New Delhi, November, 2025:
At a high-level strategy meeting chaired by Hon’ble Prime Minister Shri Narendra Modi, Mr. Kirit Bhansali, Chairman of the Gem & Jewellery Export Promotion Council (GJEPC), joined an elite group of business leaders representing India’s key export-driven industries. The closed-door session focused on strengthening India’s global trade leadership and advancing the nation’s long-term export vision.
Representing the $30 billion gems and jewellery sector, which contributes nearly 7% of India’s total merchandise exports, Mr. Bhansali presented an ambitious roadmap to position India as the world’s leading gem and jewellery hub by 2047, in alignment with the Government’s “Viksit Bharat” vision.
In his address, Bhansali expressed gratitude to the Prime Minister for his “transformational leadership” and the success of landmark trade pacts such as the India–UAE Comprehensive Economic Partnership Agreement (CEPA), which helped drive a 47.4% annual growth in plain gold jewellery exports between FY2023 and FY2025. He also lauded progress in the ongoing FTAs with the UK, Australia, and EFTA nations, and voiced optimism that the upcoming US Bilateral Trade Agreement (BTA) and India–EU FTA would open new opportunities for the sector.
“It was a privilege to participate in this select industry dialogue chaired by Hon’ble Prime Minister Shri Narendra Modi,” said Bhansali. “Under his dynamic leadership, India’s gem and jewellery industry has achieved unprecedented progress in ease of doing business and export expansion. With continued policy support, we aim to cross US$100 billion in exports and build a US$500 billion domestic market by 2047 — transforming India into a true global hub for gems and jewellery.”
During the session, Bhansali outlined several strategic policy recommendations to enhance the sector’s global competitiveness and operational efficiency:
1. Modernising the Customs Act, 1962
Drawing inspiration from India’s recent criminal code reforms and the success of faceless income tax assessments, Bhansali urged for the digital transformation of the Customs Act. He proposed integrating a Risk Management System and AI-driven Digital Appraisals to make customs clearance faster, more transparent, and cost-effective — critical to improving ease of doing business.
2. Affordable Export Credit Access
Highlighting the disparity in financing costs between India and competing export economies, Bhansali recommended the introduction of a concessional export credit scheme for MSMEs. He emphasised that interest subvention and ECGC premium subsidies would empower Indian exporters to compete more effectively in the global market.
3. Expediting the SEZ Act Amendment
Noting that nearly 65% of India’s studded jewellery exports originate from SEZs, Bhansali appealed for swift passage of the SEZ Act amendment to permit limited domestic sales with equitable duty adjustments. Such a move, he explained, would optimise capacity utilisation during lean periods and support employment continuity.
4. Establishing a National Gem & Jewellery Park Policy
To strengthen domestic manufacturing and attract international investment, Bhansali proposed a dedicated National Gem & Jewellery Park Policy, modelled on similar initiatives in the textile and leather sectors.
He further suggested that a comprehensive White Paper on the sector be developed — consolidating insights from GJEPC’s submissions to NITI Aayog and findings from a recent Exim Bank report — to guide long-term policy direction.
Concluding his remarks, Bhansali underscored that India’s next phase of export growth will depend on transforming into a true trading economy — one that leverages its natural advantages, strengthens global trade alliances, and modernises policy frameworks to unleash its full potential.
Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.
