Amid the threat of a looming financial recession for the diamond sector in Surat, the GJEPC now seeks a new series of policies they believe will add to manufacturing revenues. This has been another of a late series of attempts by the GJEPC to counter-act the pressures facing India’s diamond sector since the decline of Russian imports and the closure of the Chinese marketplace.
"Keeping in view India's inherent skill in making handmade jewellery, we believe that India will outperform in the jewellery repair sector also. With this policy, India has the possibility of taking 10-20 per cent of the world market share, which will bring in billions of dollars of business with high employment potential," GJEPC chair Vipul Shah said.
GJEPC have also recently advocated that Indian diamond exporters above a certain export turnover threshold should be allowed to import at least 5 per cent of the average export turnover of the preceding three years.
Additionally, the GJEPC has also sought the re-introduction of a Diamond Imprest License, a policy that has been abandoned since 2009, to give the diamond exporters the leverage necessary to cope with the recent beneficiation policies undertaken by major mining countries in Africa. “This will provide a level playing field for Indian MSME diamond exporters with that of their larger peers,” they stated.
Lastly, the Council urged the Union Finance Minister to abolish import duty on Lab Grown Diamond (LGD) 'seeds' and introduce measures to make the LGD manufacturing sector in India a leader in the same manner as diamantaires in the natural diamond processing sector.