GJEPC commits to address G7 concerns regarding sanction compliance

A G7 delegation visited Mumbai and Surat last week to learn more about the Indian gem and jewellery industry and to explore ways of helping the industry meet G7 sanctions requirements with minimal or no disruption to the sector, the Gem & Jewellery Export Promotion Council (GJEPC) said in a statement.

A G7 delegation visited Mumbai and Surat last week to learn more about the Indian gem and jewellery industry and to explore ways of helping the industry meet G7 sanctions requirements with minimal or no disruption to the sector, the Gem & Jewellery Export Promotion Council (GJEPC) said in a statement.

The delegation comprised members from the U.S. State Department, U.S. Department of Treasury, the European Commission, the Prime Minister’s office of Belgium, the Foreign Trade Department of Belgium, and the Japan Embassy in India.

The G7 delegation met Indian trade members, represented by GJEPC and the Bharat Diamond Bourse (BDB), in Mumbai and the Surat Diamond Bourse in Gujarat.

“The G7 delegation expressed their intent to gain insights into the industry’s ground realities and identify potential approaches to sanctions compliance and implementation. In response, GJEPC reaffirmed its commitment to facilitating cooperation to address the G7’s concerns with regards to industry compliance,” GJEPC said in the statement.

“The delegates understood the ground realities of the small-scale diamond traders in India from their visit to the Mumbai Diamond Merchants’ Association (MDMA). The delegates also had a fair understanding of the Customs procedures followed during a visit to the Precious Cargo Customs Clearance Centre (PCCCC) and got valuable insights into the trading and cross-border shipment ecosystem through their interaction with Customs,” the statement added.

In Surat, the delegation visited both large, medium and micro diamond processing units and met with local SME associations, workers’ representatives and artisan union leaders to understand the trading and manufacturing processes.

“The team also had a very productive meeting with Ministry of Commerce officials on 29th September along with leaders of trade where the way forward was discussed and both sides committed to find practical solutions in future,” the statement added.