The Indian Bullion and Jewellers Association (IBJA) has proposed establishing a jewellery export facilitation hub at GIFT IFSC in Gandhinagar. A official proposal has been made to the GIFT City administration, and the investment for the proposed hub, the GIFT Trade hub, is anticipated to be Rs 500 crore, according to persons familiar with the matter.
“The goal is to provide a centralized platform where jewellers from all throughout the country may promote their wares to potential foreign clients.
“It’s envisioned as a global hub for Indian jewellers to exhibit their designs and facilitate direct purchases,” said a member of the International Financial Services Centres Authority (IFSCA) committee.
One significant benefit of this option is that purchasers can acquire jewellery directly from jewellers without facing Indian taxes. This program is expected to allow Indian jewellers to export gold at a duty-free rate equivalent to the sale value. Essentially, jewellers that sell gold will be eligible for a bullion depository receipt equal to the amount they sold. This will promote and simplify jewelry exports.