Union Minister Shri Piyush Goyal Announces Introduction of Diamond Imprest Licence accepting GJEPC’s long standing recommendation at IIJS Premiere 2024

GJEPC’s Long Standing Recommendation

GJEPC has been recommending this policy initiative for a long time. The Diamond Imprest Licence ensures that Indian diamond exporters above a certain export turnover threshold will be allowed to import at least 5%, (if not 10% as it was earlier) of the average export turnover of preceding three years. This will provide level playing field for Indian MSME diamond exporters with that of their larger peers. It will stop flight of investment of Indian diamantaires to diamond mining destinations. It will give more employment in terms of diamond assorters and processing of semi-finished diamonds in the factories.

Addressing the Gem & Jewellery Exporters

Shri Goyal was addressing a packed house of gem & jewellery exporters in the presence of Shri Vipul Shah, Chairman, GJEPC, Shri Kirit Bhansali, Vice Chairman, GJEPC; Shri Siddharth Mahajan, Joint Secretary, Ministry of Commerce and Industry, Govt. of India; Shri Dnyaneshwar B. Patil – IAS, Zonal Development Commissioner, SEEPZ-SEZ, Mumbai; Shri R K Mishra, Additional DGFT; Shri Nirav Bhansali, Convener, National Exhibitions, GJEPC; Shri Sabyasachi Ray, ED, GJEPC, members from the trade, media, ladies and gentlemen. Manisha Gupta, Commodities Editor, CNBC TV18 Group was moderating this session with the Minister.

Future Exhibition Space

Shri Goyal also promised the gem & jewellery trade that since GJEPC’s IIJS Premiere is facing shortage of space for exhibitors, he will think of way to create 2 million sq ft exhibition space for IIJS in the future.

Union Budget and Industry Impact

Shri Goyal said that the Union Budget had cut duty rates of Gold, Silver and platinum, which was hurting the vibrant gem & jewellery industry and job creation.

“Gold and jewellery will increasingly come through official channels and our workforce will get job orders. India’s domestic market is resilient and growing fast to compensate for the loss in exports due to global recession. I urge gem & jewellery exporters to be positive,” he said.

India’s Engagement with G7

Shri Goyal said, “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.”

Future Centres and Diamond Tracking

“We are hoping that Mumbai or Surat can have a centre similar to the one in Antwerp. We are also in talks in De Beers Kimberley Process to segregate diamonds and trace their origins. However there is no technical mechanism and no protocol in this regard and we are jointly working towards this,” Shri Goyal said.

Free Trade Agreements (FTAs)

“In terms of FTAs, we follow consultative process. Many discussions are happening with developed countries and with continents. However it is difficult to predict timeline as discussions evolve over a period of time. In the case of ECTA with Australia and CEPA FTAs with the UAE, we were able to protect all our sensitive sectors. We conclude only once we have a fair equitable and balanced approach unlike in the past,” Shri Goyal said.

Impact of FTAs

In the FTA with Australia, we got double taxation removed for Indian IT sector. In case of Europe’s EFTA (Switzerland, Iceland, Norway and Liechtenstein), they have committed to invest $100 bn in India and create 1 million jobs.

Value Addition and Market Trends

“Indian exporters need to create greater degree of value addition due to recession in developed countries. The world is not looking for high cost products or jewellery but intricate products with diligent workmanship, exquisite artistry and bespoke handmade jewellery. Discerning customers will always seek value for money,” Shri Goyal said.

Chairman’s Remarks

Mr. Vipul Shah, Chairman, GJEPC, said, “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. 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 & 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.”

Common Facility Centre (CFC) at SEEPZ

The Common Facility Centre (CFC) at SEEPZ trains 300 physically challenged girls and boys as of now but this will impart training to 1500 special youngsters every year and will get placement from the 10,000 plus members of GJEPC.

IIJS Premiere 2024

Showcasing “Brilliant Bharat” theme this year, IIJS Premiere 2024 show dates are: 8-12 August at JIO World Convention Centre, Mumbai and 9-13 August at Bombay Exhibition Centre, NESCO Goregaon, Mumbai. IIJS Premiere 2024 will have a total exhibition area of 135,000 sq. mt. (1.45 million sq. ft.), which is much higher than that of the prominent comparable shows in the western world. With over 3,600 stalls and 2,100 exhibitors, IIJS Premiere is expected to attract over 50,000 buyers from across India and more than 2000 buyers from over 60 countries. This year, IIJS has 15 international delegations coming from 13 countries, underscoring the event’s global reach and impact. The countries include Cambodia, Iran, Japan, Malaysia, Nepal, Russia, Saudi Arabia, Sri Lanka, Thailand, Turkey, United Kingdom, Uzbekistan.

IGJME Premiere 2024

IGJME Premiere 2024 (Machinery and Allied Expo) from 9th to 13th August at the Bombay Exhibition Centre.

Chairman’s Vision for IIJS

Mr. Vipul Shah, Chairman, GJEPC, said, “IIJS contributes to India’s vision of becoming a Viksit Bharat by 2047. With determination and innovation, we aim to elevate our exports to an impressive USD 100 billion, helping to realize the dream of a prosperous and self-reliant India by 2047. IIJS Premiere continues to be instrumental in enhancing India’s position as a key player in the global gem and jewellery market.”

Product Sections at IIJS

IIJS Premiere will feature a wide array of products including diamond, gemstone, and studded jewellery, gold and gold CZ jewellery, lab-grown diamonds, high-end couture jewellery, silver jewellery and artefacts, color gemstones and machinery, technology, and allied industries.

FACTSHEET

• IIJS Premiere 2024 – 4 Decades; Maximising Business
• 40th Edition
• 2100+ Exhibitors
• 3600+ Stalls
• Area in total 1.35 lac sqm for the show
• Introducing THE SELECT CLUB, only at JWCC: Exclusive High-End Couture Jewellery Section
• Prime Plus Lounge for Prime Plus Exhibitors, Visitors and International Visitors at both venues
• IGJME 2024 (India Gems & Jewellery Machinery Expo) at BEC.
• 5000+ Trade Visitors
• Visitors from 800+ Cities in India
• Visitors from 60+ Countries

IIJS Premiere 2024 is promoted through various door-to-door visits in various parts of the country, not limited to domestic market but international as well for personalized interactions with retailers and inviting them to attend the show.

Salient Features

• User-friendly Visitor Pre. Registration
• Digital Entry Badge (On IIJS App) and Facial Recognition
• User-friendly IIJS App for detailed features at the show
• 3D Interactive floor plan for smooth navigation
• Exclusive one day for each venue with deferred show date
• 5-star, 7-star and budgeted hotel accommodation near the venue
• Networking Evening
• Innov8 Talks (Seminars) at both venues.
• Frequent shuttle services between both venues for travel convenience
• Ample parking @JWCC

Product Sections at JWCC (JIO BKC)

• Diamond, Gemstone, and other studded jewellery
• Gold and Gold CZ studded jewellery
• Laboratories and Education (for Loose)
• International companies

EXCLUSIVE SECTIONS

• Lab-grown Diamonds (Loose & Jewellery)
• Loose stones (Natural Diamonds)
• The select club – Exclusive High-End Couture Jewellery

Product Sections at BEC (NESCO Goregaon)

• Diamond, Gemstone, and other studded jewellery
• Gold and Gold CZ studded jewellery
• Laboratories & Education (for Jewellery)
• International companies

EXCLUSIVE SECTIONS

• Silver Jewellery, Artefacts & Gifting Items
• Loose stone (Colour gems stone)
• Machinery, Technology & Allied industry

About 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 over 10,000 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.