Introduction: The Ministry of Finance (MoF) has granted the Authorised Economic Operator (AEO) status to the gem and jewellery sector. This initiative, originally a pilot project launched by the Customs Department in 2011, aims to enhance ease of doing business, save time, and reduce costs for export-oriented industries.
Key Developments:
- Advocacy by GJEPC: The Gem and Jewellery Export Promotion Council (GJEPC) advocated for the inclusion of the gem and jewellery sector in the AEO program.
- First Recipient: Of the 20 companies that applied for AEO status, Asian Star, a leading diamond and diamond jewellery manufacturer, became the first recipient in the Indian gem and jewellery industry.
About the AEO Program:
- Origin: The AEO program is part of the World Customs Organisation (WCO) SAFE Framework of Standards, designed to secure and facilitate global trade.
- Objectives: The program aims to enhance international supply chain security and promote legitimate trade.
- Recognition and Benefits: Entities compliant with supply chain security standards are recognized and granted AEO status, receiving various benefits in international trade.
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