Welcoming the Government’s recent decision to impose restrictions on gold imports, The All India Gem and Jewellery Domestic Council (GJC) said the strategic move aimed at strengthening the Indian jewellery industry. The Government has recently imposed new restrictions on gold imports, specifically targeting the import of gold jewellery from ASEAN and South East Asia. Saiyam Mehra, Chairman of GJC, highlighted the significant disparity between bullion and jewellery imports, stating, “Now, the restriction will stop imports and enable jewellery retailers to manufacture all gold ornaments locally.”

 

The previous practice of importing ornaments for melting in local refineries and selling bullion for higher profits due to duty differentials has raised concerns within the industry. This practice not only affects domestic revenue but also poses a significant threat to the livelihoods of 70-80 lakh (7-8 million) local artisans. Rajesh Rokde, Vice Chairman of the GJC, added, “Now, Indian jewellers can import gold jewellery only through the UAE under the CEPA agreement after paying the required import duty.” These measures are expected to bolster the growth of the Indian jewellery industry, empowering local manufacturers to produce a wide range of gold ornaments domestically. By reducing reliance on imports, the Government aims to create a favourable environment for the development of local artisans and safeguard their employment opportunities.

 

All India Gem and Jewellery Domestic Council (GJC) represents lakhs of trade constituents comprising manufacturers, wholesalers, retailers, distributors, laboratories, gemmologists, designers and allied services to the domestic gems & jewellery industry. The council functions with the objective to address the industry, its functioning, and its cause with a 360 degree approach to promote and progress its growth, while protecting the industry’s interests. All India Gem and Jewellery Domestic Council, for the last 15 years, has been serving as a bridge between the government and the trade by undertaking various initiatives on behalf of and for the industry.