Special committee set up to resolve issues of gems & jewellery sector

Surat: A special committee has been set up by the ministry of finance, government of India to resolve the issues related to the gems and jewellery sector on Wednesday.
In a virtual review meeting held with the finance ministry and the Gems and Jewellery Export Promotion Council (GJEPC), union finance minister Nirmala Sitharaman called for the formation of a special committee including customs and banking officials to resolve all issues related to the gems and jewellery sector.
Chairman of GJEPC, Colin Shah said, “The exports of gem and jewellery sector is witnessing some signs of recovery. We are hopeful that market will recover soon as exports to USA, Europe and China have commenced. We are thankful for setting up of a special committee to resolve our pending issues. It’s an important step towards attaining ease of doing business.”
Shah stated that the GJEPC had represented various issues including direct sale of rough diamonds in the Special Economic Zone (SNZ) in Mumbai and Surat by the diamond mining companies, reduction of polished import duty from 7.5% to 2.5%; clarification on online equalisation levy for B2B International diamond auctions; Reverse Job work in SEZ; GST issues, etc.
With regards to direct sale of rough in the Special Notified Zone in Mumbai by miners, the officials informed that the issue is under examination and in the upcoming budget there will be some provision in the Finance Act. Transfer Pricing Committee is examining the matter and will come up with some solution.
Shah said, “Reverse job work in SEZ is not allowed currently. The officials have assured that discussions are on between customs and revenue department for the same. A final view on this will be taken, as the Ministry is looking at a larger framework and assessing the Baba Kalyani report.”