The Gem & Jewellery Export Promotion Council (GJEPC) welcomed a high-level G7 delegation that came to India from 27th to 29th September 2023. The delegation comprised members from the U.S. State Department, U.S. Department of Treasury, European Commission, Prime Minister’s office of Belgium, Foreign Trade Department of Belgium, and the Japan Embassy in India.
The delegation visited Mumbai and Surat to learn more about the Indian gem and jewellery industry to explore ways of helping it meet G7 sanctions requirements with minimal or no disruption to the sector.
The G7 delegation met and Indian trade members, represented by GJEPC and the Bharat Diamond Bourse (BDB). The G7 delegation expressed their intent to gain insights into the industry’s ground realities and identify potential approaches to sanctions compliance and implementation. In response, GJEPC reaffirmed its commitment to facilitating cooperation to address the G7’s concerns with regards to industry compliance.
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 Customs. On 28th September, the delegation proceeded to Surat, where they visited both large, medium and micro diamond processing units, 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 Ministry of Commerce officials on 29th September along with leaders of trade where the way forward was discussed and both sides committed to find practical solutions in future. They also visited the GIA laboratory at 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.
Heera Zhaveraat (HZ International) A Diamond, Watch and Jewellery Trade Promotion Magazine provide dealers and manufactures with the key analytical information they need to succeed in the luxury industry. Pricing, availability and market information in the Magazine provides a critical edge.
