Kolkata: India’s Gem and Jewellery Export Promotion Council (GJEPC) yesterday said the Goods and Services Tax (GST) has led to locking of some Rs 8000 crore for the exporters.

“GST on exporters has led to Rs. 4,000 crore getting stuck for diamond jewellery exporters and the same amount for gold jewellery exporters as working capital. From where will this amount come from?” GJEPC national chairman Praveenshankar Pandya said.

He said government should support the industry which offers best example for ‘Make in India’ and called for a single gold authority to monitor the industry.

Currently, there are multiple agencies like DGFT, RBI or finance ministry who are governing the sector but a separate regulator or authority is desired.

Pandya praised West Bengal for forgoing the 1.5 per cent GST on jewellery exports. He projected that gems and jewellery exports from India can touch USD 60 billion by 2022.

The world’s first diamond futures exchange began trading in India on Monday, with the goal of providing producers a tool to better hedge price risks.