Centre Introduces Diamond Imprest Licence To Boost Gem And Jewellery Exports
Date
8/12/2024 4:27:17 AM
(MENAFN- KNN India)
New Delhi, Aug 12 (KNN) The government has unveiled the Diamond Imprest Licence, a long-awaited policy initiative advocated by the Gem & Jewellery Export Promotion Council (GJEPC).
Union Commerce and industry Minister Piyush Goyal announced the measure during the 40th India International Jewellery Show 2024 in Mumbai.
Under the new policy, diamond exporters meeting a specific export turnover threshold will be permitted to import a minimum of 5 per cent of their average export turnover from the preceding three years.
This move aims to create a more equitable environment for Indian MSME diamond exporters, potentially curbing the outflow of investment to diamond mining locations and increasing employment opportunities in diamond processing.
Goyal addressed concerns about recent duty rate reductions on precious metals, stating that these adjustments would encourage official imports and stimulate job creation in the sector.
He expressed optimism about the domestic market's resilience in the face of global economic challenges.
The minister also discussed ongoing negotiations with the G7 and European Union, highlighting India's strengthened position in international trade talks.
Goyal mentioned efforts to establish a diamond centre in Mumbai or Surat comparable to Antwerp, and ongoing discussions with De Beers regarding the Kimberley Process for diamond traceability.
The announcement was made in the presence of key industry figures and government officials, including GJEPC Chairman Vipul Shah and representatives from various ministries and regulatory bodies.
(KNN Bureau)
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