INVC NEWS
Mumbai : The Gem & Jewellery Export Promotion Council (GJEPC) has reached a significant milestone in the Indian gem and jewellery industry. After concerted efforts in collaboration with the Ministry of Finance, the Authorized Economic Operator (AEO) status is now being extended to this vital sector. This development marks a pivotal moment, promising substantial benefits for exporters and stakeholders alike.
Understanding AEO Status and Its Impact
The AEO program, initially introduced as a pilot project in 2011, has evolved into a cornerstone of India’s ease of doing business initiatives. Designed to streamline export operations across diverse sectors, it has consistently delivered tangible advantages, including notable reductions in both time and costs for exporters. Despite its proven efficacy, the gem & jewellery sector faced initial exclusion from this program.
Advocacy and Inclusion: GJEPC’s Proactive Role
Recognizing the importance of AEO status for the gem and jewellery industry, the GJEPC embarked on a proactive advocacy campaign. Through sustained engagement with relevant ministries, particularly the Ministry of Finance, the council successfully secured inclusion in the AEO program. This achievement underscores the GJEPC’s commitment to advancing the interests of its members and fostering a conducive business environment.
Recent Developments and Industry Response
In response to the extension of AEO status, the GJEPC organized an informative Outreach Program dedicated to facilitating AEO applications within the industry. Held on March 18, 2024, at the prestigious Bharat Diamond Bourse, the event attracted industry stakeholders eager to harness the benefits of AEO status. Encouragingly, the response has been overwhelmingly positive, with 20 companies already submitting their applications.
Pioneering Excellence: Asian Star’s Achievement
Setting a precedent for the industry, Asian Star, a renowned diamond and diamond jewellery manufacturer, has become the first recipient of AEO status in the Indian gem and jewellery sector. This milestone not only underscores the company’s commitment to excellence but also signifies a new era of enhanced competitiveness and global recognition for Indian exporters.
Acknowledgment and Gratitude
The GJEPC extends its sincere appreciation to the Government, especially the Ministry of Finance, for its responsiveness to the council’s advocacy efforts. By heeding the industry’s call for inclusion in the AEO program, the Government has demonstrated its commitment to fostering growth and competitiveness in the gem and jewellery sector.
About The Gem and Jewellery Export Promotion Council (GJEPC)
Established in 1966 by the Ministry of Commerce, Government of India, the GJEPC plays a pivotal role in promoting the country’s gems and jewellery exports. Over the years, it has evolved into the apex body of the industry, representing over 10,000 members nationwide. With its headquarters in Mumbai and regional offices strategically located in key industry hubs such as New Delhi, Kolkata, Chennai, Surat, and Jaipur, the GJEPC ensures direct and meaningful engagement with its members.
Continued Commitment to Excellence
As an autonomous body since 1998, the GJEPC remains steadfast in its mission to further the interests of the gems and jewellery industry. Through its wide-ranging promotional activities and expanded service offerings, the council continues to empower its members and drive growth across the sector. With a legacy of proactive advocacy and strategic partnerships, the GJEPC is poised to lead the industry towards greater heights of success and global recognition.
Extension of AEO status
The extension of AEO status to the gem and jewellery sector marks a significant milestone in India’s export landscape. With the support of the Government and the proactive efforts of industry stakeholders, this development promises to unlock new opportunities for growth, efficiency, and competitiveness. As the industry embraces this transformative change, the GJEPC remains committed to championing the interests of its members and spearheading initiatives that drive sustainable growth and prosperity.
