The Gem & Jewellery Export Promotion Council (GJEPC), the apex body of gem & jewellery trade in India, has urged the Government of India to introduce a Jewellery Repair Policy to make India a global outsourcing service centre. This will increase India’s market share in the global jewellery repair market estimated to grow to around US$ 5.75 billion by 2026.
Mr. Vipul Shah, Chairman, GJEPC, said, “Keeping in view India’s inherent skill in making handmade jewellery, we believe that India will outperform in jewellery repair sector also. With this Policy, India has the possibility of taking 10-20% of the world market share, which will bring in billions of dollars of business with high employment potential.”
For the Union Budget 2023-24, GJEPC has recommended a series of suggestions across verticals of gem & jewellery (G&J), which would help in propelling the exports from the sector and achieve the goal of USD 55 billion in G&J exports by 2025. GJEPC has sought reduction in Import Duty on gold, silver and platinum to 4%, allowance of sale of rough diamonds in Special Notified Zone (SNZ) through Safe Harbour rule by diamond companies, and re-introduction of Diamond Imprest Licence. GJEPC has also urged the Union Finance Minister to abolish Import duty on Lab Grown Diamond (LGD) seeds and introduce measures to make the LGD manufacturing sector in India a leader.
Today, the Gem & Jewellery Export Promotion Council (GJEPC) has urged the Government of India to introduce a Jewellery Repair Policy to make India a global outsourcing service centre. This will increase India’s market share in the global jewellery repair market estimated to grow to around US$ 5.75 billion by 2026. GJEPC has also recommended a series of suggestions across verticals of gem & jewellery (G&J) for the Union Budget 2023-24, which would help in propelling the exports from the sector and achieve the goal of USD 55 billion in G&J exports by 2025. Mr. Vipul Shah, Chairman, GJEPC, said, “Keeping in view India’s inherent skill in making handmade jewellery, we believe that India will outperform in jewellery repair sector also. With this Policy, India has the possibility of taking 10-20% of the world market share, which will bring in billions of dollars of business with high employment potential.”
