter, Vipul Shah, Chairman of Gem & Jewelry Export Promotion Council said, “Narendra Modi, Prime Minister India’s acceptance of the industry’s proposal for a Special Notified Zone, is symbolic of GJEPC’s efforts to promote India as the International Diamond Trading Hub globally and considered as a milestone for the ‘Make in India’ campaign. We have successfully formed the Gem & Jewellery Skill Council of India and our industry boasts ofthe largest employment contributor with a skilled force of 3.4 million in India, and this will only get further augmented by the implementation of the SNZ in India, due to GOI’s patronage of the Make in India cause”.