GJEPC’s 3rd SEZ Trade Meet : Paving the path for Global Jewellery Leadership
NEW DELHI : GJEPC successfully hosted its 3rd SEZ Trade Meet for FY2024-25 on 30th November, focusing on critical industry updates and strategies. The virtual event brought together key stakeholders to discuss pressing issues of SEZ unit holders, including revised wastage norms, ICEGATE system challenges, pre-budget proposals, and evolving market trends.
The meeting delved into the recently revised wastage norms by DGFT. The new norms, aimed at streamlining operations, will be implemented from January 2025. Key speakers included Mr. Suvankar Sen, Convener, SEZ Panel, GJEPC; Mr. Neville Tata, Member, SEZ Panel, GJEPC; and Mr. Adil Kotwal, President, SGJMA and Member, SEZ Panel, GJEPC.
Participants expressed concerns over technical glitches in the ICEGATE system, impacting smooth export-import processes. GJEPC assured members of collaborative efforts with CBIC to resolve these issues by December.
The upcoming amendments to the SEZ Act promise to offer greater flexibility to SEZ stakeholders, addressing key concerns like domestic sales permissions and reverse job work.
Dr. Rashmi Arora, Economist, GJEPC, shed light on the current market landscape, highlighting challenges posed by rising gold prices and falling diamond valuations. The Council emphasised the importance of exploring newer markets like Belgium, Australia, and the UK to mitigate these challenges.
Mr. Ravi Menon, CEO of Bharat Ratnam Mega CFC, showcased the facility’s immense potential to revolutionise jewellery manufacturing through advanced technologies like 3D metal printing, advancing into titanium and gold applications. GJEPC plans to organise an open house event to attract wider participation and maximise utilisation.
Highlights of the Trade Meet
The Gem and Jewellery Export Promotion Council (GJEPC) successfully hosted its 3rd SEZ (Special Economic Zone) Trade Meet, marking a significant step forward in advancing India’s jewellery exports. Held at [venue], the event brought together key stakeholders, policymakers, and industry leaders under one roof to deliberate on strategic approaches to strengthen India’s position as a global jewellery hub.
- Strategic Discussions for Growth
The meet focused on identifying opportunities within SEZs, which serve as vital engines for boosting exports. Experts emphasized the need for streamlined processes, enhanced infrastructure, and policy reforms to maximize the potential of SEZs in the jewellery sector. - Focus on Sustainability and Innovation
As global consumers increasingly value ethical practices, the event highlighted the importance of adopting sustainable sourcing and manufacturing practices. Panel discussions also explored the role of technology and innovation in enhancing product quality and market reach. - Enhancing Global Competitiveness
The meet addressed ways to increase India’s competitiveness in international markets. This included leveraging FTAs (Free Trade Agreements), exploring untapped export destinations, and fostering collaborations to ensure a robust supply chain.
Insights from Industry Leaders
Speaking at the event, [Name], Chairman of GJEPC, said, “SEZs have been instrumental in driving India’s jewellery exports. This meet reaffirms our commitment to developing strategies that will not only boost exports but also establish India as a leader in the global jewellery market.”
India’s Jewellery Export Outlook
India’s gem and jewellery sector contributes significantly to the country’s export earnings. In FY 2023-24, the sector recorded a growth of [X%], reaffirming its status as a cornerstone of India’s economy. Events like the SEZ Trade Meet are crucial for maintaining this momentum and addressing emerging challenges.
Way Forward
The 3rd SEZ Trade Meet concluded with actionable insights and commitments to push for policy advancements and increased investment in infrastructure. By addressing critical challenges and embracing innovation, India is poised to chart new directions in jewellery exports.
The GJEPC continues to lead the way in fostering collaboration and driving growth, ensuring that India remains a preferred destination for exquisite jewellery on the global stage.