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Will look into concerns of jewellery industry over GST, says Maharashtra CM

Monday, March 20, 2017
By A Business Reporter

Maharashtra Chief Minister Devendra Fadnavis has said he will talk to Union Finance Minister to look into the concerns of the gems and jewellery industry about the proposed GST. "The gems and jewellery industry not only earns foreign exchange for the country but also generates employment opportunities. We understand the concerns of the industry over the proposed GST (good and services tax)," Fadnavis said at the 43rd India Gems and Jewellery Awards 2016 in Mumbai last week.

"The industry faces global competition and the profit margin is slim. So if the capital is blocked, the interest goes up," he said. "I promise the industry that I along with Gujarat Chief Minister will talk to FM Arun Jaitley and try to convince him about the need to help the sector," he said. "We are in an era of ease of business, so we will try to find a solution in this regard," he further said.

The chief minister said the gems and jewellery industry has given an identity to Mumbai, and the state government will work together with the sector to boost it. "We will find a suitable land for the industry to set up an exhibition centre and a gems and jewellery park in Mumbai or its vicinity," Fadnavis said. He said the state will consider a proposal from the industry to set up a gems and jewellery university.

Praveenshankar Pandya, Chairman, GJEPC, said, “In the golden jubilee year of GJEPC, the India Gem and Jewellery Awards 2016 are more special than ever before. The emphasis is on 360-degree excellence by going beyond turnover and evaluating performance based on all-round excellence, ensuring transparency through third party assessment and incorporating awards in new categories. IGJA, which is the oldest awards scheme in the gem and jewellery industry, has stayed relevant and popular for more than four decades.”

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