Kirit Bhansali states that extending duty-free import of Lab-grown Diamond (LGD) seeds and Sawn Diamonds till March 2028 is a timely and practical step
Emphasising that the Union Budget 2026-27 addresses key bottlenecks, Kirit Bhansali, Chairman, Gem And Jewellery Export Promotion Council (GJEPC) stated that the removal of the Rs 10 lakh cap on courier exports is a big boost for ecommerce, enabling micro, small and medium enterprises (MSMEs), artisans and small jewellery brands to reach global buyers directly.
Bhansali noted that filing the Bill of Entry in advance for trusted importers will enable immediate clearance of goods on arrival, reducing waiting time at ports, speeding up deliveries and lowering logistics costs for exporters and manufacturers.
“With MSMEs forming over 80 per cent of our industry, measures such as the Rs 10,000 crore SME Growth Fund, Rs 2,000 crore support for micro units and Rs 7,00,000 crore liquidity through TReDS, along with stronger banks, restructuring NBFCs will ease credit and drive expansion. Extending the duty deferment period for Authorised Economic Operators (AEOs) from 15 to 30 days and offering similar benefits to eligible manufacturers will improve cash flow, reduce compliance burden and enable faster, helping exporters move goods quicker and operate with greater ease,” Kirit Bhansali, Chairman, GJEPC, said in a statement.
The chairman pointed out that extending duty-free import of Lab-grown Diamond (LGD) seeds and Sawn Diamonds till March 2028 is a timely and practical step. It keeps input costs low, supports production and exports and safeguards a fast-growing segment where India already leads globally, helping secure the future of our industry, he noted.
“Setting up a new National Institute of Design will strengthen design talent and innovation in the country. For the gems and jewellery sector, this means better product development, contemporary styling and stronger branding, helping Indian manufacturers move up the value chain and compete more effectively in global markets,” Bhansali highlighted.
GJEPC has welcomed the Union Budget’s customs reforms, recommended for adoption. Trust-based processes, digital appraisals and simplified clearances will slash delays and costs, accelerating business growth.
