Mumbai: India’s Gem & Jewellery Export Promotion Council (GJEPC) thanks the Government of India and DRI for the thorough investigations exposing the Rs. 3,000 crore import scam. As the apex organisation entrusted with the welfare of 6,000-plus members and more than 5 million livelihoods dependent on this industry, we have been taking initiatives time and again to sensitise the government about any irregularities.

It is unfortunate that a group of people who are not members of GJEPC have used Gem & Jewellery product as a conduit for money laundering and malpractices.

The Custom House Agents and a large part of Valuers were not recommended or referred to, by GJEPC as part of trade valuation panel at the Customs.

During the past months, the Gems and Jewellery Export Promotion Council (GJEPC) – an organisation established by the Ministry of Industry and Commerce – has engaged in a sustained ncampaign in exposing the malpractices. We have sensitised the Government on large overvaluation of several imports from Hong Kong, along with proof of such overvaluations. In fact, persons from GJEPC’s trade acted as whistle-blowers in uncovering the malpractice. Moreover, all the companies indulging in this malpractice were not members of our Council. We possess documentary evidence of our efforts and support provided to Government agencies.

It is unfortunate that acts of certain unverified individuals and companies hurt the trade at large, an industry that supports 5 million lives directly. Gem & Jewellery industry commands contribution of 7% to India’s GDP and 14% to Merchandise Exports, which is attributed to sheer hard work.

GJEPC Managing committee thanks its members who acted as whistle blowers and information providers in unearthing of the huge scam.