During an interactive session at the 40th India International Jewellery Show (IIJS) 2024, Piyush Goyal, India’s Minister of Commerce and Industry, announced the launch of the Diamond Imprest Licence. The announcement took place at the flagship event of the Gem & Jewellery Export Promotion Council (GJEPC), held last week at the Bombay Exhibition Centre (BEC), NESCO, Goregaon.
The Diamond Imprest Licence is designed to support Micro, Small, and Medium Enterprises (MSMEs) within India’s gem and jewellery sector. This policy, which GJEPC has long advocated for, will allow Indian diamond exporters who exceed a certain export turnover threshold to import up to 5% of their average export turnover from the previous three years. This is a reduction from the previously proposed 10%. The initiative aims to level the playing field for smaller exporters, prevent the outflow of investments to diamond mining hubs, and increase employment opportunities in diamond processing and sorting.
The session, attended by a wide range of stakeholders including Vipul Shah, Chairman of GJEPC; Kirit Bhansali, Vice Chairman of GJEPC; Siddharth Mahajan, Joint Secretary at the Ministry of Commerce and Industry; and Dnyaneshwar B. Patil, Zonal Development Commissioner at SEEPZ-SEZ, Mumbai, was moderated by Manisha Gupta, Commodities Editor at CNBC TV18 Group.
Goyal also addressed the issue of space constraints faced by the IIJS Premiere, promising to explore options for expanding exhibition space by up to 2 million square feet in the future.
Emphasizing resilience, Goyal noted, “Gold and jewellery will increasingly move through official channels, creating job opportunities for our workforce.” He encouraged exporters to maintain a positive outlook, stating, “India’s domestic market is growing rapidly and can offset the decline in exports caused by the global recession.”
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