"gjepc"

The Gem and Jewellery Export Promotion Council has urged the government to consult industry stakeholders following the hike in gold import duty, warning that higher duties could increase smuggling, raise exporter costs and worsen liquidity pressures, especially for MSMEs in the jewellery sector

According to Chairman, diamonds constitute more than 55 per cent of the overall gems and jewellery export basket.

The mix of partial and complete lockdowns in different states led to limitations on workforce capacities and related manufacturing activities.

GJEPC chairman Colin Shah said operational challenges brought on by the fact that all exporters maintain common inventory for both export and domestic streams.

The commerce ministry is holding stakeholder consultations for the formulation the next foreign trade policy (FTP) for five years (2020-25). It is expected to be rolled out in April.

Angola is the third largest producer of diamonds in Africa and has only explored 40 per cent of the diamond-rich territory within the country

“We expect the exports to witness a decline of 20 25 per cent in 2020-21, compared with last year. With demand improving gradually, we should be at our 2019-20 levels next year. Growth will come back only maybe by 2021-22,”