GJ Town India

  Discusses relief measures over 50% U.S. Tariff Impact    A delegation from the Gem & Jewellery Export Promotion Council (GJEPC), led by Chairman Kirit Bhansali, along with Vice Chairman Shaunak Parikh and Executive Director Sabyasachi Ray, met with the Hon’ble Union Minister of Finance & Corporate Affairs, Nirmala Sitharaman, to discuss urgent relief measures for the Indian gem and jewellery sector, which has been significantly impacted by the recent 50% tariff imposed by the United States.    During the interaction, Bhansali expressed gratitude to the Finance Minister for the landmark GST reforms that have positively shaped the industry. The delegation put forth key requests to provide immediate relief and ensure business continuity, including, 1: Permission for reverse job work, 2: Allowing DTA sales by SEZ units, 3: Extension of export obligation periods, 4: Interest moratorium on packing credit and working capital loans & 5: Liquidity s...

To integrate SEZs into the domestic market appropriately    Recently, at the pre-budget occasion, Colin Shah, MD, Kama Jewelry said on, Expectations from the upcoming Budget 2025-26. He said, the gem and jewelry industry is one of the key contributors to the economy and a huge employment creator in the country. However, over the past two years, the industry has been facing numerous challenges and needs urgent government intervention.  A push must be made to encourage Jewellery manufacturing in India. The Finance Minister must consider amending the current SEZ Act in order to integrate SEZs into the domestic market appropriately.  The upcoming budget should also look at allowing ‘reverse job-work’, allowing SEZs to utilise their capacities more effectively.  Hence, when exports are consistently declining, this can prove to be a timely remedy to address the issue.  The budget should also consider extending tax exemptions and simplifying the tax structure ...