Surat, Aug 21 (KNN) Gold should be offered to exporters in small denominations to make it easier for Micro, Small and Medium Enterprises (MSMEs) to procure the required quantities for their small orders, said Dinesh Navadiya, Gems and Jewellery Export Promotion Council’s (GJEPC) Regional Chairman, Gujarat.

He was speaking at a meeting with Diamond India Limited (DIL) to discuss measures that could be taken to make gold more easily available to jewellery exporters in key manufacturing centres across Gujarat.

Giving a background, Navadiya provided information on the requirements at the local level and challenges being faced by members in dealing with banks or other agencies situated in other cities.

Dealing Manger, DIL, Surya Naryan Singh, then explained to the trade members the procedural and operational aspects of procuring gold for jewellery exports from DIL.

 He provided information about the time period, procedure, documentation, commercial proposal, release of deposit, partial use of gold procured for export etc.

He promised to discuss the suggestion of making gold for export orders of jewellery available in smaller denominations with the senior management.

Clarifying that at present IGST is applicable on gold procured from DIL even for exports, he said that the organisation is hopeful of getting this issue resolved and confident that they will be able to offer gold for exporters without additional IGST quite soon.

DIL also expressed its willingness to maintain minimum amounts of gold for exporters in Surat, and said that this could begin in a few months once a feasibility study to assess local requirements is completed.

The President of Surat Jewellers Manufacturing Association Jayanti Savaliya assured DIL that there would be orders from Surat jewellers and appealed to members of the association to complete the one-time registration with Customs and registration with DIL at earliest.