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Appointment

All India Gem & Jewellery Domestic Council (GJC) Announces New Leadership

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All India Gem & Jewellery Domestic Council (GJC), the apex body representing the Indian gem and jewellery industry, is pleased to announce that Mr. Rajesh Rokde has been elected as the new Chairman and Mr. Avinash Gupta the new Vice Chairman of the council. This is confirmed during the council’s first Board Meeting of the COA 2025 – 26 post completion of their COA elections held in December 2024.

Mr. Rajesh Rokde, from the esteemed Rokde Jewellers in Nagpur, upholds a remarkable legacy of over 100 years in the jewellery industry. Representing the Large Retailers category in GJC, he has distinguished himself through an unwavering dedication to quality, innovation, and customer trust—the hallmarks of his family’s renowned brand. His proactive leadership as Vice Chairman and Legal Committee Convener has significantly benefited the jewellery industry by addressing critical issues such as GST for the Gems and Jewellery sector, import duty, hallmarking, 411, and many other pivotal matters. He has made numerous representations to government officials to resolve these challenges, and his timely actions have consistently brought positive outcomes for the industry. Mr. Rajesh Rokde, a stalwart in the jewellery industry with decades of experience, takes over as the Chairman. Known for his visionary leadership and deep understanding of the challenges and opportunities within the sector, Mr. Rokde aims to drive initiatives that will strengthen the domestic market, promote innovation, and enhance the global competitiveness of Indian jewellery.

Mr. Rajesh Rokde, Chairman GJC, stated: “I am deeply honoured to take on the responsibility of leading GJC at this pivotal time. The Indian gem and jewellery industry stands at the cusp of transformation, and it is our mission to work collectively towards sustainable growth, increased consumer trust, and greater recognition on the global stage. I look forward to collaborating with industry stakeholders to achieve our shared vision.”

Mr Avinash Gupta, based in Hyderabad from Mamraj Mussadilal Jewellers is a renowned personality of the Gems and Jewellery Industry and over many years, he has played a pivotal role in GJC during his tenure 2016-2022.His pro active approach in legal and compliance issues has benefitted industry a lot for example GST for Gems and Jewellery Industry, Import Duty and many other critical matters. Mr Gupta has also played a lead role by representing GJC in delegation to Shanghai ,London and Turkey to study Gold Exchanges  to setup IIBX and he has been instrumental in many other prominent  initiatives of Industry Mr. Avinash Gupta, a respected name in the industry and a long-standing member of GJC, has been elected as the Vice Chairman. Mr. Gupta brings with him a wealth of experience and a strong commitment to fostering innovation and excellence across the sector.

Expressing his gratitude, Mr. Avinash Gupta said: “It is a privilege to serve as the Vice Chairman of GJC. Together with Mr. Rokde and our dedicated COA team, I am confident that we can address the challenges faced by the industry and pave the way for new opportunities. Our focus will remain on driving ethical practices, embracing technological advancements, and ensuring the growth of small and medium enterprises in this sector.”

Outgoing Chairman, Mr. Saiyam Mehra, who will now take the position as Immediate Past Chairman, also shared his thoughts on the leadership transition, stating: “It has been an incredible journey serving as the Chairman of GJC. I am proud of what we have accomplished together, from championing the interests of the industry to driving initiatives that have strengthened GJC and our community. I extend my heartfelt congratulations to Mr. Rajesh Rokde and Mr. Avinash Gupta, and I am confident that their leadership will take GJC to new heights. I will continue to support the Council and the industry in every possible way.”

The new leadership team aims to focus on key areas such as skill development, promoting ‘Make in India’ initiatives, enhancing consumer confidence through transparency, and addressing the concerns of all stakeholders, including artisans, traders, and retailers.

The All India Gem & Jewellery Domestic Council is committed to its role as a catalyst for growth and a unifying voice for the industry. Under the able leadership of Mr. Rajesh Rokde and Mr. Avinash Gupta, GJC is poised to usher in a new era of progress and innovation.

In December 2024, GJC successfully conducted their COA Elections, wherein the members of the GJC Committee of Administration (COA) for the term 2025-26 are as follows:

  1. Mr. Rajesh Rokde (Chairman & Zonal Chairman – West) – Large Retailer, West Zone
  2. Mr. Avinash Gupta (Vice Chairman & Zonal Chairman – South) – Larger Wholesaler, South Zone
  3. Mr. Saiyam Mehra (Immediate Past Chairman) – Large Wholesaler, West Zone
  • Dr. Ravi Kapoor (Zonal Chairman – North) – Large Retailer, North Zone
  • Mr. Sunil Poddar (Zonal Chairman – East) – Medium Manufacturer Jewellery, East Zone
  1. Mr. Amit Jindal (COA Member) – Medium Retailer, North Zone
  2. Mr. Amit Kumar Soni (COA Member) – Small Manufacturer Jewellery, East Zone
  3. Mr. Ashok Kumar Jain (COA Member) – Medium Retailer, South Zone
  4. Mr. Gurjeet Singh (COA Member) – Small Retailer, North Zone
  5. Mr. HM Sultan Mohideen (COA Member) – Small Retailer, South Zone
  6. Mr. Madan Kothari (COA Member) – Small Manufacturer Jewellery, West Zone
  7. Mr. Nilesh S. Shobhawat (COA Member) – Small & Medium Wholesaler, West Zone
  8. Mr. Ravi Prakash Agarwal (COA Member) – Small Retailer, North Zone
  9. Mr. Rupesh Tambi (COA Member) – Small & Medium Wholesaler, North Zone
  10. Mr. Sahil Mehra (COA Member) – Medium Manufacturer Jewellery, West Zone
  11. Mr. Salim Daginawala (COA Member) – Large Retailer, West Zone
  12. Mr. Samar Kumar De (COA Member) – Medium Retailer, East Zone
  13. Mr. Siddharth Sawansukha (COA Member) – Large Manufacturer Jewellery, East Zone
  14. Mr. Sourav Roy (COA Member) – Small Retailer, East Zone
  15. Mr. Suyash Agrawal (COA Member) – Small & Medium Manufacturer Silver Jewellery, West Zone
  16. Mr. Vardhaman Kothari (COA Member) – Small Retailer, West Zone

Appointment

India Gold Metaverse Appoints ex-CEO Of Diamond India As MD Of Its Bullion Market Vertical BullionX™

Nirakar Chand to lead BullionX™ as IGM strengthens its vision for a technology-driven, integrated bullion market.

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India Gold Metaverse (IGM) today announced the appointment of former CEO of Diamond India Ltd., Mr. Nirakar Chand, as the Managing Director of its bullion market vertical, BullionX™, which is a technology-enabled ecosystem for modern bullion markets.

Earlier in his career, Mr. Chand had spent 22 years at State Bank of India (SBI) — 6 years in Bullion and 16 years in Corporate Finance, Investment Banking and general management. After that, and prior to joining IGM, he was CEO for 16 years at Diamond India Ltd., a prominent nominated agency authorised for import and distribution of bullion, which mainly supported over 1,200 small and mid-sized exporters across the country.

With this nearly four decades of experience, Mr. Chand brings a strong understanding of bullion markets and the broader precious metals ecosystem, providing valuable industry insight and strategic vision that will further strengthen IGM’s position in the market.

In his new role, Mr. Chand will drive growth initiatives, industry engagement, and nationwide market development efforts at BullionX™, which delivers real-time spot and futures pricing, one-click buy/sell execution, comprehensive order management and integrated market intelligence for institutional traders, bullion dealers and large jewellers. Working on the IGM theme of ‘One Nation, One Market, One Price’, this inclusive market model provides a one-shot dashboard of demand/supply using an all-open API for online and offline bid & ask and offers many more features, including Gold TV as well as an Academy (for certification courses).

IGM combines blockchain, artificial intelligence, and cutting-edge financial market technologies across four proprietary pillars:

· Elanzia™: A digital metaverse uber tech platform of B2B & B2C for jewellers and bullion participants.

· RamMudra™: Blockchain-enabled digital gold, coins and GBST (Gold Backed Stable Token).

· GoldSense™: An AI-powered 1st Karat Check of Gold, that is, a purity verification engine (an AI-powered Digital Karatometer).

· BullionX™: An institutional trading infrastructure designed to enable efficient price discovery, liquidity and settlement.

With Indian households holding an estimated 25,000 tonnes of gold valued at approximately $2.4 trillion, IGM addresses the structural challenges of a largely unorganised market by bridging trust deficits, fragmented pricing, and limited digital adoption.

This key leadership appointment comes at a pivotal juncture as IGM accelerates its mission to build India’s first integrated digital infrastructure to formalise and redefine the nation’s gold and precious metals economy through an inclusive business model to empower the industry and make each participant an ‘emperor’.

Nirakar Chand, Managing Director – Bullion Market, IGM, said:

“I am delighted to join IGM, which has laid out an exceptionally visionary and timely blueprint to revolutionise the gold industry through transparency, digital accessibility, and robust institutional infrastructure. I look forward to working closely with the IGM management and our industry partners to unlock the true potential of our bullion markets and build an inclusive, trusted ecosystem that benefits every stakeholder.”

Welcoming him to the leadership team, Lamon Rutten, Managing Director & Chief Executive Officer, IGM, said:

“With his vast experience in the bullion market, Mr. Chand will be an invaluable addition to the IGM executive team. His profound domain expertise, deep-rooted relationships across the bullion industry, and operational mastery will provide tremendous impetus to IGM’s objectives. We look forward to his strategic leadership as we build a transformative, world-class market infrastructure.”

Backed by a visionary entrepreneur, who is the mentor & coach, along with prominent family offices and marquee investors, IGM is dedicated to formalising traditional markets and unlocking immense value for consumers, jewellers, institutional investors, and banks across India in the gold value system on the central theme of ‘Gold is Technology’. Recently, IGM concluded a very select Angel placement round, valuing the company at Rs 2,500 crore.

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