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  Also announces, Shaunak Parikh as Vice Chairman & CoA   Gem & Jewellery Export Promotion Council (GJEPC), the country’s apex nodal trade body, announced the appointment of Kirit Bhansali as Chairman; Shaunak Parikh as Vice Chairman and announced the constitution of new Committee of Administration (CoA) after the completion of the CoA Election 2024.    Kirit Bhansali, Chairman, GJEPC, said, “Our vision is to drive transformative growth for India’s gem and jewellery industry through strategic initiatives, innovative projects, and collaborative efforts.    From advancing flagship projects like the India Jewellery Park in Mumbai and the Gem Bourse in Jaipur to expanding our global footprint with initiatives like Saudijex in Saudi Arabia and IJEX Dubai, we aim to position India as a global leader in technology, design, and manufacturing.    Together, we will strive to achieve the ambitious export target of USD 100 billion by 2...

Union Budget push India in the growth path to Viksit Bharat   By casting his view & Budget reaction Vipul Shah, Chairman, GJEPC said, Union Budget presented by Finance Minister Nirmala Sitharaman puts India in the growth path to Viksit Bharat. The Budget reforms will help to realise India's domestic growth potential and unveil a new trade roadmap to navigate global uncertainties. GJEPC welcomes the recognition of exports as the 4th engine of growth and the new Export Promotion Mission with sectoral and ministerial targets, driven jointly by Union Commerce, Finance & MSME Ministries. This will facilitate easy access to export credit cross border and factor support to MSMEs to tackle non-tariff barriers in exports. GJEPC welcomes the digital public infrastructure, ‘BharatTradeNet’ (BTN) for international trade to be set-up as a unified platform for trade documentation and financing solutions.   GJEPC further welcomes the proposal of creating of new tariff ite...

The customs duty reduction to benefit domestic jewellery manufacturers   In the Reaction, All India Gem & Jewellery Domestic Council (GJC) officially said on the Union Budget 2024-2025 that presented by Minister of Finance and Corporate Affairs Smt Nirmala Sitharaman!   In the row, Saiyam Mehra, Chairman, GJC said, "The reduction in the basic customs duty on gold and silver to 6% and on platinum to 6.4% is a commendable move by the government. This was a long-standing demand from the All India Gems & Jewellery Domestic Council, which represents the entire gems and jewellery industry.   The customs duty reduction will benefit domestic jewellery manufacturers, especially small and medium enterprises, encouraging them to transition gradually to the formal channel. Additionally, the Finance Minister has also increased the scope of working capital loans to SMEs and MSMEs, which will help these units expand their businesses in the future.  The extensi...

Key summary & budget theme of the union budget focus   The Choicest Key highlights are, 1: PM’s package of 5 schemes and initiatives with an outlay of Rs 2 lakh crore to facilitate employment, skilling and other opportunities for 4.1 crore youth in 5 years. 2: For pursuit of Viksit Bharat, the budget envisages sustained efforts on 9 priorities for generating ample opportunities for all.   Despite global economy remaining under the grip of policy uncertainties, India’s economic growth continues to be the shining exception and will remain so in the years ahead. Minister of Finance and Corporate Affairs Smt Nirmala Sitharaman, while presenting the Union Budget 2024-25 in Parliament today said that India’s inflation continues to be low, stable and moving towards the 4 per cent target. Core inflation (non-food, non-fuel) currently is 3.1 per cent and steps are being taken to ensure supplies of perishable goods reach market adequately.    Budget Theme: Dwelling on ...

Vipul Shah welcomes Interim Union Budget 2024-25   Gem & Jewellery Export Promotion Council (GJEPC) welcomes Union Finance Minister (FM) Nirmala Sitharaman’s announcement to make our country Viksit Bharat by FY2047. Exporters will agree with Hon. FM that globalization is being redefined and a new world order is emerging after the pandemic.    For gem & jewellery exporters, the recently announced India-Middle East-Europe Economic Corridor is a strategic and economic game changer for India and others. Just as the CEPA trade agreement has increased jewellery exports to the Middle East, we welcome bilateral trade agreements with European countries and others to boost gem & jewellery exports.    We welcome FM coining real GDP growth as well as her emphasis on Governance, Development & Performance. Before FM presents the full budget and detailed roadmap for the pursuit of Viksit Bharat in July, Council seeks inclusion of gem & jewellery ...