Jewellers seek preferential treatment in US

Indian gem and jewellery exporters on Monday expressed their concern over the need to restore the general sales preference ( GSP) on jewellery articles exported to the US that led to the drop in gemand jewellery exports from $ 2.3 billion in 2007 to $ 1.5 billion in 2013, while the US assistant secretary, bureau of economic and business affairs Charles Rivkin wanted India to emphasise on transparent supply chain and responsible sourcing as these are the two key concerns of the US government at a meeting between the two sides in Mumbai on Monday.

Mr Vipul Shah, chairman GJEPC stated, “Currently, import of jewellery from India attracts duty between 5.5 per cent — 5.8 per cent and jewellery exports have witnessed a sharp decline from $ 2.3 billion in 2007 to $ 1.5 billion in 2013 due to the withdrawal of GSP benefits extended to India by the US. If GSP is restored this would help boost India’s gem & jewellery exports to the US”. He added, “GJEPC ensures all diamond manufacturers observe strict Kimberley Process Certification Scheme ( KPCS) compliance while sourcing the roughs.” The trade members emphasised that the US retailers should incentivise the Indian industry for being members of the US’ Responsible Jewellery Council to achieve the highest level of compliance. They also insisted on fairplay in calling for standards in terms of Indian manufacturers vis a vis jewellery manufacturers from other countries.