Indian gem and jewellery manufacturers have the skill and capabilities to cater to any market in the world

Besides spearheading the “White Paper” last year, Colin Shah, Vice Chairman of the Gem & Jewellery Export Promotion Council (GJEPC) has been actively involved in the initiatives of the Council like MyKYCBank and many more… A first generation...

11 february 2019

The Indian gems and jewellery industry was progressing in the past and will certainly progress in the future

Dinesh Navadiya, the Regional Chairman (Gujarat Region) of The Gems & Jewellery Export Promotion Council (GJEPC) of India, is also the representative of the Gujarat G&J sector at various organisations as well as government authorities...

04 february 2019

The Russian Diamond Line: We do not believe that gifted persons would win through on their own

The Russian Diamond Line, a Moscow international jewellery contest of jewellery design, has been held for a decade already. At the end of the year, the results of the jubilee RDL-2018 contest were summed up, and on December 14, the prizewinners of the...

28 january 2019

New lending will have to be fully asset-backed with true provenance and transparency in the flow of goods and monies

After handling Gem & Jewellery (G&J) industry financing as a banker for many years, Erik A Jens sees an opportunity now that numerous banks are withdrawing from the sector. He is exploring opportunities to establishing a financing firm focusing...

21 january 2019

The majority of women don’t care whether their diamonds are mined or lab grown - Alex Popov, CEO of Âme

Alex Popov, President of the Moscow Diamond Bourse and former Chairman of the World Diamond Mark Foundation (WDMF) launched a new jewelry brand under the name of Âme focused on design and using lab grown diamonds to produce jewelry meant to meet...

14 january 2019

Union Budget 2019-20: GJEPC expects government to decrease import duty during full budget in July

04 february 2019

The much anticipated Indian Government’s Union Budget FY 2019-20 was announced 1 Feb 2019 by acting Finance Minister Piyush Goyal.
Commenting on the Interim Budget, Pramod Kumar Agrawal, Chairman, Gem & Jewellery Export Promotion Council (GJEPC) said, “We understand that the budget presented was a vote on accounts budget and is not a full budget. We welcome Govt.’s thrust on ensuring progress and prosperity through the budget. The relief given in direct taxes to middle classes and farmers will be good for increasing jewellery demand in the country. Also, we hope that with the capital infused in the banking sector and banks coming out of PCA will help in solving the shortage of working capital for our exporters. At the same time, we are disappointed that the demand for a decrease in import duty of raw materials like gold, silver, cut & polished diamonds and coloured gemstones were not included in the budget today. We hope that during the declaration of the full budget after elections the gems and jewellery sector demands will be addressed.”
The Indian gems and jewellery industry has been a foreign exchange earner for the country for many decades. Currently, the industry contributes 7% to India’s GDP and accounts for about 13.52% to India’s merchandise exports.
And, most importantly the industry directly employs around 5 mn people of the country, thus making a significant contribution to the country’s economy. The industry now maintains global leadership in cutting and processing of diamonds and some other category of gemstones as well.
The industry is hopeful that the government would resolve the many concerns and pave the way for Indian g&j exporters to cater to international markets and achieve the target of $60 bn exports for the gem & jewellery industry by 2022.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished