Commerce Ministry Considers Task Force For Gem And Jewellery Industry Amid Global Challenges

ENA Sectors 2024-09-17 15:47:04 New Delhi, Sep 17 (KNN) The Ministry of Commerce is exploring the formation of a dedicated task force for the gem and jewellery industry to address challenges faced by the sector. This move would mirror a similar initiative recently introduced for the textile industry, as the government seeks to bolster key export sectors. The proposal follows a meeting between Commerce Secretary Sunil Barthwal and representatives from the Gem & Jewellery Export Promotion Council (GJEPC) and Bharat Diamond Bourse (BDB). Barthwal was accompanied by Santosh Sarangi, Director General of Foreign Trade, during the discussions. Industry leaders from GJEPC and BDB highlighted the need for policy support, improved liquidity, and a conducive business environment to help strengthen exports and enhance Indias status as a global jewellery manufacturing hub. Concerns were raised over sluggish demand in key markets, including the United States, China, and West Asia, amid ongoing geopolitical tensions and economic challenges. The sector is currently grappling with several global issues, including inflation, rising interest rates, and the impact of international conflicts. Sanctions on Russia, a major supplier of rough diamonds, have also disrupted the supply chain, further affecting Indias exports of cut and polished diamonds. Barthwal emphasised the importance of government intervention, stating, As the industry faces challenges, now is the time for the government to step in and provide support. A task force, similar to the one for the textile sector, can play a vital role in identifying and resolving these challenges, creating a more favourable business environment and boosting India's exports, he added. Vipul Shah, Chairman, GJEPC, reiterated the industry's commitment to working closely with the government, saying, By collaborating with the government, we can create a more sustainable and prosperous future for the gem and jewellery industry. Shah also proposed several policy measures, including extending credit periods for imports and exports of diamonds, expanding the Interest Equalisation Scheme to cover all exporters, and extending pre- and post-shipment credit terms to 180 days. In addition, GJEPC requested government assistance for the development of the India Jewellery Park Mumbai (IJPM) through funding under the TIES Scheme, which would support the creation of an Incubation-cum-Testing Centre, an Export Promotion-cum-Display Centre, and a Central Logistics Hub. (KNN Bureau) 39303 https://knnindia.co.in/news/newsdetails/sectors/commerce-ministry-considers-task-force-for-gem-and-jewellery-industry-amid-global-challenges 2024-09-17 15:47:04 knnindia.co.in Commerce Ministry Considers Task Force For Gem And Jewellery Industry Amid Global Challenges