The Gem and Jewelery Export Promotion Council (GJEPC) has entered into an agreement with the international consulting company Accenture in an effort to restore falling jewelry exports through special economic zones (Special Economic Zones, SEZ), according to the website www .retailjewellerIndia.com .
Accenture is involved in the analysis of SEZ policies and in the preparation of a detailed strategy and procedure for the restoration and revitalization of these structures.
According to GJEPC, gold jewelry from SEZ fell 28.78% to Rs 47.02 billion in the first fiscal quarter (April to June 2014). Over the same period last fiscal year, gold jewelry exports through SEZ amounted to 66.02 billion rupees. These data indicate that the bulk of exports are from domestic tariff zones (DTA), and SEZ has lost a huge portion of this business.
In the first fiscal quarter, gold jewelry exports from DTA jumped 173% to Rs 69.74 billion, while exports in the same period last year were only Rs. 25.53 billion.
Accenture will focus on the current export policies, labor laws and various aspects of taxation related to the activities of SEZ. The recommendations outlined in the company's report will be presented to the Indian government.
During the last presentation of the budget, the Minister of Finance stated that the new government intends to pay special attention to the development of trade through SEZ.