National News

A Milestone achieved By GJEPC with the Inauguration of the Hand Carriage facilitation centre at Mumbai Airport!

The Gem & Jewellery Export Promotion Council (GJEPC), in collaboration with Mumbai Customs, formally inaugurated the Jewellery Hand Carriage Facilitation Centre at Chhatrapati Shivaji Maharaj International Airport (CSMIA), Terminal 2.

Published

8 months ago

July 16, 2025

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The state-of-the-art centre is now fully operational and offers round-the-clock export facilitation for hand-carried consignments, marking a significant milestone for the Indian gem and jewellery industry.

The inauguration ceremony was graced by several senior dignitaries and key stakeholders. Surjit Bhujbal, Member (Customs), CBIC, led the official opening in the esteemed presence of Prachi Saroop, Principal Chief Commissioner of Customs (Mumbai Zone), Alok Jha, Principal Commissioner, Dnyaneshwar Patil, Development Commissioner, SEEPZ, and several senior customs officials.

From the trade side, the GJEPC leadership team participated in full strength, including Kirit Bhansali, Chairman, Shaunak Parikh, Vice Chairman, Khushboo Ranawat, Regional Chairman (West), Ajesh Mehta, Convener, Diamond Panel, Sabyasachi Ray, Executive Director, Mehul Shah, Vice President, Bharat Diamond Bourse (BDB), and other prominent industry representatives.

The newly inaugurated centre is expected to greatly enhance the ease of doing business for exporters by simplifying and expediting the process of hand-carrying jewellery for international trade, exhibitions, and client meetings. Operating 24×7, it provides seamless customs clearance support and infrastructure for exporters, significantly reducing turnaround time and enhancing compliance through a dedicated facility.

The Hand Carriage Facilitation Centre is strategically located at Terminal 2 of Mumbai’s international airport—a key hub for international trade and travel—and is poised to handle significant volumes of high-value consignments with efficiency, security, and professionalism.

This development aligns with GJEPC’s ongoing efforts to create robust export infrastructure, reduce procedural barriers, and support India’s growth as a global hub for gems and jewellery.

National News

Outstanding gold-backed loans surge by 128% from a year earlier

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8 hours ago

February 28, 2026

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India’s appetite for borrowing against gold is reshaping the country’s credit landscape. Outstanding gold-backed loans have surged 128% from a year earlier, crossing Rs.4 lakh crore ($48 billion) for the first time, according to data from the Reserve Bank of India. As of Jan. 31, loans secured by gold jewellery stood at Rs.4,00,517 crore, marking one of the fastest expansions in retail credit in recent years.

The boom in gold loans has helped propel overall non-food bank credit growth to 14.4% year-on-year. Personal loans now account for 34.5% of total bank lending, outpacing other segments and underscoring a broader shift toward consumer-driven credit expansion

Gold loans alone contributed roughly 9% of incremental bank credit during the period. Between January 2024 and January 2026, outstanding gold-backed credit rose by nearly Rs.3.1 lakh crore—an increase of about 338% over two years—more than quadrupling the size of the portfolio.

Two factors are driving the surge. First, gold prices have climbed roughly 152% over the past two years, increasing the collateral value of household holdings. Second, regulatory guidance requiring banks to classify loans secured by gold explicitly as gold loans has sharpened reporting and accelerated balance-sheet growth in the segment.

The trend highlights a distinctive feature of India’s financial system: households’ vast stock of physical gold, long viewed primarily as a store of wealth, is increasingly being mobilized as collateral for formal credit.

While personal lending and credit to nonbank financial companies within the services sector continue to expand rapidly, industrial credit remains uneven. Loans to micro, small and medium enterprises are growing steadily, but borrowing by large corporations has stayed relatively muted.

Since March 21, 2025, banks have added Rs.21.8 lakh crore to their non-food loan books, translating into 12% growth for the financial year to date. Yet it is gold—rather than factories or infrastructure—that is emerging as one of the most dynamic engines of India’s current credit cycle.