Mumbai, Aug 19 (PTI) Gems and jewellery industry body GJEPC on Wednesday said that the government has called for constituting a special group, which will include both customs and banking officials, to resolve issues faced by the industry.

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In a virtual review meeting on Tuesday, Finance Minister Nirmala Sitharaman called for the formation of a special group to resolve all issues related to the gem and jewellery sector, the Gem and Jewellery Export Promotion Council (GJEPC) said in a statement.

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The minister assured the GJEPC that if the industry does not get a satisfactory reply from this body then the matter should be referred to the ministry, the statement said.

“The exports of the gem and jewellery sector is witnessing some signs of recovery. We are hopeful that the market will recover soon as exports to the US, Europe and China have commenced. We are thankful to the finance minister for the special group formation under Member customs.

"This would help address the sectoral concerns and resolve trade related bottlenecks. It's an important step towards attaining ease of doing business,” GJEPC chairman Colin Shah said.

The various issues represented by GJPEC during the meeting included reduction of polished import duty to 2.5 per cent from the current 7.5 per cent, clarification on Online Equalisation Levy for B2B International Diamond Auctions, Reverse Job work in SEZ, GST related concerns among others.

The Reverse Job work in SEZ is not allowed currently, however, the officials have assured the industry that discussions are on between the Department of Commerce and Department of Revenue, Shah added.

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