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Business EconomyPosted at: Oct 1 2023 6:11PM


G7 delegation concludes India diamond industry visit

Mumbai, Oct 1 (UNI) A high-level G7 delegation, comprising members from the US State Department, US Department of Treasury, European Commission, Prime Minister’s Office of Belgium, Foreign Trade Department of Belgium and the Japan Embassy in India, visited Mumbai and Surat to learn more about the Indian gem and jewellery industry.
The purpose of delegation's visit was to explore ways of helping it meet G7 sanctions requirements with minimal or no disruption to the sector.
The G7 delegation met Indian trade members, represented by the Gem & Jewellery Export Promotion Council (GJEPC) and the Bharat Diamond Bourse (BDB), a press release said here on Sunday.
The G7 delegation expressed their intent to gain insights into the industry’s ground realities and identify potential approaches to sanctions compliance and implementation.
For this, the delegates visited the Mumbai Diamond Merchants’ Association (MDMA) to understand the ground realities of the small-scale diamond traders in India. They also had a fair understanding of the Customs procedures followed during a visit to Precious Cargo Customs Clearance Centre (PCCCC) and got valuable insights into the trading and cross-border shipment ecosystem through their interaction with Customs.
The G7 delegation also travelled to Surat, where they visited both large, medium and micro diamond
processing units, the state-of-the-art Surat Diamond Bourse, and met with local SME associations, workers’ representatives and artisan union leaders to understand the trading and manufacturing processes.
The team also met with Ministry of Commerce officials along with leaders of trade, where the way forward was discussed and both sides expressed commitment to find practical solutions in future.
They also visited the GIA laboratory at Mumbai and jewellery manufacturers at SEEPZ Special Economic Zone, the release added.
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