Authorized Economic Operator (AEO) Status Now Extended To The Gem & Jewellery Sector

(MENAFN- ForPressRelease) 25th April 2024: The Gem & Jewellery Export Promotion Council (GJEPC) is pleased to announce a significant milestone for the gem and jewellery industry in India. Following extensive efforts by the GJEPC in collaboration with the Ministry of Finance, the Authorized Economic Operator (AEO) status is now being extended to the gem and jewellery sector. The AEO programe was introduced as piolet project in 2011 vide Circular No. 37/2011 - customs dated 23rd August. 2011.

The AEO program, a crucial part of the broader ease of doing business initiative, has been instrumental in simplifying export operations across various sectors, resulting in significant time and cost savings for exporters. Despite the benefits it offers, the gem & jewellery sector was initially denied participation in the AEO program.

However, through proactive engagement with relevant Ministries, the GJEPC successfully advocated for the inclusion of the gem and jewellery industry in the AEO program. Consequently, the Ministry of Finance has communicated that units within the gem and jewellery industry are now eligible to apply for participation in the AEO program, thereby enabling them to avail associated benefits.

In line with this development, the GJEPC recently conducted an informative Outreach Program focused on obtaining Authorized Economic Operator (AEO) status. The event, held on March 18, 2024, at the Bharat Diamond Bourse, brought together industry stakeholders eager to enhance international trade operations, strengthen supply chain security, and improve global competitiveness.

Encouragingly, 20 companies have already applied for AEO status. Based on these applications, as of now Asian Star, a premier diamond and diamond jewellery manufacturer has been granted AEO Status, making it the first in the Indian gem and jewellery industry to receive the certificate.

The GJEPC expresses its gratitude to the Government, particularly the Ministry of Finance, for considering the council\'s request and bringing the gem and jewellery industry under the purview of the AEO program.


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 10000+ 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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