The Gem & Jewellery Export Promotion Council (GJEPC), led by Chairman Kirit Bhansali, Vice Chairman Shaunak Parikh, and Executive Director Sabyasachi Ray, met with Hon’ble Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman to request urgent relief for the gem and jewellery sector, which has been hit hard by the recent 50% tariff imposed by the U.S.
Mr. Bhansali stated, “We are pleased that India–U.S. trade discussions have resumed, which is encouraging news. However, the process may take time, and until a resolution is achieved, it is essential to introduce relief measures to help the sector survive and sustain employment. We have requested allowing SEZ units to undertake reverse job work and DTA sales to keep factories and artisans engaged, extending export obligation periods for U.S. shipments, and providing an interest moratorium on packing credit and working capital loans to ease financial stress. These measures will not only help safeguard jobs but also support the competitiveness of Indian exporters during this challenging period. We are grateful to the Hon’ble Finance Minister for giving a patient hearing to our concerns and assuring support.”
Mr. Bhansali also expressed gratitude to the Finance Minister for the landmark GST reforms that have benefitted the sector.
The Council outlined urgent interventions to sustain employment and competitiveness until trade negotiations conclude. Key requests included reverse job work and DTA sales for SEZ units, extended export obligation deadlines for U.S. shipments, interest moratorium on packing credit and working capital loans, and liquidity support for exporters.
Additionally, GJEPC requested recognition of the India Jewellery Park as an industrial park and its inclusion in the Harmonised Master List of Infrastructure to access applicable benefits.
The Finance Minister assured the industry of full support, reaffirming the government’s commitment to sustaining exports, safeguarding jobs, and strengthening the competitiveness of India’s gem and jewellery exporters during this challenging time.
