Gem and Jewellery Sector Granted AEO Status by Indian Government

The Gem & Jewellery Export Promotion Council (GJEPC) announces a significant milestone for India’s Gem and Jewellery (GJ) industry as it receives Authorized Economic Operator (AEO) status from the Ministry of Finance. This status, previously denied, now facilitates smoother export-import processes, reduces cargo release times, and lowers bank guarantees by 50%, aiming to enhance ease of doing business.

Efforts Pay Off: GJEPC Advocacy Leads to Inclusion

Background: Initially excluded from the AEO program, the GJEPC’s persistent engagement with relevant Ministries successfully advocates for the gem and jewellery industry’s inclusion. The Ministry of Finance now extends eligibility for AEO participation to units within the sector, enabling them to capitalize on associated benefits.

Industry Response: Proactive Engagement and Application Surge

Industry Engagement: In response to the new opportunity, the GJEPC conducts an informative Outreach Program focused on obtaining AEO status. This event, held on March 18, 2024, sees active participation from stakeholders eager to enhance international trade operations, strengthen supply chain security, and improve global competitiveness.

Application Surge: Encouragingly, 20 companies swiftly apply for AEO status following the Outreach Program. Asian Star emerges as the pioneer, being granted AEO Status, thereby becoming the first in the Indian gem and jewellery industry to receive the certificate.

Expressing Gratitude: GJEPC Thanks Government for Collaboration

Acknowledgment: The GJEPC expresses gratitude to the Government, particularly the Ministry of Finance, for considering their request and bringing the gem and jewellery industry under the purview of the AEO program. This collaborative effort marks a significant step towards streamlining trade operations and fostering industry growth.