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Gems & Jewelry MSMEs Urges to Define Process for Foreign Miners Just Ahead of Budget 2019

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The gems and jewellery exporters urged government to clearly define procedures through which foreign miners and traders of rough coloured gemstones can bring their goods into India with permission to make direct sales to Indian companies.

They averred that this will give a boost to exports as it will ensure consistent supply of raw material to an industry which is totally dependent on imports in this regard.

The request was made during an interactive meeting hosted by Gem & Jewellery Export Promotion Council (GJEPC) between the Ministry of Commerce & Industry and leading gem and jewellery exporters from Jaipur to discuss various issues related to the export trade.

The ministry was represented by Rupa Dutta, Economic Advisor, Ministry of Commerce, who also chaired the discussions, and Senthil Nathan, Deputy Secretary, Ministry of Commerce.

Welcoming the guests, Chairman of GJEPC, Pramod Kumar Agrawal said that coming together on a platform like this would enable the ministry to better understand various problems being faced by the exporters of gems & jewellery and to be appraised of their suggestions on how to increase exports.

During the discussions, the exporters raised different issues that they felt were having an adverse impact on the export industry and offered inputs on steps that could be taken to boost the sector.

Some of the key points raised related to:

—   Exemption of levy of IGST on Re-imports

—   Reduction in Duty of Coloured Gemstones from 7.5% to 2.5%

—   Reduction in GST rate on Cut & Polished Semi precious gemstones from 3% to 0.25%

—   Ensuring Adequate Export Credit to the Sector

—   Facilitating e-commerce of gems & jewellery, which has a huge growth potential, through policy level changes

—   Enabling movement of samples and small value parcels from & to India

—   Resolving SEZ related issues like renting of a unit, purchase of a unit, allowing job-work to be done in DTA by a SEZ unit of coloured gemstones, etc

Both the officials responded to the points raised stating that they have taken note of the issues and suggestions and will study them in depth.

They also said that the ministry was already aware of some of the points, and as discussions were in the final stages, a resolution could be expected very soon.

SMEStreet Desk

SMEStreet is fast growing platform dedicated to entrepreneurs from small and medium sized businesses (SMEs). Committed to facilitate Knowledge & Networking for Business Growth, SMEStreet offers value added content which shows the actual voice of Indian MSMEs.

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