The Maharashtra government has announced plans to provide special incentives for the gem and jewellery industry, focusing on promoting ‘smart jewellery manufacturing’.
This initiative is part of the state’s upcoming industrial policy, set to be revealed in September.
According to a report in Diamond World, Dr. Harshdeep Kamble, Principal Secretary (Industries) of Maharashtra, disclosed that the government intends to allocate land for a large-scale exhibition and convention center in Mumbai.
This facility aims to provide a platform for the industry to showcase products to international buyers.
These announcements were made during the India International Jewellery Show Premiere, organized by the Gem and Jewellery Export Promotion Council (GJEPC).
Concurrently, the Central government has introduced the Diamond Imprest Licence, a measure designed to benefit MSME exporters in the diamond sector.
This new policy allows Indian diamond exporters who meet certain export turnover criteria to import at least 5% of their average export turnover from the previous three years.
Per the report, the Diamond Imprest Licence is expected to create a more level playing field for smaller Indian diamond exporters, bringing them closer to par with larger industry players.
Additionally, this move aims to curb the trend of Indian diamantaires shifting investments to diamond mining destinations. It is anticipated that more employment opportunities will be generated in diamond sorting and semi-finished diamond processing.
The report stated these combined efforts from the state and central governments signal a concerted push to strengthen India’s position in the global gem and jewellery market, with a particular emphasis on supporting smaller businesses and fostering innovation in the sector.
