National News
GJEPC Chairman Takes Bold Stance On Recent Hike In Gold Import Duty and Agri Cess
Council Proposes Lower Caratage Jewellery, Revival Of Gold Monetisation Scheme, and Export Incentives While Cautioning Against The Long-Term Impact Of Higher Import Duties
The Gem & Jewellery Export Promotion Council (GJEPC) acknowledges the Government’s decision to raise gold import duty to 10% from 5% and Agri cess to 5% from 1%. As an industry, we remain committed to the spirit of ‘Nation First’ echoed by Honourable Prime Minister Shri Narendra Modi.
In response to his call, GJEPC convened a meeting yesterday with major retailers and manufacturers. We have written to the Prime Minister outlining proactive measures from our members to curb gold imports and bolster self-reliance:
• Promote sales of lower caratage jewellery (e.g., 14K and 9K) to reduce imports by 20-30%
• Encourage consumers to exchange old gold for new jewellery making, further decreasing import dependence
• Revamp the Gold Monetisation Scheme (GMS) to tap India’s 25,000 tonnes of grandfather stock
• Discourage investment in gold bars, billets, and coins, which account for 20-30% of total imports
• Provide special policy framework for gold jewellery exporters to earn precious foreign exchange amid economic challenges
We are submitting a detailed paper on revitalizing GMS for the Government’s consideration.
That said, GJEPC’s consistent position is that hiking import duties rarely curbs gold imports—it merely inflates prices. Despite gold prices doubling recently, imports have not declined proportionally. Such measures often fuel smuggling and escalate export costs.
Exporters now face Bank Guarantees of Rs. 28-30 lakhs per kg of duty-free gold from Nominated Agencies, severely blocking working capital and stifling exports.
The most severe impact of this policy will be felt by MSME manufacturers, who are the “backbone” of the industry, accounting for 80% of GJEPC’s membership, and who are currently facing a critical liquidity crunch.
GJEPC urges the Government to engage in dialogue for sustainable solutions that align fiscal goals with export growth.
National News
India Hosts Kimberley Process Intersessional Meeting 2026 In Mumbai
Kimberley Process Meeting Focuses On Monitoring, Compliance and Sustainable Diamond Trade
The Kimberley Process Intersessional Meeting 2026 commenced in Mumbai under India’s Chairship. The meeting, being held from May 11 to May 14, 2026, has brought together representatives from Kimberley Process Participants, Observers, and industry stakeholders from across the world to deliberate on key issues related to the global trade in natural diamonds.
Addressing the gathering, KP Chair 2026, Suchindra Misra, stated that the Kimberley Process has played an important role in supporting peace, protecting livelihoods, and strengthening legitimate diamond trade across producing nations. He emphasised the need to further strengthen trust in the system, enhance cooperation among participants, and ensure that the Kimberley Process remains relevant and effective in a changing global environment.
He also highlighted that natural diamonds represent a sustainable product and that the Kimberley Process continues to remain one of the most progressive certification systems globally.

The Intersessional Meeting will include discussions and meetings of various Working Groups and Committees over the coming days. The deliberations will focus on implementation of the Kimberley Process Certification Scheme (KPCS), monitoring and compliance mechanisms, artisanal and alluvial diamond production, statistics, and measures aimed at strengthening trust in the natural diamond value chain. The proceedings of the Intersessional Meeting will continue till May 14, 2026.
The meeting is also expected to provide an opportunity for Participants and Observers to exchange views on emerging challenges and collaborative approaches for enhancing consumer confidence in ethically sourced natural diamonds.
Senior officials of the Department of Commerce, Government of India, representatives from Kimberley Process Participants, members of the World Diamond Council, Civil Society Coalition members, and other stakeholders are participating in the Intersessional Meeting.
Quote attributed to Kirit Bhansali, Chairman, GJEPC :

“India today stands at the heart of the global natural diamond industry, not only as the world’s largest cutting and polishing center, but also as one of the fastest-growing diamond jewellery markets globally. As an industry, we remain committed to strengthening consumer confidence, promoting transparency, and working together with global stakeholders to ensure that natural diamonds continue to remain a symbol of trust, aspiration, and shared prosperity across the world.
GJEPC, as co-organizer of the Intersessional under India’s Kimberley Process Chairship, is pleased to support this important global platform that will help strengthen confidence, enhance compliance, and reinforce the credibility of the global diamond ecosystem.”
India’s Chairship theme for 2026 focuses on the 3Cs — credibility, compliance, and consumer confidence in the natural diamond sector, with emphasis on strengthening the future of responsibly sourced natural diamonds through constructive dialogue and international collaboration.
The Kimberley Process Certification Scheme (KPCS), established pursuant to the United Nations General Assembly Resolution 55/56 (2000), is an international initiative aimed at preventing the flow of conflict diamonds into the legitimate diamond trade. At present, the Kimberley Process has 60 Participants representing 86 countries, with the European Union and its Member States participating as a single bloc.
India assumed the Chairship of the Kimberley Process on January 1, 2026, reaffirming its commitment to strengthening responsible sourcing, transparency, and sustainability in the global diamond sector. As one of the world’s leading centres for diamond cutting and polishing, India continues to play an important role in advancing the objectives of the Kimberley Process.
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