The Gem & Jewellery Export Promotion Council (GJEPC), the apex body of Indian gem and jewellery exporters, has reaffirmed its commitment to facilitating cooperation to address the G7’s concerns with regard to industry compliance.
The commitment from the industry comes following the visit of a high-powered delegation from G7 countries to Mumbai and Surat in the last week of September to learn more about the Indian gem and jewellery industry and to explore ways of helping it meet G7 sanctions requirements with minimal or no disruption to the sector.
The Group of Seven (G7) countries comprises Canada, France, Germany, Italy, Japan, the UK and the US.
The delegates understood the ground realities of the small-scale diamond traders in India from their visit to the Mumbai Diamond Merchants’ Association (MDMA). The delegates also had a fair understanding of the Customs procedures followed during a visit to Precious Cargo Customs Clearance Centre (PCCCC) and got valuable insights into the trading and cross-border shipment ecosystem through their interaction with the customs authority.
The delegation visited both large, medium and micro diamond processing units in Surat, the state-of-the-art Surat Diamond Bourse, and met with local SME associations, workers’ representatives and artisan union leaders to understand the trading and manufacturing processes.
The team also had a very productive meeting with the commerce ministry along with leaders of trade where the way forward was discussed and both sides committed to finding practical solutions in future. They also visited the GIA laboratory in Mumbai and jewellery manufacturers at SEEPZ Special Economic Zone.
The G7 delegation’s visit to India proved to be a productive and informative engagement. They gained a comprehensive understanding of India’s diamond industry, its challenges, and potential solutions for compliance with G7 sanctions, said Vipul Shah, chairman of GJEPC.