GJEPC welcomes New Foreign Trade Policy

GJEPC_LogoVimalMumbai: The recently announced Foreign Trade Policy for 2015-20 aims to support services and exports along with improving the ease of doing business, while supporting Make in India campaign. Gem & Jewelry being one of the significant sectors that has been recognized for an impetus to boost the exports by announcing a critical regulatory framework related to SNZ.

Special Notified Zones for consignment import and export of rough diamonds, which will have in place, the regulatory framework and taxation regime necessary to encourage international mining companies to sell their rough diamonds directly in India, have also been proposed. This will give the Indian diamond industry a strong competitive advantage over other diamond trading centres of the world and will also ensure a steady supply of rough diamonds in India. Shri Narendra Modi, Prime Minister India recently announced the acceptance of the industry’s proposal for a Special Notified Zone that will help miners bring roughs on consignment basis display and book orders from local buyers. This measure will help galvanize the industry to regain its pre-eminent position in the global market, which it has been slowly losing to China, Israel and Belgium over the last couple of years.

A large segment of India’s G&J exporting community belongs to the MSME sector, which is often constrained for financial resources. In foreign trade transactions, often there is a long period before export value realization. Export credit plays a significant role in facilitating exports. A programme for providing interest subvention on identified sectors for a period of 3 years has been worked out and budget allocation in 2015-16 has been made available.

GJEPC has been made the Nodal Authority for scrutinizing the applications for enlistment of laboratories for export of cut and polished diamonds for certification/grading and re-import. Inclusion of Indian Diamond Institute, Surat and International Institute of Diamond Grading & Research India Pvt Ltd, Surat under the list of agencies allowed to import diamonds for certification /grading of diamonds without any import duty and re-export of the same.