A high-level meeting was held on 17th August 2024, between representatives of the GJEPC and Customs officials to discuss pressing issues facing the diamond and jewellery industry.
Led by Shri Surjit Bhujabal, Member Customs, the meeting brought together key stakeholders from both sides. The GJEPC was represented by Shri Kirit Bhansali, Vice Chairman; Shri Ajesh Mehta, Shri Russell Mehta, Member – Diamond Panel; Shri Naresh Lathiya, Convener MSME; Shri Manish Jivani, Member – MSME; Shri Mehul Shah, Vice President, BDB; Shri KK Duggal, Director Policy, GJEPC; and Shri Mithilesh Pandey, Director, Membership, GJEPC.
Key issues discussed during the meeting included:
Import of sawn diamonds: The industry raised concerns about the issuance of show cause notices to diamantaires seeking customs duties on past imports of sawn diamonds prior to February 2, 2022.
Height variance parameter: The GJEPC requested the inclusion of a height variance parameter in Notification No. 16/2014-Customs for duty-free re-import of cut and polished diamonds sent for certification/grading.
RMS facility: The industry sought to expand the RMS facility for G&J products to exports under USD 50,000 for countries other than Hong Kong and Dubai.
Hand Carriage of Gems & Jewellery: The GJEPC requested permission for hand carriage of Gems & Jewellery from all ports.
SOP for re-import of jewellery: The industry called for a clear Standard Operating Procedure (SOP) for the re-import of jewellery for repair and re-export.
Duty drawback and platinum: The GJEPC proposed introducing duty drawback on platinum jewellery and aligning the duty on platinum findings with that of gold and silver findings.
The Customs officials listened attentively to the concerns raised by the industry and assured the GJEPC that they would take these matters into consideration. The meeting underscored the importance of ongoing dialogue between the government and the industry to address challenges and promote growth in the diamond and jewellery sector.
Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.
