A three-day silver and fashion jewellery buyer-seller meet organised by the Gem & Jewellery Export Promotion Council (GJEPC), kicked off in Jaipur yesterday. The event has 20 Indian silver jewellery manufacturers showcasing their product in one-on-one meetings with 39 buyers from some 11 countries.
Inaugurating the event, GJEPC Chairman Pramod Agarwal observed, “Indian-made silver jewellery has gradually made a mark in international markets with remarkably good designs, bold use of diamonds and coloured gemstones that add more value.”
With the Indian gem and jewellery industry going through a tough period, Agarwal expressed the sector’s concerns for the immediate addressing of several issues. He said the GJEPC had been in talks with the government regarding the current difficulty faced by the diamond sector in getting bank finance as well as issues such as the industry’s demand for a reduction in the import duty on gold from 10 to 4 percent and tat on cut and polished diamonds from 7.5 percent to 2.5 percent.
Agarwal said that along with the problem of an integrated goods and services tax (IGST) being imposed on consignment diamonds that were being reimported into the country after being displayed at trade shows, the GJEPC was also asking the government for a realistic turnover tax regime for the special notified zone (a designated duty-free custom-bonded area) at Mumbai’s Bharat Diamond Bourse (BDB), in order to get overseas mining firms to directly sell rough diamonds to Indian firms.