(PRESS RELEASE) JAIPUR — Gem & Jewelry Export Promotion Council (GJEPC) kick started India Silver & Fashion Jewelry Buyer Seller Meet (BSM), in the pink city of Jaipur at Rajasthan from 12th – 14th June 2019.
The event was inaugurated by Mr. Pramod Kumar Agrawal, chairman, GJEPC; Shri Nirmal Bardiya, regional chairman, Silver Panel Convener Ram Babu Gupta along with International buyers and exhibitors from India.
Commenting at the inauguration, Shri Pramod Kumar Agrawal, chairman, GJEPC said, “The BSM has been organized with an objective to meet current business needs of silver jewelry industry and to further establish and strengthen new business opportunities and promote business globally. The 3-day business matching program will be an ideal opportunity to showcase India’s strength & capabilities in manufacturing silver jewelry which is in demand due to its exclusivity and craftsmanship, whether its machine-made or hand made. Made in India silver jewelry has gradually made a mark in international markets with remarkably good designs, bold use of diamonds and colored gemstones thereby adding more value addition. I am sure buyers will get to see a range of innovative and trendy jewelry as per their needs and requirements”.
India’s gross exports of silver jewelry for the period April 2018 – March 2019 accounted for US$ 837.81 million.
The India Silver Jewelry BSM will be a mix of a Buyer Seller Meet (BSM) and an open meeting day between invited buyers and exhibitors. Over 20 silver jewelry manufacturing companies will be showcasing their manufacturing skills to 39 International buyers consisting of silver jewelry Wholesalers, Retailers, Traders & Chain stores from the targeted region viz., Algeria, Australia, Egypt, England, Ireland, Jordan, UAE, USA, Spain, Kuwait, Thailand, during the BSM meet.
At the same time, for buyers, this is an opportunity to understand the Indian silver sector better for their sourcing needs, understand supply chain, business practices and culture. “I am sure both the buyers and sellers would make the most out of this platform to further establish and strengthen new sourcing relationships and promoting business globally”, added Agrawal.
The gem and jewelry sector is going through tough times and Agrawal expressed concerns impacting exports and overall growth of the sector.
GJEPC has been talking with the government to address major banking issues affecting G&J industry including, increase in cost of funds, need for interest subvention, dollarization of credit limits, allowance of release of BG/ cash margins of exporters after exports; reintroduction of ECGC WTP policy for the sector, gold card and taxation issues.
Shri Pramod Agrawal also presented the Pre-budget proposals of the industry to the Finance Minister Smt. Nirmala Sitharaman. Following are few of the points presented:
1. One of our burning issues of the industry is imposition of IGST on re-import of consignments which are exported through consignments/ exhibition mode. The industry is hopeful that the issue will be resolved soon.
2. Reduction in import duty on Cut and Polished Diamonds from 7.5% to 2.5%: Due to certain data anomaly in the import figures of cut and polished diamonds, duty on diamonds got increased from 2.5% to 5% and thereafter to 7%. The industry has been repeatedly representing that returned consignments of polished diamonds had constituted a major portion of the import figures which was erroneously captured and reported. 93% of the imported polished diamonds are exported back and are also procured in manufacturing and exporting studded jewelry from the country
3. Reduction in import duty on Precious Metal Gold from 10% to 4%: Industry for a long time has been making this request to reduce the import duty on gold to a realistic level. Duty reduction will definitely re-initiate the flow of raw material through official channels into the country thus strengthening our jewelry exports
4. Introduction of a realistic turnover taxation regime for Special Notified Zone in Mumbai: Special Notified Zone in Mumbai was inaugurated in December 2015 and since then, the zone has been running successfully. The only major hurdle is that foreign mining companies, in the absence of favorable taxation regime, have not yet started selling rough diamonds. They still come, display and take their goods back to their country. The industry has been requesting that on the lines of the level playing field being offered by Belgium, Israel, UAE etc, Indian Government should introduce presumptive turnover linked tax rate (0.125%) on sale of rough diamonds at SNZ