New Delhi, Apr 26 (KNN) In a significant development for the Indian gem and jewellery industry, the Authorized Economic Operator (AEO) status has been extended to the sector.

This breakthrough follows efforts by the Gem & Jewellery Export Promotion Council (GJEPC) in collaboration with the Ministry of Finance.

The AEO program, introduced as a pilot project in 2011, is a crucial part of the broader ease of doing business initiative, aimed at simplifying export operations and reducing time and cost for exporters.

Despite its benefits, the gem and jewellery sector was initially denied participation in the AEO program.

However, the Ministry of Finance has communicated that units within the sector are now eligible to apply for participation in the AEO program, enabling them to avail the associated benefits.

The GJEPC also conducted an informative Outreach Program focused on obtaining Authorized Economic Operator (AEO) status.

The event brought together industry stakeholders eager to enhance international trade operations, strengthen supply chain security, and improve global competitiveness.

The response has been encouraging, with 20 companies having already applied for AEO status.

Among these applications, Asian Star, a premier diamond and diamond jewellery manufacturer, has become the first in the Indian gem and jewellery industry to be granted AEO status, marking a significant milestone.

The GJEPC has expressed its gratitude to the Government, particularly the Ministry of Finance, for considering the council's request and bringing the gem and jewellery industry under the purview of the AEO program.

This development is expected to provide a substantial boost to the sector, facilitating smoother trade operations and enhancing its global competitiveness.

(KNN Bureau)