GJ Town India

A significant milestone for the GJ industry in India!  The Gem & Jewellery Export Promotion Council (GJEPC) announces a significant milestone for the Gem and Jewellery (GJ) industry in India. Following extensive efforts by the GJEPC in collaboration with the Ministry of Finance, the Authorized Economic Operator (AEO) status is now being extended to the gem and jewellery sector.  The AEO program was introduced as pilot project in 2011 vide Circular No. 37/2011 – Customs dated 23rd August. 2011.The AEO program, a crucial part of the broader ease of doing business initiative, has been instrumental in simplifying export operations across various sectors, resulting in significant time and cost savings for exporters. Despite the benefits it offers, the gem & jewellery sector was initially denied participation in the AEO program.  However, through proactive engagement with relevant Ministries, the GJEPC successfully advocated for the inclusion of the gem and jewellery in...

` 73,000 crore to stimulate consumer spending!    Finance Minister announces measures of ` 73,000 crore to stimulate consumer spending before end of this Financial Year in fight against COVID-19   Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman here today announced measures of ` 73,000 crore to stimulate consumer spending in the economy in an effort to fight the slowdown due to Covid-19 pandemic following lockdown. Union Minister of State for Finance & Corporate Affairs Shri Anurag Singh Thakur, Finance Secretary Dr Ajay Bhushan Pandey, Department of Financial Services Secretary Shri Debashish Panda and Department of Economic Affairs Secretary Shri Tarun Bajaj were also present during the announcement of stimulus package.   While announcing the demand stimulus package, Smt. Sitharaman said, “Indications are that savings of government and organised sector employees have increased and we want to incentivise such people to boost dema...

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 t...