Recently, a delegation of diamond traders and representatives of the Indian Council for the Promotion of the Export of Gemstones and Jewelry (Gems and Jewelery Export Promotion Council, GJEPC) met with Finance Minister Arun Jaitley, demanding to soften a number of standards in the precious stones industry and jewelry.
However, the Minister of Finance did not give any guarantees with regard to changing the current scheme of 80:20 gold imports, according to which only specially authorized agencies can import gold, subject to the subsequent re-export of 20% of these supplies.
According to Vipul Shah, the chairman of GJEPC, "the Minister of Finance has not given any guarantees that the issue concerning the import of gold will be considered. He said that any changes would have an impact on the exchange rate of the rupee. So we have not yet managed to get a positive response from him on this issue. "