Govt, banks to talk gems & jewel exporters' credit woes

The Gem & Jewellery Export Promotion Council (GJEPC) is organising 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.

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 in 2017-18. Main export destinations are the US, Europe, Japan and China.