Tag GJEPC

National, 23rd July, 2024: The Gem & Jewellery Export Promotion Council (GJEPC), India’s apex trade body for Gems & Jewellery ) hailed the first Union Budget of Prime Minister Shri Narendra Modi 3.0 government presented by Finance Minister Smt. Nirmala Sitharaman for the seventh historic time as a game changer for the indigenous gem & jewellery industry.

Hon. Finance Minister acknowledged that India is a world leader in the diamond cutting and polishing manufacturing, which employs more than a million skilled workers. GJEPC said that the abolition of equalisation levy and announcement of safe harbour tax on rough diamond trading will see the growth of India as the largest rough diamond trading centre as all foreign mining companies will now trade rough diamonds directly to the diamond cutting and manufacturing entities in India. Thus the small manufacturers will get the access of raw materials in India directly from diamond miners without need to travel abroad to take part in diamond auctions.

GJEPC welcomes FM’s decision to exclude the diamond sector from the 2% Equalization Levy (EL) on sales of rough diamonds. This will help to maintain India’s leadership in the diamond industry and ensure operational sustainability. Equalisation Levy at the rate of 2 per cent of consideration received for e-commerce supply of goods or services, shall no longer be applicable on or after 1st August, 2024.

Hon. FM’s acceptance of GJEPC’s long-standing recommendation for simplifying taxation rules on sale of diamonds in Special Notified Zones (SNZs) by foreign miners alongwith abolition of equalization levy for bidding of rough diamonds online by our diamond manufacturers is a game changer. GJEPC welcomes the Government’s proposal to provide for safe harbour rate for foreign mining companies selling rough diamonds in the country and abolition of equalization levy. This will put India on equal footing with global trading centres such as Belgium and Dubai. This will further promote the development of the gem & jewellery sector. As apex trade body, GJEPC has been seeking the same and has made several pre-Budget recommendations on this matter.

FM’s announcement will expand the ambit of entities entitled to operate through SNZs. SNZs were established with the prime objective that there would be easy availability of rough diamonds by creating efficiencies in procurement of rough diamonds by allowing overseas diamond mining companies to sell their produce directly to Indian manufacturers through such SNZs. Sale is allowed in countries like Belgium and Dubai, while there is no direct tax on sale of displayed rough diamonds in Dubai and there is 0.187% turnover tax on sale in Belgium. GJPEC has proposed the establishment of an SNZ for rough gemstones in Jaipur. With these SNZs in Mumbai and Surat, the critical issue of raw material availability would be greatly relieved.

GJEPC applauds Hon. FM’s proposal to reduce custom duties on gold and silver to 6% and that of platinum to 6.4% to enhance domestic value addition in gold and precious metal jewellery in the country. India’s gem and jewellery industry heavily relies on imports for its raw materials, including gold, diamonds, silver, and colored gemstones. These materials are brought into the country and undergo either cutting and polishing or are transformed into finished jewellery before being exported worldwide. As apex body, GJEPC has been seeking this reduction in its pre-Budget recommendations to enhance exports. The reduction in duties of gold, silver and platinum will ensure that duty blockage of around Rs. 982.16 crore can be released resulting in more working capital in hand of the exporters. This will help in growth of manufacturing due to enhanced demand for jewellery at domestic level and realise the untapped export potential for gold jewellery with more working capital (at least US$2 billion of US$ 11 billion in medium period of 2 years).

FM highlighted the Government’s efforts to rationalize the tax structures to promote domestic manufacturing increase exports, enhance global competitiveness. Version 2.0 of the Jan Vishwas Bill will enhance ease of doing business.

MSMEs and artisans/craftsmen in the gem & jewellery industry will benefit from the e-commerce exports hubs, which will be set up in public private participation to facilitate trade and export related services under one roof. To sell their products in international markets, these hubs, under a seamless regulatory and logistic framework, will facilitate trade and export related services under one roof. Craftsmen and Artisans will benefit from the stepping up of schemes such as PM Vishwakarma, PM SVANidhi, National Livelihood Missions, and Stand-Up India.

The setting up of Industrial Parks in association with the State Government will encourage development of Gem & Jewellery Parks across the country in addition to the one being developed in Navi Mumbai by the Council. FM’s proposal with respect to Rental housing with dorm like accommodation for industrial workers will be facilitated in PPP mode is welcome.

FM stated that rules and recognition for Foreign Direct Investments (FDIs) will be simplified to facilitate their inflow. This move aims to prioritize and promote the use of the Rupee for overseas investments. FM’s Union Budget showed that the Government is aiming to make Indian rupee to become the world’s alternate reserve currency.

The Budget’s emphasis on labour intensive manufacturing by MSMEs – who comprise 80% of the gem & jewellery industry – will help them grow and compete globally. Credit guarantee scheme in the manufacturing sector will give a stimulus to MSMEs for modernising machinery and equipment.

The Government has given a big push on employment-linked skilling and this will benefit the 5-million plus workforce of the indigenous gem & jewellery industry. job creation in the manufacturing sector will be incentivized through a scheme linked to the employment of first-time employees. We hope that the Government’s move for more women in workforce and initiatives announced for women workers will inspire more women to join the gem & jewellery industry.

The Government’s focus on existing and new industrial corridors especially in Eastern India will help GJEPC to promote new gem & jewellery clusters for exports.

The allocation of Rs. 2 lakh crore for facilitating employment and skilling for 4.1 crore youth for a 5-year period will benefit new workers in the 5 million plus labour force of the Indian gem & jewellery industry. The Direct Benefit Scheme for new entrants will encourage more youngsters to join the gem & jewellery industry.

Finance Minister’s Budget primarily focussed on economic reforms for Land, Labour, Capital and Entrepreneurship to increase the employment, especially for the labour intensive sectors in India like gems & jewellery. This coupled with incentives and investment for skill development of the workers and artisans will really give immense boost to our sector.

The 9 priorities including focus on Manufacturing & Services will aid Make in India and Atmanirbhar Bharat.

Vipul Shah, Chairman, GJEPC, reacts to the Union Budget presented by Union Finance Minister Smt. Nirmala Sitharaman on 23rd July 2024

“The Union Budget 2024 is a game-changer for the gems and jewellery sector. The reduction in import duties on gold and silver to 6% and platinum to 6.4% is a major boost for our industry, enhancing affordability for consumers and competitiveness for the manufacturing sector by releasing working capital. The abolition of the 2% Equalization Levy and introduction of the Safe Harbour Rule on sale of rough diamonds at SNZs will firmly establish India as a global rough diamond trading hub. These combined measures will propel the sector’s growth, generate lakhs of employment opportunities by benefitting the small-scale jewellery manufacturers & exporters and diamond cutters and polishers, thus contribute significantly to India’s vision of becoming a Viksit Bharat by 2047.”

National, 15th February 2024: The 7th edition of The Artisan Jewellery Design Awards, hosted by the Gem & Jewellery Export Promotion Council (GJEPC) and powered by GIA, challenged designers to tap uncharted territory by integrating unusual materials and cherished objects into their jewellery designs, to infuse their pieces with a unique identity.

Actress and style icon Sonam Kapoor graced GJEPC’s 7th edition of Artisan Jewellery Design Awards in Mumbai and presented awards to winners. Sonam Kapoor graced the stage with an aura of elegance and charisma along Mr. Vipul Shah (Chairman, GJEPC); Mr. Kirit Bhansali (Vice Chairman, GJEPC); Mr. Sriram Natarajan (Managing Director, GIA India); Mr. Milan Chokshi (Convener, Promotions & Marketing, GJEPC); Mr. Sabyasachi Ray (Executive Director, GJEPC) bestowed the coveted awards upon 6 Artisan winners.

This year the theme for the Artisan Jewellery Desing Award were two unconventional themes – ‘Objet Trouvé’ (Found Objects) and ‘Unusual Materials’.

The concept of ‘Objet Trouvé’ centred around crafting jewellery pieces that capture the essence of treasured objects from the past within a contemporary context. While the second theme, ‘Unusual Materials’ encouraged designers to create a dialogue between the familiar and the unexpected by combining contrasting materials with at least 50% precious materials.

Actress & style icon Sonam Kapoor said, “I am proud to be a part of the jewellery industry, which showcases India’s excellence in design and craftsmanship to the world. The Artisan Awards is a great initiative by the GJEPC to nurture and celebrate young talent, who are pushing the boundaries of creativity and innovation. I believe that jewellery is not just an accessory, but an art form that expresses one’s personality and style. I admire the Indian designers who create stunning pieces that blend tradition & modernity, and inspire women to experiment with different forms and colours. For me, the artistic value of a jewellery piece is more than the material value, and that is what makes it truly precious.”

Vipul Shah, Chairman, GJEPC, notes, “The Artisan Jewellery Design Awards, now in its 7th edition, stands as a beacon for creative expression in the jewellery design realm. It offers a coveted platform for talented individuals to unleash their creativity and showcase their innovative designs. Each year, this competition brings forth exclusive, never-seen-before masterpieces that underscore the boundless innovation within our industry. This this competition, our aim is to redefine the landscape of jewellery design and elevate India as a premier design centre. Aligned with the government’s Make in India campaign, The Artisan Awards reinforces GJEPC’s dedication positioning India as a leader in design innovation.”

Milan Chokshi, Convener, Promotions & Marketing, GJEPC, said, “Fine jewellery is the foremost amongst all art forms, revered for not only its craft and material value, but also its emotional and aesthetic resonance. It transcends mere material worth, personifying a labour of love for the designer and artisan who infuse it with life through their skilled craftsmanship. There is an ever growing group of discerning customers that are now increasingly looking at jewellery more as an art form, rather than ornamental. The entries in this edition of The Artisan have been particularly inspiring, and we at the Council, are confident that passing the baton to future designers will drive Indian jewellery design to new heights.”

This jewellery design contest ignited a spark a wave of creativity, prompting nearly 600 participants from India and abroad to push the envelope, and create a new design grammar. The outcome surpassed expectations, breathtaking creations that challenged convention.

The list of winners

UNUSUAL MATERIALS: Winner – Cufflinks designed by Aparna Kesarkar and manufactured by Laxmi Dia Jewel Pvt. Ltd.; First Runner-up – Bracelet designed by Ahalya Vijayakumar and manufactured by VBJ; Second Runner-up – Earrings designed by Dipali Ghadigaonkar and manufactured by KP Sanghvi Jewels Pvt. Ltd.

OBJET TROUVÉ: Winner – Earrings designed by Yamini Devasree and manufactured by VBJ; First Runner-up – Hairstick designed by Rashmi Kaushik and manufactured by Kiran Jewels; Second Runner-up – Earrings designed by Vijay Indulkar and Manufactured by Walking Tree Venture Pvt. Ltd.

The entries underwent thorough scrutiny by a distinguished jury comprising Alice Cicolini, a renowned UK jewellery designer; Biren Vaidya, Managing Director of The Rose Group; Payal Singhal, Fashion Designer; Apoorva Deshingkar, Senior Director of Education and Market Development at GIA India; and Toktam Shekarriz, a jewellery designer based in Dubai.

The technical jury included Devinder Layal, Jewellery Artiste and Educationist; Meenal Choksi, Head of Design, Moksh Fine Unseen Jewellery; Sushama Kalzunkar Sawant, PD & Merchandising Head, Diagold Creation; Janki Choksi, Founder, Janki Choksi Designs; Gunjan Sapra, COO & Head of Department, Jewellery Designs, International Institute of Gemology, and a GIA Instructor, to honour the best and most talented jewellery designers.

During this illustrious event, GJEPC also honoured industry stalwarts whose remarkable contributions have made a lasting impact on both the domestic and global fronts. The nominations were evaluated by a distinguished three-member jury comprising Arundhati De, jewellery expert and bespoke jewellery shopping consultant; Devinder Layal and Sushma Kalzunkar Sawant.

Farah Khan, renowned jewellery designer, was honoured with the Design Excellence Award, while Rahul Jhaveri, Creative Head and Co-founder of Studio Renn, was bestowed with the prestigious Global Indian Jewellery Designer award.

Intergem Exports (YS18) was chosen as the proud recipient of the Manufacturing Excellence Award, underscoring its commitment to quality and innovation, while Birdhichand Ghanshyamdas Jewellers was acclaimed with the Retail Excellence Award for its exceptional standards and customer service.

Here’s the verdict of the jury for The Artisan finalists:

Sriram Natarajan, Managing Director, GIA India: GIA India is pleased to support The Artisan Awards – a platform that fosters a space where creativity in jewellery design thrives. Embracing the themes of ‘Unusual Materials’ and ‘Objet Trouve,’ this initiative by the Gem and Jewellery Export Promotion Council (GJEPC) aligns with our commitment to pushing artistic boundaries. Our continued support reflects the shared values of celebrating creative expression and advancing jewellery designing arts on a global scale.

Biren Vaidya, Managing Director, The Rose Group, said, “Judging the Artisan Awards has been a riveting experience, witnessing the evolution of creativity in our field over the last four decades and observing how the participants have conceptualised the story from ideas to designs, crafting them into jewels using innovation, skill, and craftsmanship.

Alice Cicolini, Avant-garde UK jewellery designer, said, “The freedom afforded to India’s young designers through these themes is commendable. Having worked in India for nearly two decades, I can attest that it stands as one of the most extraordinary nations for jewellery production, boasting incredible craftsmanship. It is refreshing to see young jewellery designers break free from traditional constraints, allowing their imaginations to take flight—an approach actively encouraged by institutions like GJEPC.”

Fashion Designer Payal Singhal said, “The Artisan Awards highlight a remarkable standard. The ability to work with challenging materials and produce versatile, aesthetically pleasing, and finely crafted jewellery is a testament to the high level of expertise present in our country. As for elevating jewellery into wearable art, initiatives like The Artisan play a crucial role. Supporting and motivating young designers and jewellery brands to embrace this perspective will contribute to the evolution of jewellery as a form of artistic expression rather than merely a complement to attire or a symbol of status.”

The two-day art festival was held on February 12th-13th, 2024, at Ice Factory, Ballard Estate, Mumbai, and drew a diverse audience including curators, art gallery owners, patrons, art school students and faculty members, socialites, celebrities, connoisseurs, architects, painters, sculptors, and jewellery designers.

Bengaluru – 8th February 2024 – The Doha Jewellery & Watches Exhibition (DJWE) is hosting a grand India Pavilion at its 20th edition, unveiling an extraordinary showcase of craftsmanship, tradition, and contemporary designs. The India Pavilion, spanning an impressive 216 square metres, features 17 exhibitors and 18 booths, presenting an unparalleled collection of Plain Gold, Studded Jewellery, and Diamond Studded Jewellery.

The 20th edition of the DJWE is being held at the Doha Exhibition & Convention Centre (DECC) from 5 – 11 February 2024.

H.E. Mr. Vipul, Ambassador of India to Qatar, said, “Our main job as the embassy is to promote Indian exports and facilitate trade between our two nations. As part of this effort, we actively promote Indian jewellery in Qatar. Doha Jewellery & Watches Exhibition (DJWE) represents a significant opportunity, and I am delighted to see the substantial Indian Pavilion present here. Our close collaboration with GJEPC underscores our commitment to raising awareness and promoting Indian jewellery. In the Qatari market, numerous Indian jewellers are already engaged, either independently or through various partnerships and retailers. Thus, there is already a strong level of brand recognition and appreciation for the quality of Indian jewellery within Qatar.”

Vipul Shah, Chairman, GJEPC said, “The Middle East is a pivotal export destination for India’s gem and jewellery products, representing a substantial 22% of total exports in this sector. Qatar, in particular, holds significance for India, contributing to the export of gold jewellery, amounting to USD 200.88 million in the fiscal year 2022-23. The India Pavilion at the DJWE serves as a valuable platform to explore and comprehend consumer trends and preferences, particularly from this region, providing an opportunity for further engagement.”

“International buyers from the UAE, the Middle East, Africa, and the rest of the CIS find seamless access to Indian exhibitors through the India Jewellery Exposition Centre (IJEX) in Dubai. Serving as a dedicated B2B platform, IJEX in Dubai is a year-round showcase of exquisite Indian-made jewellery, providing international buyers with continuous opportunities to make jewellery purchases.”

The India Pavilion proudly features an impressive lineup of 17 exhibitors, each contributing to the rich tapestry of the country’s jewellery heritage. Among them are Binnys Jewellery Pvt Ltd; G M Products Private Limited; K K Jewels; RR Gems Private Limited; Creative Overseas; Sital Dass Son; Shrians Jewels; De’viva Jewels; Izzari Jewells; Alankrti; SNS Enterprises; K.Lalita Jewellers; Spectrum Jewelmart Pvt. Ltd.; 24K The Jewel Boutique; Kohinoor Jewellers; Panim Exports; and Anirudh Impex.

The Gem & Jewellery Export Promotion Council (GJEPC), as the apex body of India’s gem and jewellery industry, stands as the driving force behind India’s global leadership in the trade. With over 5 million skilled workers, the industry has invested in modern infrastructure, offering health insurance and unparalleled training programs, showcasing India’s commitment to excellence.

India, recognised as the world’s diamond manufacturing leader, presents an impressive array of gems and jewellery, both plain and studded, featuring diamonds and coloured gemstones. The industry’s adaptability to the latest technology positions it as the go-to destination for diverse global jewellery needs.

India’s jewellery sector combines traditional artistry with cutting-edge technology to produce modern designs. Renowned for its skilled craftsmen and precision in cutting and polishing diamonds and precious stones, India has garnered global acclaim.

The gem and jewellery exports from India contribute a staggering USD 40 billion annually, showcasing the industry’s robust economic impact on the global stage.