GJEPC Urges Policy Reforms to Boost India’s Global Competitiveness in Gems and Jewellery

India must create a more efficient and trade-friendly business environment to stay competitive with global trading hubs and accelerate export growth, the Gem and Jewellery Export Promotion Council (GJEPC) said on Monday.

Speaking at a meeting chaired by Prime Minister Narendra Modi with representatives from key export sectors, GJEPC Chairman Kirit Bhansali said that India’s gems and jewellery industry has demonstrated strong growth and improved ease of doing business, contributing USD 30 billion in exports and USD 85 billion in domestic sales. The sector accounts for 7% of India’s merchandise exports and employs over 4.2 million people nationwide.

Bhansali expressed confidence that the sector could achieve USD 100 billion in exports and build a USD 500 billion domestic market by 2047, positioning India as the global hub for gems and jewellery. To realise this vision, he called for targeted policy reforms to enhance competitiveness and streamline trade operations.

Among the key recommendations, Bhansali proposed modernising the Customs Act, 1962, including the introduction of AI-driven digital appraisals and a Risk Management System to make customs procedures faster, more transparent, and cost-efficient. He also stressed the need for affordable export credit, particularly for MSME units, to match the support offered by competing economies.

Additionally, GJEPC urged the government to formulate a National Gem and Jewellery Park Policy, similar to those in the textile and leather sectors, to boost domestic manufacturing and attract global investments across the value chain. The Council also recommended the release of a White Paper on the Gems and Jewellery Sector, based on its submissions to NITI Aayog, and requested the Finance Ministry to simplify export-import and customs procedures.

“Such measures are vital to achieving ease of doing business on par with leading global trading destinations,” Bhansali said, reaffirming the sector’s long-term goal of making India a global leader in gems and jewellery.

(Source: PTI)