Sunday, May 19, 2024
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Gem & Jewellery Sector Granted Authorized Economic Operator (AEO) Status

In a significant development for the gem and jewellery sector, the Gem & Jewellery Export Promotion Council (GJEPC) has announced the attainment of Authorized Economic Operator (AEO) status. This achievement, a result of extensive collaboration between the GJEPC and the Ministry of Finance, marks a pivotal milestone for the industry.

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The AEO program, initially introduced as a pilot project in 2011 through Circular No. 37/2011 – Customs dated 23rd August, has proven instrumental in streamlining export operations across various sectors, leading to notable time and cost savings for exporters. However, despite its evident benefits, the gem & jewellery sector had been excluded from participation in the AEO program.

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Through proactive engagement and advocacy efforts, the GJEPC successfully lobbied for the inclusion of the gem and jewellery industry in the AEO program. As a result, the Ministry of Finance has now extended the opportunity for units within the sector to apply for AEO status, thereby enabling them to access associated benefits.

In response to this significant development, the GJEPC organized an informative Outreach Program on March 18, 2024, at the Bharat Diamond Bourse. The event was designed to educate industry stakeholders on obtaining AEO status, with a particular emphasis on enhancing international trade operations, strengthening supply chain security, and bolstering global competitiveness.

Encouragingly, 20 companies have already applied for AEO status, with Asian Star, a prominent diamond and diamond jewellery manufacturer, emerging as the first in the Indian gem and jewellery industry to receive the certificate.

The GJEPC extends its gratitude to the Government, particularly the Ministry of Finance, for heeding the council’s request and bringing the gem and jewellery industry within the purview of the AEO program. This milestone not only enhances the industry’s standing but also reinforces India’s position as a global leader in gem and jewellery trade.

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