JB Insights
All India Gem and Jewellery Domestic Council -GJC
20 glorious years of dedicated leadership and service to the industry
An agent of transformation- that has been at that has been at the forefront of promoting, protecting, progressing the GJ trade and industry. Yes, we are talking about The All India Gem and Jewellery Domestic Council (GJC), the apex national trade federation representing the domestic gems and jewellery industry in India. Established in 2005, All India Gems & Jewellery Trade Federation (GJF) transitioned in 2018 to become the All India Gem and Jewellery Domestic Council (GJC). This change in name and structure was part of a broader effort to better represent and serve the domestic gem and jewellery industry in India. The GJC has been at the forefront in advancing the interests of manufacturers, wholesalers, retailers, artisans, and allied service providers across the value chain.
The GJC unites members with a shared vision to represent the jewellery trade on national issues, ensure smooth business operations, and uphold the highest professional standards. It keeps members informed through websites, newsletters, and updates on government regulations. By promoting the trade via national events, consumer exhibitions, and indigenous market development, GJC fosters growth and credibility through store certifications, educational initiatives, and research programs aimed at enhancing quality, standards, and professionalism in the gems and jewellery industry.
With members spread across every major jewellery hub, GJC serves as the unified voice of the industry, engaging with government bodies, policy makers, and trade stakeholders to create a sustainable, transparent, and progressive business environment. The GJC is built on the commitment of service-minded individuals dedicated to the progress of the GJ industry and to nurturing a deep sense of pride within it.
In its 20-year journey, the GJC has evolved from a representative trade body into a catalyst for transformation—protecting traditions, embracing innovation, and ensuring that India’s gems and jewellery industry continues to shine brightly on the global stage.
#ChairmenSpeak
Past and current GJC chairmen, whose selfless and invaluable contributions have propelled both the Council and the gems & jewellery industry to new heights, reflect on the significant achievements of their tenure and share their vision for the road ahead for GJC.
Shrikant Zaveri
Chairman 2005-2006
It has been both an honour and a privilege to serve as the first Chairperson of GJC. From witnessing its inception to seeing it evolve into a true powerhouse, GJC has become the guiding force for the gem and jewellery trade. I take great pride in the fact that GJC has consistently stood as the sole organisation representing the entire domestic industry, acting as a vital bridge between the trade and the government. I wholeheartedly urge every stakeholder to join GJC—not just as members, but as active contributors—so that together we can strengthen unity and drive collective progress.
Ashok Minawala
Chairman 2007-2008
Back in 2005, when the jewellery sector was confronted with the challenge of excise duty, the government declined permission for GJEPC to intervene in domestic matters. When we approached the government, we were told that the industry must be represented by a national body dedicated to domestic trade. And so, in March 2005, GJC was born.
Even before its formal establishment, we had successfully countered excise and gained recognition from the government. This organization was built on the thoughts and desires of hundreds of jewellers across the country who loved their industry and respected their artisans.
Today, as GJC proudly celebrates 20 landmark years, we, the founding members, feel deeply honoured and proud to have been part of this journey and founders of an organization that has three Ps in their motto. I do congratulate every member of this prestigious Council that has understood the true nature and character of what the finest industry body should be made of. Three cheers to all at GJC.
Bachraj Bamalwa
Chairman 2011-2012
As GJC marks 20 glorious years, I take immense pride in celebrating this milestone with our members and stakeholders. From humble beginnings to becoming the nation’s foremost trade body, GJC has consistently championed the principles of Protecting, Promoting and Progressing for the entire gem and jewellery fraternity. Over the years, it has safeguarded the interests of the industry, nurtured entrepreneurship, and created platforms for growth and unity. This success is the result of the dedication of our leaders, members and partners who believed in a collective vision. Together, we now look ahead to an even brighter future for our industry.
Dr. Vinod Hayagriv
Chairman 2009-2010
During my tenure, I recognized the need to connect meaningfully with the larger jewellery fraternity. I initiated a nationwide membership drive, travelling across 30 cities to meet jewellers from diverse backgrounds. This initiative was more than just about adding members—it was an opportunity to dispel negativity, especially among the next generation, and to instill optimism, hope, and pride in the gems and jewellery (GJ) industry.
Alongside industry outreach, I engaged with key policymakers, including finance ministers, consumer affairs ministers, and senior bureaucrats, to emphasize that the jewellery sector possesses both the intent and capability to organize itself, comply fully with the laws of the land, and contribute significantly to national economic growth.
The GJC is built on the commitment of service-minded individuals dedicated to the progress of the GJ industry and to nurturing a deep sense of pride within it. As GJC celebrates its 20th anniversary, I am certain its dedicated leadership will propel the GJ sector to greater heights.
Haresh Soni
Chairman 2013-2014
From being a founding member to serving as Chairman, my journey with GJC has been truly exciting, offering me the privilege to selflessly serve our industry.
During my tenure, I had the honor of launching Labham—a seminar on best business practices encompassing finance, banking, taxation, compliance, and more. It was not just a new initiative but a high-impact program that delivered tangible benefits to the trade.With over 250 episode being conducted across the country, Labham continues to receive tremendous response from trade and industry.
I extend my best wishes to Rajesh Rokdeji, Avinash Guptaji, and the entire GJC team. Under the current leadership, I am confident GJC will set new benchmarks and scale even greater heights. I remain committed to offering my continued support to GJC.
Nitin Khandelwal
Chairman 2017-2018
During my tenure, a defining milestone was the transition from GJF to GJC, which broadened the Council’s mandate and strengthened its representation of the gems and jewellery sector. This period also saw the introduction of Manthan and the launch of the highly successful PMI, my brainchild, which I had the honour of convening for nine consecutive years.
GJC’s scope of work is truly extraordinary—arguably unmatched by any other trade body in the world. From safeguarding the interests of artisans and MSMEs to offering legal and compliance guidance, and from organising large-scale trade shows to driving sector-wide growth, GJC has consistently championed the welfare and progress of the industry.
GJC is probably the world’s best organization devoted to protecting, promoting, and progressing the entire jewellery fraternity. It tirelessly works for the upliftment of every stakeholder across the value chain—wholesalers, retailers, manufacturers, exporters, and all allied segments—through an unparalleled range of programs and initiatives. GJC stands as the guardian, advocate, and growth engine for our industry.
G V Sreedhar
Chairman 2015-2016
I am proud to share that during my tenure, we successfully addressed several major challenges — from resolving the PAN Card issue to tackling Central Excise concerns, and taking the initiative for a special GST category for the Gems & Jewellery sector.
Over the past 20 years, GJC has been the unified voice of India’s Gems & Jewellery trade, serving the industry with dedication and commitment. I envision a future where GJC’s leadership continues to build a platform that enables India’s G&J sector to thrive as a globally respected, innovation-driven, and socially responsible industry.
N. Anantha Padmanabhan
Chairman 2019-2020
It was an honour to serve as Chairman of GJC during 2019–20, a period that shaped the Council and the industry. We announced the India Gem & Jewellery Show (GJS), GJC’s first mega B2B exhibition, and when COVID-19 disrupted plans, we quickly pivoted to launch GJS Virtual, ensuring continuity for trade networking. GJC also extended crucial CSR support to over 10,000 artisans and karigars, while strongly representing industry issues with the Government on import duty, hallmarking, and regulatory concerns.
Equally significant were our consistent policy advocacy efforts. GJC represented the industry’s pressing challenges to the Government, including the demand for reduction in import duty, addressing concerns on hallmarking, and various other regulatory issues that directly impacted the growth and ease of doing business in our sector.
Despite the unprecedented challenges, the years 2019 and 2020 marked some of GJC’s most crucial and defining moments, laying the groundwork for a stronger and more resilient industry in the years to come
Looking ahead, GJC remains committed to protecting, promoting, and progressing the domestic trade. With stronger leadership and deeper grassroots connect, several new initiatives are underway for manufacturers, retailers, exporters, and allied sectors. The road ahead must focus on uplifting artisans and karigars, the true backbone of our industry, by ensuring social security, better livelihoods, and opportunities for the next generation. A stronger, inclusive GJC will continue to drive India’s jewellery legacy forward.
Ashish Pethe
Chairman 2021-2022
During my tenure as Chairman, I had the opportunity to address several key industry issues, including Hallmarking and PMLA. In June 2021, when mandatory hallmarking for gold jewellery was introduced, I had the privilege of representing the industry on the advisory committee set up by the Ministry of Consumer Affairs.
I also consider myself fortunate that the first-ever edition of the Gem and Jewellery Show (GJS) – Hamara Apna Show – was launched during my chairmanship of GJC, at a time when the industry was navigating the challenging post-pandemic phase.
I take immense pride in the fact that GJC has consistently stood as the one organization representing the entire domestic gem and jewellery trade, serving as a vital bridge between the industry and the government.
Looking ahead, I envision GJC expanding its footprint deeper into the country, establishing its presence across every district. I hope it continues to drive innovative initiatives that further formalize the domestic jewellery industry, enabling it to grow into a Rs.10 lakh crore industry.
Saiyam Mehra
Chairman 2023-2024
As an Immediate Past Chairman of GJC, I’ve seen the tangible impact this council has on the grassroots of our industry. Be it navigating complex regulatory challenges, defending trade interests during turbulent times, or providing clarity during GST and hallmarking transitions GJC has stood firm for every jeweller across India. Our initiatives have created powerful platforms for networking, learning, and business growth. If you truly wish to protect, uplift, and future-proof your business, there is no better step than becoming a member of GJC- a body run by the industry, for the industry.
Rajesh Rokde
Chairman 2025-2026
GJC has, over the years, built a strong foundation by establishing hallmarking standards, facilitating GST clarity, promoting quality and ethical trade, and supporting skill development and legal frameworks for the industry.
Looking ahead, we are focused on streamlining the movement of goods with clear Standard Operating Procedures (SOPs), expanding Vigilance Committees nationwide, and strengthening our Women’s Wing to enhance leadership and representation. With these initiatives, GJC aims to drive greater transparency, accountability, and growth-adding lasting value to the gem and jewellery sector.
Avinash Gupta
Vice Chairman 2025-2026
At GJC, we believe in shaping the future of the gem and jewellery industry by being proactive, inclusive, and visionary. As Vice Chairman, I’ve witnessed how our council continuously works to bridge gaps across segments from karigars to retailers ensuring every voice is heard and every need addressed. With focused initiatives on digital transformation, retail empowerment, and youth engagement, we are making the industry future-ready. I urge every stakeholder in the jewellery ecosystem to become a part of GJC not just as members, but as active contributors to an industry that thrives on unity and collective progress.
All India Gem & Jewellery PROMOTING. PROTE Celebrating 20 glorious years of dedicated Domestic Council – GJC CTING. PROGRESSING.
GJC STRUCTURE
- Registered under Section 8, of the Company’s Act 2013.
- Committee of Administration (COA) consisting of 21 members & 2 Co-Opted Members
- 267 Zonal Committee Members (ZCM) and over 3100 members across India and affiliation with over 200 Associations/Federations
GJC Annual Meetings
- 6 of Directors Meet
- 2 Zonal Committee Members Meet
- 1 Annual General Meet
- Regional Meets conducted across India
Excise Duty rollback in 2005
GJC was founded with a clear vision to drive the industry’s growth across India. It led multi-city conferences and represented industry concerns to the Union Finance Minister, resulting in the successful rollback of the excise duty in 2005.
Excise Duty rollback in 2012
In 2012, Excise Duty was again implemented on the Gems & Jewellery Industry. GJC took this burning issue on top priority and represented it to the Government, resulting in rollback of Excise Duty.
Excise Duty in 2016.
In the Union Budget of 2016, excise duty was imposed on the gems and jewellery sector. GJC played a vital role in alleviating fears of an “Excise Raj” and worked closely with the government to promote ease of doing business. As a result, the government issued several circulars and notifications, accepting most of the trade’s demands ultimately keeping nearly 85% of the industry outside the scope of excise duty.
Pivotal role in abolishing 80:20 scheme
GJC played a pivotal role in the abolition of the 80:20 Gold Scheme, which was severely hampering the growth of the Gems & Jewellery industry. GJC organised multiple meetings with key stakeholders from the industry and the government to represent this concern.
Representing Concerns on Hallmarking
GJC has consistently represented the industry’s stance on hallmarking before the Ministry of Consumer Affairs and the Bureau of Indian Standards (BIS). Through regional meetings and ongoing dialogue, it continues to work closely with both bodies on policy formulation.
Pro-Active approach in Pre-Budget Recommendations
As an apex body of the Gems and Jewellery Industry, to safeguard the industry and its affiliates, GJC has been giving great importance to industry needs and demands. Since its inception it has been preparing pre-Budget recommendations every year, which is sent to various Ministries.
Protect the G&J Industry Against the Ambit of “Prevention of Money Laundering Act (PMLA)”:
Over the years, GJC has been a steadfast advocate for the Gems and Jewellery industry under the Prevention of Money Laundering Act (PMLA). Through its proactive representation, GJC has effectively safeguarded the industry by ensuring all its members are represented under a designated Nodal Officer, streamlining compliance and strengthening adherence to PMLA regulations.
CSR Activities
GJC also undertakes various CSR activities on behalf of the industry during natural calamities or crucial periods to help society such as the Nepal flood relief, Mumbai bomb blast victim fund, Kerala flood relief fund, COVID-19 relief fund, and free vaccination drives for karigars, etc.
Educating the Industry through Seminars and Meets
One of the prime objectives of GJC is to assist the industry in becoming more organised. To achieve this, GJC, since its inception, has held many seminars and meets on important subjects such as GST, Hallmarking, PMLA, Excise, Import Duty, Taxation, Compliance, etc., to protect the interests of the industry and share knowledge with the fraternity.
GST @3% for Gems and Jewellery Industry
GJC in a very short span, met Finance Minister, Revenue Secretary, members of GST council and more than 25 state Finance Ministers, and represented the concerns of higher GST which was proposed at 7% initially by the GST council. Through rigorous approach and discussion from GJC, Government implemented 3% GST for the Gems & Jewellery Industry. A separate slab of GST is only witnessed in the Jewellery Industry.
GJS INITIATIVES AND EVENTS
India Gem & Jewellery Show(GJS) – Humara Apna Show: The country’s most prestigious B2B jewellery exhibition. Explore the latest trends, engage with industry leaders, and unlock new business opportunities in an environment of unmatched scale and sophistication. Hosted in Mumbai, at GJS witness business, and excellence that defines the jewellery industry.
GJS Nite:GJS Nite is a prestigious evening event organized as part of the India Gem and Jewellery Show (GJS), a premier platform in the jewellery industry. This night is designed to bring together industry leaders, exhibitors, and visitors for a memorable evening filled with entertainment, networking, and celebration.
Lucky Lakshmi :GJC presents the Lucky Lakshmi festival, a unique B2C monumental event designed to revitalize the Indian jewellery industry and bring fortune to participants.
Preferred Manufacturer of India (PMI) The PMI programme is GJC’s exclusive B2B marketing platform for Manufacturers & Wholesalers, providing 360° solutions to participants by fulfilling several business objectives, including enhancement of the brand’s image and expansion of market share by establishing and reinforcing business relationships with prominent retailers of India. The platform enables businesses to focus on increasing profitability by offering them a competitive advantage, save time as well as reduce marketing and promotional costs. 3. Labham
Labham is an educational programme on Best Business Practices and Compliance tailor made for the jewellers. Labham helps define business strategies in numerous ways as it provides an overview of Finance, Banking, Accounting, Direct/ Indirect Taxation, Regulatory Compliance, Operations Management, Standardization, Certification, etc. 4. National Jewellery Awards (NJA)
National Jewellery Awards: NJA is one of country’s most prestigious award that honors the work of designers and manufacturers in various categories such as Best Jewellery Designs, Best Diamond & Precious Metal Jewellery, including an award for the Best Retail Ambience. The NJA aims to drive excellence across various segments of the industry and reward passion and innovation, therefore setting new benchmarks each year.
Manthan : Manthan is a conclave organised by GJC to share and gain business knowledge and help the industry go from “good to great”. An annual initiative for knowledge sharing, held over a span of 2 days is a flagship event promoting a common platform to share expertise & knowledge. Leading and notable luminaries share their views on varied topics related to the gem and jewellery industry.
Abhushanam A B2B initiative of GJC, Abhushanam is a networking meet organized for jewellers with the objective of encouraging people from the jewellery trade to interact and forge strong business relationships. The event brings together prominent manufacturers and retailers at regional levels, thereby encouraging face-to-face interactions to promote business across the various regions and boosting businesses.
GJC NextGen: is formed keeping in view the need to bring together the next generation of jewellers, so that they can be groomed and nurtured to become better professionals, ethical businessmen and true leaders in jewellery industry. GJC Next Generation will ensure that our leaders of tomorrow will be well informed, knowledgeable and shall have an open mind and strong business values..
MOMENTS. MEMORIES. MILESTONES GJC has constantly engaged with Honourable President, Honourable PM, ministers, senior bureaucrats, leading cinestars, sport stars and celebrities
Gold and silver ended lower on the week despite sharp intraday rebounds, with price action reflecting continued volatility and fragile positioning rather than a sustained recovery. In the absence of a definitive macro catalyst, a broad-based decline across equities and cryptocurrencies prompted investors to raise liquidity, briefly dragging gold below the key $5,000 per ounce threshold. Non-yielding assets came under pressure as earlier stronger-than-expected US employment data pushed expectations for the first Federal Reserve rate cut further into midyear, reducing the appeal of bullion. Sentiment shifted, however, after inflation data showed annual CPI slowing to 2.4% and core inflation easing to 2.5%, reviving dovish expectations. The softer inflation print weighed on Treasury yields and pressured the dollar, allowing gold to recover toward the $4,990 region. Silver experienced similar turbulence, sliding sharply during the liquidation phase before rebounding above $76 per ounce, though it remained on track for another weekly decline.
Gnanasekar Thiagarajan
Introduction:
Gold finished the period under pressure despite sharp rebounds, with price action dominated by cross-asset volatility and shifting rate expectations. After initially recovering more than 2% on softer-than-expected US inflation, bullion briefly pushed back toward the $5,000–$5,020 region as annual CPI slowed to 2.4% and core inflation eased to 2.5%, reinforcing expectations of multiple Federal Reserve rate cuts this year. Lower yields and a softer dollar provided near-term relief, reviving the structural appeal of non-yielding assets.
However, gains proved fragile as the dollar rebounded and gold slipped back below $5,020, underscoring hesitation around the psychological $5,000 threshold. Earlier strength in US labor data had already delayed expectations for the first rate cut toward midyear, capping upside momentum. Markets now await further guidance from FOMC minutes, GDP data and the core PCE print, while geopolitical developments — including renewed US-Iran nuclear talks and broader Middle East tensions — continue to shape safe-haven flows.
Silver tracked gold’s volatility but continued to underperform structurally, remaining in a corrective phase after January’s extreme surge. The metal rebounded nearly 3% on softer inflation data and firmer rate-cut expectations, briefly moving back above $76 per ounce, but gains faded as liquidity stayed thin amid China holidays and broader risk sentiment remained fragile. Heavy speculative positioning left silver exposed to sharp reversals, and prices are still far below late-January highs above $120 after the collapse toward the mid-$60s. While lower yields and debasement concerns offer underlying support, near-term trade points to consolidation rather than a swift return to the prior rally.
Gold and Silver:
Gold fell below $5,020 per ounce on Monday after rising more than 2% in the previous session, following weaker-than-expected US CPI data. The soft inflation print reinforced expectations for Federal Reserve rate cuts this year, with markets now pricing in slightly more than two reductions. Investors are awaiting the release of FOMC meeting minutes, the US GDP advance estimate, and PCE inflation data for further clues on the timing of the next rate cut. On the geopolitical front, traders are monitoring nuclear talks between the US and Iran, as well as US-led negotiations aimed at ending the war in Ukraine, both scheduled to resume on Tuesday. Developments in these areas could influence risk sentiment and safe-haven demand. Despite recent volatility, the precious metal remained supported by ongoing geopolitical uncertainty, strong central bank buying, and investor flight from sovereign bonds and currencies.
Silver March
Silver fell more than 1% toward $76 per ounce on Monday, reversing gains from the previous session, although trading volumes were subdued due to market holidays in the US, China and other countries. On Friday, the metal had jumped nearly 3% after soft US inflation data reinforced expectations that the Federal Reserve will cut interest rates later this year. Markets are currently pricing in a Fed rate cut in July, with a strong probability of a move in June. Investors now turn to the latest Fed minutes and the Fed-preferred core PCE price index report for further guidance on the US monetary outlook.
Meanwhile, mainland China’s markets are closed this week for the Lunar New Year holiday. Chinese traders had driven a speculative surge in precious metals in recent weeks, prompting authorities to curb market risks through various measures. Silver peaked above $120 an ounce in late January before falling to around $64 earlier this month as sentiment reversed.
Gold April
Technical View: $4996. Weekly chart shows a strong underlying uptrend with price holding well above the short-term moving averages and momentum expanding positively. The recent pullback appears corrective, with support seen near $4886/4878; holding above this zone keeps the broader structure intact for a move towards $5460. A decisive break below $4765 will be the first sign of deeper corrective pressure.
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