Mr. Kirit Bhansali, Chairman, Gem & Jewellery Export Promotion Council (GJEPC), was invited to attend the meeting organised with selected representatives of various industry sectors that contribute majorly to India’s merchandise exports chaired by Hon’ble Prime Minister Shri Narendra Modi at New Delhi, on 3rd November 2025. Mr. Kirit Bhansali was representing the Gems & Jewellery sector that contributes 7% to India’s Merchandise Exports. The meeting was convened to seek inputs from leading export sectors on measures to strengthen India’s competitiveness in global trade.
Sector Contribution and Thanks to PM
Utilizing the opportunity to speak at the occasion, Mr. Bhansali presented key Policy Reforms on behalf of the gems and jewellery sector, which contributes US$30 billion in exports, US$85 billion in domestic sales, and provides direct employment to over 42 lakh people across India. He thanked the Hon’ble Prime Minister for his visionary leadership behind the India–UAE CEPA, which greatly boosted India’s gems and jewellery exports, with plain gold jewellery growing 47.4% annually between FY2023 and FY2025. Mr. Bhansali also lauded the FTAs with the UK, Australia, and EFTA nations and expressed confidence that the upcoming US BTA and India–EU FTA would further strengthen India’s global trade leadership.
Mr. Bhansali Quote
Mr. Bhansali said, “It was an honour to join the select industry meet chaired by Hon’ble Prime Minister Shri Narendra Modi. Under his visionary leadership, India’s gem and jewellery sector has achieved remarkable growth and ease of doing business. With his continued guidance, we are confident of surpassing US$100 billion in exports and building a US$85 billion domestic market by 2047, making India the global hub for gems and jewellery.”
Policy Recommendations Overview
Mr. Bhansali presented key policy recommendations aimed at accelerating exports and strengthening India’s manufacturing ecosystem, noting that to remain globally competitive with leading trade hubs such as Belgium, London, the USA, and the UAE, India needs to establish an efficient and trade-friendly business environment.
1) Enhance Ease of Doing Business
Amendment of Customs Act,1962 – Just as major reforms in India’s Criminal Code and the introduction of faceless provisions in the Income Tax system, the industry now hopes to see similar modernisation of the Customs Act, 1962 – which include implementation of a Risk Management System, and AI-based digital appraisals. These measures will make customs procedures faster, more transparent, and cost-efficient — significantly enhancing India’s ease of doing business and global competitiveness.
2) Facilitate Affordable Credit
Facilitate affordable credit for export business in the sector In competing economies, exporters enjoy significantly lower interest rates on export finance. To ensure a level playing field, GJEPC requested the Government to introduce a special scheme offering export credit at concessional rates, particularly benefiting MSME units. With India’s banking system strengthened by recent reforms, extending interest subvention and ECGC premium subsidies will further enhance exporters’ cost competitiveness and boost India’s share in global trade.
3) Early Passage of the SEZ Act Amendment
Early Passage of the SEZ Act Amendment: Nearly 65% of India’s studded jewellery exports originate from SEZ units. GJEPC urged the Government to expedite the passage of the SEZ Act amendment, which will allow limited domestic sales with fair duty adjustment and enable optimal utilisation of idle capacity during off-seasons — improving productivity, efficiency, and employment stability.
4) Formulation of a National Gem & Jewellery Park Policy
Formulation of a National Gem & Jewellery Park Policy Mr. Kirit Bhansali proposed the formulation of a National Gem & Jewellery Park Policy, similar to those existing for the textile and leather sectors, to strengthen domestic manufacturing ecosystems and attract global investment into India’s gem and jewellery value chain. He further urged the Hon’ble Prime Minister to prepare a White Paper on Gems & Jewellery Sector based on the inputs recently submitted by GJEPC to NITI Aayog and the findings of the Exim Bank report released recently. Additionally, GJEPC has requested the Ministry of Finance to simplify export–import procedures and customs processes for the gem and jewellery sector. Such measures are vital to ensure ease of doing business on par with leading global trading destinations. Emphasizing the broader vision, he noted that India must evolve into a true trading economy to fully realize its potential — an opportunity that remains largely untapped.
About GJEPC
The Gem and Jewellery Export Promotion Council (GJEPC) The Gem & Jewellery Export Promotion Council (GJEPC), set up by the Ministry of Commerce, Government of India (GoI) in 1966, is one of several Export Promotion Councils (EPCs) launched by the Indian Government, to boost the country’s export thrust, when India’s post-Independence economy began making forays in the international markets. Since 1998, the GJEPC has been granted autonomous status. The GJEPC is the apex body of the gems & jewellery industry and today represents 10700+ members in the sector. With headquarters in Mumbai, GJEPC has Regional Offices in New Delhi, Kolkata, Chennai, Surat and Jaipur, all of which are major centres for the industry. It thus has a wide reach and is able to have a closer interaction with members to serve them in a direct and more meaningful manner. Over the past decades, GJEPC has emerged as one of the most active EPCs and has continuously strived to both expand its reach and depth in its promotional activities as well as widen and increase services to its members.
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