The Ministry of Finance Granted AEO Status to the Gem and Jewellery Sector This status allows for more efficient export-import processes, quicker cargo release periods, 50% lower bank guarantees than non-AEO firms, and quicker processing of customs, central excise, and service tax cases.
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The Gem & Jewellery Export Promotion Council (GJEPC) announced that it has received an Authorised Economic Operator (AEO) status from the finance ministry.
This status, previously denied, now allows for more efficient export-import processes, quicker cargo release periods, 50% lower bank guarantees than non-AEO firms, and quicker processing of customs, central excise, and service tax cases.
The Ministry of Finance has communicated that units within the gem and jewellery industry are now eligible to apply for participation in the AEO program, thereby enabling them to avail associated benefits.
In line with this development, the GJEPC recently conducted an informative outreach program focused on obtaining Authorized Economic Operator (AEO) status. The event, held on March 18, 2024, at the Bharat Diamond Bourse, brought together industry stakeholders eager to enhance international trade operations, strengthen supply chain security, and improve global competitiveness.
Encouragingly, 20 companies have already applied for AEO status. Based on these applications, as of now Asian Star, a premier diamond and diamond jewellery manufacturer, has been granted AEO status, making it the first in the Indian gem and jewellery industry to receive the certificate.
The Gem & Jewellery Export Promotion Council (GJEPC), set up by the Ministry of Commerce, Government of India (GoI) in 1966, is one of several Export Promotion Councils (EPCs) launched by the Indian Government to boost the country's export thrust when India's post-Independence economy began making forays into international markets.
Since 1998, the GJEPC has been granted autonomous status. The GJEPC claims that it is the apex body of the gems and jewellery industry and today represents 10,000+ members in the sector.
With headquarters in Mumbai, GJEPC has regional offices in New Delhi, Kolkata, Chennai, Surat, and Jaipur.
