GJEPC eye on IDTC-SNZ issue!


FM noted concerns pertaining to
SNZ & GST amongst other issues!

GJEPC Chairman Colin Shah, Vice Chairman Vipul Shah, and ED Sabyasachi Ray held a video meeting with the Hon’ble Finance Minister, Smt Nirmala Sitharaman, on 6th July, and made a presentation on the critical issues concerning the gem & jewellery industry with Finance Ministry.

De facto India Diamond Trading Centre (IDTC) - Special Notified Zone (SNZ) was set up in the boundaries of Bharat Diamond Bourse (BDB) by both, GHWPC & BDB on December 20, 2015. At the end of one year the SNZ witnessed participants over 400 companies and about 28 diamond viewing sessions held successfully!

The real objective behind such creation was to ensure EoDB in India, to set regular supply line of rough diamonds, to save time and operational cost of SMEs! And further the activities can extend up to rough sales. Yet, since last five years the SNZ has stacked up to rough diamond viewing only. Could not realise the step next and allowed the mining companies to sale rough at the said SNZ, Mumbai.

Recently newly elected chair-GJEPC picked up the issue of the half decade and deliberated with Nirmala Sitharaman. Swiftly she took note of concerns pertaining to SNZ & GST amongst other issues. She will hold a review meeting with GJEPC in the next 15 days along with concerned secretaries and officers of her ministry.

De facto the related tax issues to be sorted out prudently to ensure the mining companies can not only arrange the viewing of rough diamonds but they can sale at SNZ at win-win tax levies. Because this boulevard for India to attain the global gem & jewellery Hub stature!



Comments

Post a Comment

Popular posts from this blog

AI, virtual reality & big data impacts on industry

Image
CIBJO Technology Committee publishes the Report!     With just six days to go to the opening of the 2023 CIBJO Congress in Jaipur, India, on October 3, 2023, the tenth and final edition of this year’s pre-congress special reports has been released. Prepared by the CIBJO Technology Committee, headed by Stéphane Fischler, the report looks at the impacts of new technologies on the jewellery industry, and in particular those related to artificial intelligence, virtual and augmented reality, and big data.   “We need to learn as we move along, investing in digital infrastructure and talent, and using the data we capture in a legal and optimal fashion,” Fischler writes. “To prosper in this brave new world, we have to innovate in order not to be left behind.”   All of the various system discussed are dependent on the availability of data, collected via the Internet, and also increasingly from the data generated by the new technologies being introduced, he states. “But it is not enough t
Read more

BFC & Pandora announce the fashion awards

Image
Ties principal partnership for TFA 2023 The British Fashion Council (BFC) is delighted to welcome Pandora, the world’s largest jewellery brand, as the Principal Partner of The Fashion Awards 2023 (TFA) taking place in London on Monday 4th of December at the Royal Albert Hall.  The BFC and Pandora will work together to evolve TFA 2023 presented by Pandora as a global entertainment platform, celebrating fashion's role at the intersection of culture and entertainment, spotlighting creative talent and telling the stories of the year in fashion through the lens of purpose, excellence and creativity. The event also serves as the primary fundraiser for the BFC Foundation.   
Read more

GJEPC championing talent, celebrate design & craftsmanship

Image
The 7th Artisan Jewellery Design Awards held in Mumbai   The 7th edition of The Artisan Jewellery Design Awards, hosted by the Gem & Jewellery Export Promotion Council (GJEPC) and powered by GIA, challenged designers to tap uncharted territory by integrating unusual materials and cherished objects into their jewellery designs, to infuse their pieces with a unique identity.   Actress and style icon Sonam Kapoor graced GJEPC’s 7th edition of Artisan Jewellery Design Awards in Mumbai and presented awards to winners. Sonam Kapoor graced the stage with an aura of elegance and charisma along Vipul Shah (Chairman, GJEPC); Kirit Bhansali (Vice Chairman, GJEPC); Sriram Natarajan (Managing Director, GIA India); Milan Chokshi (Convener, Promotions & Marketing, GJEPC); Sabyasachi Ray (Executive Director, GJEPC) bestowed the coveted awards upon 6 Artisan winners.  This year the theme for the Artisan Jewellery Design Award were two unconventional themes - Objet Trouvé (Found Objects) and
Read more