By,K Ashwin Mobile:00919920183006 Email:firstname.lastname@example.org
The All India Gems & Jewellery Trade Federation (GJF) has appreciated the Ministry of Commerce & Industry’s initiative to work on reducing the import duty on gold to 2%, from the current 10%, for the benefit of the gems and jewellery sector.In a statement, Mr. G V Sreedhar as Chairman, GJF, said, “We welcome the suggestions made by the Union Minister of Commerce and Industry, Smt. Nirmala Sitharaman on reducing duty of gold imports to 2%, which will aid in enhancing production and also encourage gems and jewellery exports. Gold imports are declining continuously and this move will aid exports, if the Finance Ministry accepts the suggestions of reducing the import duty.”
The Gems and Jewellery sector is one of the 25 thrust areas identified under the ‘Make in India’ programme and there is a need to attract domestic and foreign investments to boost manufacturing and create jobs. Currently, the sector is finding it difficult to compete in the global market because of 10 per cent duty on gold imports.
The All India Gems and Jewellery Trade Federation (GJF) represents over 6,00,000 players comprising manufacturers, wholesalers, retailers, distributors, laboratories, gemologists, designers and allied services to the domestic Gems & Jewellery industry. The Gems & Jewellery industry has over 1 crore strong labour force engaged in the manufacturing of jewellery, across the country. The Federation’s mission is to support and promote the progress and prosperity of all the members in the gems and jewellery industry across India.
It also provides regular news & updates pertaining to the industry, and rules & regulations declared by the Government. It promotes the trade, by participating in promotional events on a national level. It encourages trade by organizing consumer exhibits in India. It also counsels educational and research institutes that help in developing superior quality and high standards for effective functioning of the trade.
The gems and gold jewellery business has made significant contribution to the Indian economy and society. The sector has grown phenomenally on the national and international front in the last few years. The industry is in transition phase where family owned entrepreneurial businesses are slowly evolving and transforming into organized professional organizations. Creating a proper policy framework will pave the way for stimulating growth and encouragement.