Government launches 'Diamond Imprest Licence' for jewellery industry
Tue Aug 13 2024
The government’s Minster of Commerce and Industry Piyush Goyal announced the introduction of the Diamond Imprest Licence, designed to benefit micro, small, and medium enterprise exporters. Goyal made the announcement during his interactive session at the 40th edition of the India International Jewellery Show 2024 in Mumbai.
The Diamond Imprest Licence will mandate that Indian diamond exporters above a certain export turnover threshold will be allowed to import at least 5% of the average export turnover of the preceding three years, the Gem and Jewellery Export Promotion Council reported in a press release. The GJEPC had been asking for this regulation and it is designed to create a level playing field for large scale businesses and MSMEs and increase employment opportunities in the domestic diamond industry.
“Gold and jewellery will increasingly come through official channels and our workforce will get job orders,” said Piyush Goyal, the GJEPC reported in a press release. “India’s domestic market is resilient and growing fast to compensate for the loss in exports due to global recession. I urge gem and jewellery exporters to be positive… Indian Government is engaging with G7 actively and several relevant Union Ministers are very much involved in negotiations. We have been having extensive discussions with EU Ministers and Commissioner. There are issues of transparency, data protection and costs. But this is the first time that India is negotiating from a position of strength with the G7.”
The India International Jewellery Show 2024 launched at the Bombay Exhibition Centre with exhibitors from across the country. Due to the high demand for exhibitor space, Goyal also vowed to find a way to create a two million square foot exhibition space for IIJS in the future.
“Shri Piyush ji, your relentless dedication and visionary leadership have resulted in signing of FTAs like India-UAE CEPA, India-Australia ECTA, India-EFTA TEPA,” said GJEPC chairman Vipul Shah. “It was on your insistence that a series of meeting with stakeholder and industry leaders were done to take industry onboard before finalising these FTAs. The India-UAE CEPA has resulted in a strong growth of 40% gem and jewellery exports to UAE. Sir, we are looking forward to the signing of India-UK, India-EU and India-Canada FTAs in near future under your leadership which will give exports big boost. We are also encouraged with your renegotiations of old FTAs with ASEAN countries and more.”
Source: https://in.fashionnetwork.com/