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Union Budget FY 2025-26

GJEPC welcomes new Export Promotion Mission, National Manufacturing Mission & the National Centres of Excellence Skilling
Budget Reaction by Mr. Vipul Shah, Chairman, GJEPC

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“Union Budget presented by Hon. Finance Minister Smt. Nirmala Sitharaman puts India in the growth path to Viksit Bharat. The Budget reforms will help to realise India’s domestic growth potential and unveil a new trade roadmap to navigate global uncertainties.

GJEPC welcomes the recognition of exports as the 4th engine of growth and the new Export Promotion Mission with sectoral and ministerial targets, driven jointly by Union Commerce, Finance & MSME Ministries. This will facilitate easy access to export credit cross border and factor support to MSMEs to tackle non-tariff barriers in exports. GJEPC welcomes the digital public infrastructure, ‘BharatTradeNet’ (BTN) for international trade to be set-up as a unified platform for trade documentation and financing solutions.

GJEPC further welcomes the proposal of creating of new tariff items in Chapter 71 so as to distinguish precious metals – containing 99.9% or more by weight of silver, containing 99.5% or more by weight of gold, containing 99% or more by weight of platinum under headings 7106, 7108 and 7110 respectively. This move aligns with the representation made by GJEPC for addressing the issue of classification of alloys of Platinum (pre-dominantly containing gold), which was invariably leading to claim of unwarranted customs duty exemptions for import of Platinum under India-UAE CEPA .

Gem & Jewellery sector comprises of 85%-90% of MSMEs. The revision in classification criteria of MSMEs especially with those with turnover from Rs. 250 crore to Rs. 500 crore will help them achieve higher efficiencies of scale, technological upgradation and better access to capital.  The extension of credit guarantee cover to MSMEs leading to additional credit of Rs. 1.5 lakh crore in the next 5 years will benefit and provide boost to the MSMEs in the sector.

The Government’s stable approach on duties and levies across gem & jewellery products will enhance ease of doing business. The Basic Customs duty rate has been reduced from 25% to 5% on platinum findings classified under 7113 will enable consumers to get a new product and increase affordable jewellery sales..

GJEPC welcomes the Government’s labour intensive focus enhancing productivity, quality manufacturing and global competitiveness. G & J industry is labour intensive with 5 million people employed in Exports. The announcement of National Manufacturing Mission & the National Centres of Excellence Skilling furthering ‘Make for India ‘Make for the World’ is positive and is set to have direct  benefit to the sector.

GJEPC welcomes income tax relief incentives to boost consumer demand. Overall, Union Budget presented by Hon. Finance Minister Smt. Nirmala Sitharaman puts India in the growth path to Viksit Bharat. The Budget reforms will help to realise India’s domestic growth potential and unveil a new trade roadmap to navigate global uncertainties.

GJEPC remains committed to collaborating with the Government of India to ensure the sector continues to contribute significantly to the nation’s economy. Council requests the issuance of FAQs on Safe Harbour Taxation. We seek Hon. FM’s support for co-funding global diamond promotion campaigns, the inclusion of jewellery parks in the harmonised infrastructure list, and an Infrastructure Support Fund to develop a Gem Bourse in Jaipur.

GJEPC urges the Government to align regulations with global benchmarks, to set up a policy that promotes exports, innovation, use of technology, and incentivises sustainable practices.

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National News

JYPL Season 8 : Beyond the Boundary: Business and Brotherhood at JYPL

Aarya 24KT Royal Rangers crowned champions; Auric All Stars bag runners-up spot

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Jewellery Youth Premier League (JYPL) Season 8 saw another edition concluding successfully- brimming with exciting cricket, a competitive spirit and bonhomie. Jewellery Youth Forum, organizers of JYPL, have truly been successful in achieving their objective: conducting this cricket league to connect the jewellery fraternity and create a networking platform to foster business and brotherhood. This annual event has become a cornerstone for connecting industry stakeholders, promoting healthy competition, and strengthening professional relationships.

After 41 well contested matches, Aarya 24KT Royal Rangers were crowned champions, beating Auric All Stars by 47 runs in the finals. JYPL Season 8 was conducted from March 5-9, 2025 at Central Railway Ground, Parel, Mumbai. The exciting tournament saw  20 teams comprising 260 players (all owners representing the jewellery industry) and  300+ companies associated with the industry. Over 2500 attendees caught the action at JYPL.

JYPL  was celebrated with pomp and splendour- the opening ceremony saw a grand marchpast with participating teams marching in with their team flags. The opening ceremony, oath taking ritual and other elements added to the event’s grandeur.The formal inauguration was done by Pramod Kumar Agrawal, Chairman – Derewala Industries along with Avinash Gupta, Vice Chairman – GJC. The Central Railway Ground provided an excellent venue for the tournament, accommodating the large number of participants and attendees.  The Jewellery Youth Forum’s meticulous organization ensured the smooth execution of the event, contributing to its overall success.

🏆 Award🏏 Player🔹 Team
Man of the Match (Final)Kashish ParmarAarya 24KT
Man of the SeriesKashish ParmarAarya 24KT
Best BatsmanHarshit JainSky Gold Risers
Best BowlerKrushant JainAuric All Stars
Best FielderKashish JainAuric All Stars

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Major Gold Reserves Unearthed in Odisha: A Game-Changer for India’s Mining Industry

Odisha’s Gold Discovery Sparks Optimism for Growth in the Mining Sector, with Plans for Large-Scale Auction Underway

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Odisha has emerged as a promising new hub for gold mining, following the discovery of vast gold reserves across several districts. Bibhuti Jena, the state’s Mines Minister, confirmed the exciting find and announced ongoing exploration efforts. The state is set to hold a large-scale auction of gold mining blocks in the near future to capitalize on this newfound potential.

Key districts such as Sundargarh, Nabarangpur, Keonjhar, and Deogarh have been identified as hotspots for the gold reserves. Exploration is also expanding to regions like Malkangiri, Sambalpur, and Boudh, with more discoveries anticipated. In Mayurbhanj, areas like Jashipur, Suriaguda, Ruaansi, Idelkucha, Maredihi, Suleipat, and Badampahad are under investigation for their mineral potential.

One of the most notable discoveries has been in Deogarh district, specifically in Adasa-Rampalli, an area where gold traces had been found earlier. The Geological Survey of India (GSI) is actively conducting G-2 level exploration in this region, revealing the possibility of multiple mineral resources, including copper.

Keonjhar district is also a key focus for gold exploration, with surveys being carried out in areas like Gopur-Gazipur, Mankadchuan, Saleikana, and Dimirimunda. These efforts form part of Odisha’s larger strategy to develop its mining industry and fully utilize its untapped mineral wealth. The state government is closely involved, and the upcoming auction of gold mining blocks in Deogarh is seen as a major step forward.

The exploration is being carefully monitored by state authorities, the GSI, and the Odisha Mining Corporation, with technical committees set to review the final exploration reports to assess the viability of commercial mining. Early findings suggest promising potential, and final results are expected by the end of 2025.

This discovery further solidifies Odisha’s reputation as a mineral-rich state, while positioning India as a key player on the global mining stage. If the reserves prove commercially viable, the gold deposits could provide a significant economic boost, drawing both domestic and international investments into the country’s mining sector.

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Surat diamond workers demand 30 per cent wage hike

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 As many as 5,000 diamond workers in Surat took to the streets to mark the start of an indefinite strike.Members of the Diamond Workers Union Gujurat (DWUG) are demanding a 30 per cent pay increase from employees, together with a package from the government of other measures aimed at helping businesses workers and their families.

Diamond workers in Surat have initiated strike action, demanding a 30% wage hike. They claim their wages have remained stagnant for over a decade.The diamond industry in Surat is experiencing a significant slowdown, leading to financial distress for many workers. Reports indicate that some workers have resorted to suicide due to these hardships.

Key Demands include wage increases,a government relief package formation of a welfare board and Financial support for the families of workers who have died by suicide.

Surat is a major center for diamond cutting and polishing, employing a large workforce.he slowdown in the diamond industry is having a large impact on the city.Workers have stated that they have previously given memorandums to the government, and felt that there has been a lack of action.

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