GJ Town India

DGFT advised to the industry to refer the detailed issued guidelines  Recently, the Ministry of Commerce & Industry (MoC&I) has issued a clarification regarding the subsequent re-import of unsold jewellery exported under the Import Policy of items listed under ITC (HS) Codes 71131912, 71131913, 71131914, 71131915, and 71131960. According to a recent circular from the Directorate General of Foreign Trade (DGFT), the status of these items has been amended from 'Free' to 'Restricted' category, as per Notification No. 17/2024-25 dated June 11, 2024.  Following this amendment, the DGFT received multiple representations from trade and industry bodies seeking clarity on the applicability of this import restriction on the re-import of items exported under paragraphs 4.79 and 4.92 of the Handbook of Procedures, 2023. The clarification from the DGFT states that the re-import of unsold jewellery, which was exported for the purpose of exhibitions abroad and falls under the ...

GJEPC expecting a comprehensive e-commerce policy   GJEPC represents to DPIIT, MOC & I for a revamped  E-Commerce Policy to equip small players in the G&J sector   85% MSMEs spread across 390 Gem &  Jewellery clusters to benefit from the Policy   Gem & Jewellery Export Promotion Council (GJEPC), in the past few years, has been actively pursuing projects and policies that could lead to a manifold increase in India’s outbound gem and jewellery trade.   Aligning with the Prime Minister Shri Narendra Modi’s vision of making the smallest of towns and villages active participants in the country’s export efforts, the Council undertook a Herculean data-driven approach to identify areas that are actively engaged in the manufacture of gems and jewellery (GJ).  Taking the cue from PM’s vision, in 2019, the GJEPC commissioned the National Council of Applied Economic Research (NCAER) to evaluate these key industry characteristics, its compet...

  Required policy changes to eke out the remaining competitive advantage!   Allow rough diamonds sale in the SNZ GJEPC eyeing  to double exports to $70 Bn by 2025!   With an aspiration to increase the Indian gems and jewellery exports to $70Bn in the next five years by 2025, the Gem and Jewellery Export Promotion Council of India (GJEPC), the apex body for promotion of gems and jewellery exports, have proposed a sea change in certain reforms with respect to gems and jewellery exports.   In its Budget Recommendations, the Indian diamond industry is seeking the following urgent policy reforms from the government:   1: Reduction in import duty on cut and polished diamonds from 7.5% to 2.5% 2: Amendment in taxation provisions to allow the sale of rough diamonds in the Special Notified Zone (SNZ) in Mumbai 3: Exemption / Clarification of 2% Equalisation Levy on rough diamond sales   India was observed to gain world market with increase in its ...