"GJEPC, the apex body of the Gem & Jewellery trade in India, has embarked on three pronged approach for driving industry growth, namely, Marketing & Product Development, Policy and sourcing of Raw Material.“
“Towards developing new markets and avenues for industry growth, GJEPC has undertaken initiatives to capture a larger market share in regions such as Japan, CIS and East European nations. Regular Buyer-Seller meets, India's presence at Gem & Jewellery trade fairs in these nations, media exchange programmes are being organized at frequent intervals.", Mr. Kothari added Budget recommendations by Council, for introduction of Turnover Tax Regime and Reduction on import duty of Cut & Polished Diamonds is a welcome move by the Ministry.
The net profit of 8% in Turnover Tax is an unviable proposition felt by the industry, wherein the industry barely witnesses profit beyond 3% . Reduction on import duty of Cut & Polished Diamonds from 5% to 3% is also felt as a non motivator as reduction to 0% would have helped the industry enhance growth in the C&PD sector.
GJEPC towards liberalizing the Gem & jewellery trade has also recommended for elimination of 1% VAT on supply of Gold for Exports by nominated agencies, that has been increasing transaction cost for exports.
Levy of Octroi duty on purchase of Gold/Silver/Diamonds etc for consumption in Mumbai at 2% is also too high for valuable commodity.
Sourcing of Raw Material is yet another significant move undertaken by the industry. A company named DIL – Diamond India Limited comprising of members of the trade have been formed which is working constantly towards sourcing of Rough from Mining nations directly, such as Alrosa, Botswana, Canada , Angola and others.
Announcing this mega initiative, Mr. Sanjay Kothari says, "This is the second Conference to be organised in India by the GJEPC. The speakers include heads of De Beers, Rio Tinto Diamonds, ABN Amro Bank NV, J. C.Penny, Alrosa, Endiama, Ministry representatives from Botswana, South Africa and Democratic Republic of Congo etc. participating and deliberating on various topics ranging from mining to retailing. It will set new directions for the industry and chart its future growth and capabilities."
Gem & Jewellery Export Promotion Council
marketing@alchempro.com
