A delegation from the Gem & Jewellery Export Promotion Council (GJEPC) held discussions with Union Finance Minister Nirmala Sitharaman in New Delhi on 27 March 2026, outlining key priorities for the sector amid evolving global dynamics.
The delegation was led by Kirit Bhansali, Chairman, GJEPC, and included Vice Chairman Shaunak Parikh, Executive Director Sabyasachi Ray, and Director (Policy) K.K. Duggal.
A major point of focus was the potential expansion of Special Notified Zones (SNZs). The Council highlighted how ongoing geopolitical tensions in the Gulf region could present India with an opportunity to position itself as a reliable hub for diamond and gold trade, drawing activity away from established centres like Dubai and Antwerp.
To support this shift, the delegation proposed enabling the temporary movement of jewellery and diamond inventories into India through Customs Bonded Warehouses, which could help streamline trade operations and reduce logistical challenges.
The meeting also addressed broader concerns such as disruptions in global trade flows, exporter constraints, and the need for policy interventions. The Council emphasised the importance of measures that enhance competitiveness, simplify regulatory processes, and encourage both domestic and international investment in the sector’s infrastructure.