The Story of GJEPC
The Gem & Jewellery Export Promotion Council (GJEPC) was set up in 1966 as one of several Export Promotion Councils (EPCs) by the Indian Ministry of Commerce. Its primary aim is to promote the Indian gem and jewelry industry and its products internationally. The organization gained autonomous status in 1998. Today, it represents almost 6,000 exporters in the sector. Based in Mumbai, the GJEPC has Regional Offices in major centers for the industry, from New Delhi to Surat.
According to GJEPC’s website, promotional activities initiated by GJEPC – such as trade shows in India, and organization of Indian pavilions abroad for GJEPC members – have significantly impacted the increase of gem and jewelry exports from the country over the years, from $28 million in jewelry and gem exports in 1966-67, when GJEPC was first set up to almost $35 billion in 2013-2014.
GJEPC has also acted for the benefit of its members on the legislative front. In early February 2016, for example, a delegation from GJEPC and other industry representatives met with India’s Union Minister of Finance to seek taxation reforms, such as the introduction of Special Turnover Tax regime for the diamond industry with 0.75% tax on sales turnover. Such an approach, according to GJEPC, would be tax neutral and encourage companies in Belgium and Dubai to shift their manufacturing to India, which is currently taking place in China. In February 2016, GJEPC said it expects a 10% decline in shipments this fiscal year, compared to $40 billion in 2014-15 due to the global slowdown, as reported by India Economic Times.