Surat: The gems and jewelry exports from the Special Economic Zone (SEZ) are set to increase. Thanks to the Gems and Jewellery Export Promotion Council (GJEPC) for forming a dedicated committee group for the SEZ, with the broad objective of resolving trade concerns of its SEZ members and supporting them in promoting their export business.
GJEPC has appointed an SEZ committee consisting of six key members from the trade including Suvanker Sen, convener, Bobby Kothari, co-convener, and other four members—Adil Kotwal, Mehul Vaghani, Neville Tata, and Ram Babu Gupta.
The SEZ committee will focus on the promotion and development of SEZ model for the gems and jewelry sector by enhancing their infrastructure, technology, and human resources capacities and improvising ease of doing business with the support of the government.
Chairman of GJEPC, Colin Shah said, “Our vision is to develop the SEZ model in such a manner that it ensures India becomes a marketplace for the world in the gems and jewelry sector through the growth and development of SEZs in the country”
The SEZ committee has represented some of the key issues including transfer of property and assets by SEZ units after the cancellation of LoA, reverse job work policy, an extension of time limit for return of jewellery after international job work in DTA from 28 days to 45 days for plain gold jewellery and from 45 days to 60 days for studded gold jewellery.
Levy of duty on goods re-imported by SEZ units after the lapse of 365 days, which were earlier exported for display and consignment, supply of precious metals from foreign buyer to SEZ units, etc.
Suvankar Sen, convener of SEZ sub-committee said, “India’s gems and jewellery units in SEZs carry a great level of manufacturing prowess including high-end technology and designing capabilities, highly skilled human resources and state of the art infrastructure for producing a wide range of gem and jewellery products including studded gold jewellery, coloured gemstones, silver jewellery that cater to the demand of the world markets”
Sabhyasachi Ray, executive director, GJEPC said, “SEZs spanned across the different locations of the country are home to over 500 gems and jewellery manufacturing units, which are exporting numerous gems and jewellery products amounting to $10.62 billion constituting for around 30% of the country’s total gems and jewellery export. It makes the SEZ model catalyst to the growth of gems and jewellery sector and the Indian economy”