Chaired by Vipul Shah, Chairman of GJEPC, and attended by Sabyasachi Ray, Executive Director, the meeting delved into several key issues crucial to the industry's growth and sustainability.

Key Highlights of the Meeting:

1. Global and Domestic Challenges:
The meeting underscored the impact of global economic conditions and domestic challenges on the Indian gems and jewellery exports, highlighting the need for strategic interventions to bolster the sector's resilience.

2. Credit and Financial Health:
A significant focus was placed on the credit issues arising from reduced demand overseas, adversely affecting the financial health of industry stakeholders.

3. Diamond Promotion Strategies:
There was a consensus on the necessity for robust global and domestic promotional campaigns to enhance diamond consumption, thereby mitigating current market downturns.

4. Consumer Protection Laws:
Discussions included the implementation of consumer protection laws akin to those in the USA, aimed at distinguishing natural and lab-grown diamonds at the retail level for consumer confidence and welfare.

5. Gold Availability Concerns:
The scarcity of gold, particularly impacting Micro, Small & Medium Enterprises (MSMEs), and issues related to delayed bond releases by banks were highlighted as critical challenges requiring immediate attention.

6. Tariff and Duty Drawback Proposals:
GJEPC proposed the introduction of a tariff value and duty drawback scheme for platinum to support the industry's competitiveness and export growth.

7. Banking Summit Initiative:
Support was sought for organizing a Banking Summit aimed at fostering confidence among industry stakeholders and addressing banking-related concerns.

8. Support for Jewellery Park:
The council advocated for governmental support towards the establishment and development of a Jewellery Park, seen as a pivotal initiative to bolster the sector's infrastructure.

During the productive meeting, Shri Sunil Barthwal was invited to address an exporters' meet scheduled at the upcoming IIJS Premiere 2024 in Mumbai (8th to 13th August), underscoring the collaborative efforts between GJEPC and the government to foster growth and innovation in the Indian gems and jewellery industry.