GJEPC urges FM for relief as US tariffs hit gems and jewellery sector

The Gem and Jewellery Export Promotion Council (GJEPC) on Wednesday met with Finance Minister Nirmala Sitharaman and sought urgent relief measures for the sector, which has been severely impacted by the recent 50 per cent tariff imposed by the US, a statement said.

GJEPC stated that the resumption of India-US trade discussions is encouraging, but the immediate introduction of relief measures to help the sector survive and sustain employment is essential as the talks may take time to conclude.

"We are pleased that India-US trade discussions have resumed, which is encouraging news. However, the process may take time, and until a resolution is achieved, it is essential to introduce relief measures to help the sector survive and sustain employment, the industry body stated.

"We have requested allowing SEZ units to undertake reverse job work and DTA sales to keep factories and artisans engaged, extending export obligation periods for the US shipments, and providing an interest moratorium on packing credit and working capital loans to ease financial stress," GJEPC Chairman Kirit Bhansali said in a statement.

These measures will not only help safeguard jobs but also support the competitiveness of Indian exporters during this challenging period, he said.

During the meeting, the Council requested interventions to help the sector survive and sustain employment until the ongoing India-US trade negotiations are concluded.

These included measures such as allowing reverse job work and DTA sales by SEZ units, extending export obligation periods for the US shipments, providing an interest moratorium on packing credit and working capital loans, and offering liquidity support to exporters.

The delegation also requested that the India Jewellery Park be recognised as an industrial park and included in the Harmonised Master List of Infrastructure, so it can avail all benefits applicable to industrial parks.