The Gem & Jewellery Export Promotion Council (GJEPC) of India has recently put forward a series of pre-budget recommendations to the Finance Ministry. These strategic proposals are designed to fortify India's position and competitiveness within the international gem and jewellery export sector. The industry, a crucial contributor to foreign exchange earnings and employment, recorded an impressive export value of USD 28.7 billion in the fiscal year 2024–25. However, it currently navigates a complex landscape marked by global uncertainties, trade tariffs imposed by the United States, and a noticeable slowdown in consumer spending across major markets. In response, the GJEPC is urging the government to implement specific policy adjustments, focusing on duty rationalization and streamlining procedural frameworks to help Indian manufacturers maintain their cost efficiency and broaden their market reach.

Details of the Proposal to Strengthen India's Gem and Jewellery Exports

In Mumbai, a significant step has been taken by the Gem & Jewellery Export Promotion Council (GJEPC) of India. Led by Chairman Kirit Bhansali, the council has formally presented its pre-Budget recommendations to the nation's Finance Ministry. The primary objective of these recommendations is to outline crucial policy measures that will enhance India's competitive edge in the global market for gem and jewellery exports.

The Indian gem and jewellery sector, known for its substantial contribution to both foreign exchange earnings and employment opportunities, achieved an export value of USD 28.7 billion in the financial year 2024–25. Despite this impressive figure, the industry is currently grappling with several headwinds. These include the unpredictable nature of geopolitical events, the impact of tariffs imposed by the United States, and a general decline in consumer demand within key international markets.

Addressing these challenges, the GJEPC has specifically requested the government to consider implementing targeted duty rationalization and undertaking comprehensive procedural reforms. Such measures are deemed essential to enable Indian manufacturers to sustain their cost-competitiveness and successfully diversify their export markets amidst the current global economic climate.

The proactive stance taken by the GJEPC underscores the importance of a collaborative approach between industry bodies and the government. By advocating for these strategic policy adjustments, the council aims to create a more favorable environment for the Indian gem and jewellery sector, ensuring its continued growth and resilience in the face of evolving global market dynamics. This initiative highlights a commitment to adapting and innovating, which is vital for any industry seeking to thrive on the international stage.