The Gem & Jewellery Export Promotion Council (GJEPC) announced that it has received an Authorised Economic Operator (AEO) status from the finance ministry.

• This status, previously denied, now allows for more efficient export-import processes, quicker cargo release periods, 50% lower bank guarantees than non-AEO firms, and quicker processing of customs, central excise, and service tax cases.
• The Ministry of Finance has communicated that units within the gem and jewellery industry are now eligible to apply for participation in the AEO program, thereby enabling them to avail associated benefits.