GJ Town India

GJEPC, urges the Government to align the definition of NDs & LGDs The Gem & Jewellery Export Promotion Council (GJEPC), apex body for the gem & jewellery (GJ) trade in India, has adopted the new mandated definition, nomenclature and guidelines for diamonds specified by the Federal Trade Commission (FTC) of the United States (U.S.). The FTC’s updated guidelines provide a clear, standardised definition of diamond (ND) and distinct terminology for laboratory-grown diamonds (LGDs), ensuring clarity and transparency for both industry stakeholders and consumers.    GJEPC’s members will ensure compliance with the new definition of ‘diamond’ and request all other gem and jewellery trade bodies and retailers to do the same. Additionally, GJEPC is leading the consultation with the Govt. and made representation to the Consumer Affairs Ministry to align this new definition with the country’s consumer laws.    This alignment will empower consumers to make info...

Sets under obligation to achieve NFE    For SEZs and EOUs with FTP upto 31-3-2021     Export targets are set for Special Economic Zones (SEZs)/Export Oriented Units (EOUs). The SEZ units/EOU units are under obligation to achieve positive Net Foreign Exchange (NFE) earning to be calculated cumulatively for a period of 5 years from the commencement of production. Merchandise exports to Europe and other major western countries (USA, Canada and Mexico) exhibited a positive growth trend in 2017-18 and 2018-19.   As per World Bank data, some of the major sectors that showed a decline in global demand during 2019 (latest data available) include chemicals, fuels, textiles & clothing, machinery & electricals, metals and transportation. Of these, India’s exports showed a decline in respect of fuels, textiles & clothing and metals during the same period. The following are some of the key steps taken by Government to increase exports: i. Foreign Trade Poli...

  India trade deficit is narrowing!   Union Minister of Commerce and Industry Shri Piyush Goyal met the Office-bearers of various Export Promotion Councils (EPCs), to discuss the issues concerning the country’s global trade, ground level situation, and problems being faced by the exporters.   Shri Goyal has been holding a series of discussions with the EPCs, particularly since the lockdown. The Commerce Secretary Dr Anup Wadhawan, DGFT Shri Amit Yadav and other senior officers of the Ministry were present in the meeting. In his opening remarks, the Minister said that the country’s exports as well as imports are showing positive trends. The exports are approaching the last year’s levels, after making a sharp dip in April this year due to pandemic. Regarding imports, the positive thing is that the Capital Goods imports have not declined, and the reduction in imports has been seen mainly in crude, gold and fertilizers.  He added that the trade deficit is reducing dr...