GJ Town India

Vipul Shah attends Hon'ble FM's Consultation Meeting!   GJEPC Chairman Vipul Shah presented key recommendations for the gem & jewellery trade at the pre-budget meeting with Union Finance Minister Nirmala Sitharaman.    Vipul Shah, Chairman of GJEPC, said, “The Indian gems and jewellery industry contributes around 10% to India’s total merchandise exports. However, the industry is currently facing some challenges due to the geopolitical scenario, the emergence of the beneficiation scheme, and issues related to rough diamond sourcing.   Against the backdrop of the macroeconomic scenario, I urge the government to take measures to revive exports in this sector. I request the Hon’ble Finance Minister to introduce a Safe Harbour rule in SNZs, introduce the Diamond Imprest License, and reduce the import duty on gold, silver, and platinum bars to 4%; and introduce duty drawback on exports of platinum Jewellery to take advantage of India UAE CEPA. These measures are ...

FM & GJEPC strives to edge up GJ exports!   In an online meeting convened by Hon’ble Finance Minister Smt. Nirmala Sitharaman for union budget recommendations, GJEPC represented the budget recommendations for the gem and jewellery sector for union budget 2021.   Thanking the Government for its constant support to the industry received during the pandemic and over the years to make the industry one of the renowned players in the global gem and jewellery (GJ) industry, Colin Shah, Chairman, GJEPC said, “India is known for its Gems and jewellery and is respected across the world for its skill and craftsmanship . Today, India is the 5th largest exporter of gem and jewellery and it has a huge potential to scale to new heights with the continued support from the Government to make the industry more competitive and generate more jobs in the sector, we urge the Government to take few immediate measures.”  Over the last few years, the import duty of cut and polished diamon...

` 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...

Piyush Goyal Inaugurates the Virtual Edition! Uddhav Thackeray extends cooperation t o attain the global GJ Hub Stature! Nirmala Sitharaman inks best wishes for the show!   Update 1: In a grand Virtual Auditorium, GJEPC held opening ceremony with two key players, Uddhav Thackeray, CM- Maharashtra & Piyush Goyal-MoI&C as a Distinguished Guest of Honour in the presence of CoA GJEPC, trade fraternity, exhibitors, Visitors & related stake holders of the gem-n-jewellery (GJ) industry & trade!   At the occasion Nirmala Sitharaman, MoF & Corporate Affaire send her message & said, “Happy to note that GJEPC is organising the virtual format of its flagship show IIJS from 12 th -16 th October 2020. Congratulations to GJEPC team for taking this proactive step and making tremendous effort in hosting the meet with prevailing Covid-19 pandemic.   Over the years, the Indian gem & jewellery sector has contributed immensely to the economy of the country; an...

  The satellite launches services exempted in GST!   The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance& States/ UTs.   The GST Council has made the following recommendations, 1. Levy of Compensation Cess to be extended beyond the transition period of five years i.e. beyond June, 2022, for such period as may be required to meet the revenue gap; further details to be worked out. 2. Centre is releasing compensation of ` 20,000 crore to States today towards loss of revenue during 2020-21 and an amount of about ` 25,000 crore towards IGST of 2017-18 by next week. 3. Enhancement in features of return filing: In its 39th Meeting held in March 2020, the Council had recomm...

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...