On August 17, 2024, representatives from the GJEPC and Customs authorities met at a high level to discuss serious concerns facing the diamond and jewellery industries.
The conference was chaired by Shri Surjit Bhujabal, Member Customs, and brought together significant stakeholders from both sides. Shri Kirit Bhansali, Vice Chairman; Shri Ajesh Mehta and Shri Russell Mehta, Members – Diamond Panel; Shri Naresh Lathiya, Convener MSME; Shri Manish Jivani, Member – MSME; Shri Mehul Shah, Vice President, BDB; Shri KK Duggal, Director Policy, GJEPC; and Shri Mithilesh Pandey, Director, Membership, GJEPC.
Key subjects considered at the summit included:
Import of sawn diamonds: The industry expressed worry regarding show cause notices issued to diamantaires seeking customs taxes on previous sawn diamond imports prior to February 2, 2022.
The GJEPC requested that a height variance parameter be included in Notification No. 16/2014-Customs for the duty-free re-importation of cut and polished diamonds sent for certification/grading.
RMS facility: The industry wants to expand the RMS facility for G&J items to include shipments of less than USD 50,000 to countries other than Hong Kong and Dubai.
Hand Carriage of Gems and Jewellery: The GJEPC asked permission to hand carry gems and jewellery from all ports.
SOP for re-import of jewellery: The industry requested a clear Standard Operating Procedure (SOP) for re-importing jewellery for repair and re-export.
Duty drawback and platinum: The GJEPC recommended implementing a duty drawback on platinum jewelry and harmonizing the tariff on platinum findings with that of gold and silver findings.
Customs officials listened carefully to the industry’s complaints and told the GJEPC that they would take them into consideration. The discussion emphasized the need of continued communication between the government and the industry in addressing difficulties and promoting growth in the diamond and jewellery sector.