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Commerce Ministry to take up credit needs of Gems and Jewellery biz with the banking sector at high level meeting in Mumbai on May 11

Commerce Minister Suresh Prabhu will discuss the credit-related issues of gems and jewellery exporters with bankers in Mumbai on May eleventh.

The Gem and Jewellery Export Promotion Council (GJEPC) is organizing a banking summit in the maximum city to discuss credit-related matters.

The industry has been urging bankers not to reduce their current credit limits as this would hamper and erode exports and employment creation.

"We want to address their problem. It's a genuine problem. They are facing lot of challenges. We will tell banks to come out with a foolproof system but do not deprive the sector of credit," Prabhu said.

The meeting assumes significance as the Reserve Bank in March banned issuance of letters of undertaking (LoUs) and letters of comfort (LoCs), used extensively for trade finance, following the Nirav Modi fraud case.

Commerce Secretary Rita Teaotia, Financial Services Secretary Rajiv Kumar and SBI Chairman Rajnish Kumar would participate in the deliberations, among other government, industry and bank officials.

The country's gems and jewellery exports contracted by 8 per cent to about 32.72 billion US Dollars in 2017-18. Main export destinations are the US, Europe, Japan and China. America accounts for about one-fourth of the country's total gems and jewellery exports. The labor-intensive sector contributes about 14 per cent to the country's overall export.


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