E-commerce Policy for Gems & Jewellery Sector at an Advanced Stage: Piyush Goyal

• Sectoral Shopping festival, especially for gems and jewellery, which is high in value • Property transfer policy at SEZ is also at advanced stage of implementation

Piyush Goyal, Hon’ble Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, Govt. of India met Export Promotion Councils (EPCs), Commodity Boards and Authorities today at Trident Hotel, Nariman Point, Mumbai to discuss measures to enhance and increase exports. Union Minister set a target of USD 1 Trillion for Merchandise Exports and announced Policy Measures to Boost Exports.

 

Colin Shah, Chairman, of Gem & Jewellery Export Promotion Council touched upon the immediate measures needed to boost exports from the sector, which included: ECGC Coverage of G&J Exports; Introduction of Diamond Imprest License in FTP; Introduction of Repair Policy in FTP; Withdrawal of 2% Internet Equalisation Tax; Announcing of E-commerce Policy for G&J with RMS by Customs; Allowance of Property Transfer at SEZ; FTA with USA; FTA with Canada; FTA with Australia; FTA with UAE with lowering of import duty on gold; Announcement of Shopping Festival by Govt. with GJEPC and ITPO as organisers; Non-availability of duty-free Gold/Silver to exporters; Duty Drawback to be made online to streamline duty benefit delivery of raw material to exporters;  Granting ₹50 crore each for Mega Common Facility Centres (CFCs) in Surat and Mumbai; and Providing RMS facility to exports under $50000 for G&J sector at Customs.

 

Responding to Chairman’s presentation, Mr. Goyal said, “E-commerce for gems and jewellery is already under discussion at an advanced stage and we will shortly be finalising that with the Ministry of Finance. Also, the space transfer policy for SEEPZ and the denotification, partial or full, for SEZs is also at an advanced stage at the Ministry of Commerce in consultation with the Ministry of Finance. These issues will be sorted very quickly. Sectoral Shopping festival, especially for gems and jewellery, which is high in value , should be organised”

 

Thanking the Union Minister Piyush Goyal, Chairman of GJEPC Colin Shah, Said, “Meeting Piyushji has been a learning experience every time. His emphasis to focus on quality and bringing simple and transparent reforms would go a long way in growing the exports of the country manifold. I would like to thank Piyushji for considering our demands for increasing the exports of gems and jewellery. The E-commerce policy would be a turning point for the industry; I am sure we would not only achieve our target of $44 billion exports this year, but also meet our target of $69 billion G&J exports in the next few years.”

 

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