National News
Commerce Secretary Rajesh Agrawal Meets GJEPC Leadership at Mumbai Headquarters
Discussions focused on India’s upcoming role in the Kimberley Process, FTA negotiations including the US BTA, and initiatives to ease doing business for the gem and jewellery sector.
Rajesh Agrawal, Commerce Secretary, Department of Commerce, visited GJEPC headquarters in Mumbai on 26 December and held a detailed interaction with GJEPC’s Committee of Administration, including Kirit Bhansali, Chairman, Shaunak Parikh, Vice Chairman, Anoop Mehta, Convener – Diamond Panel, Russell Mehta, Co-Convener – Diamond Panel, K.S. Srinivasan, Convener – Gold Panel, Ashish Borda, Convener – PMBD, Mital Doshi, Convener – BITC, Mansukh Kothari, Convener – Events, Devansh Shah, Member – PMBD, and Sabyasachi Ray, Executive Director, among other senior trade members. The discussions, along with Tariq Thomas , Director, Department of Commerce, focused on India’s upcoming leadership in the Kimberley Process, ongoing FTA negotiations including the US BTA, and measures to further ease doing business for the gem and jewellery sector.
source: GJEPC
The session saw a power packed panel of experts that comprisedSurendra Mehta, National Secretary- IBJA,Ranjith Singh,Head of Business Development, IIBX, Shweta Dhanak, Director – Vijay Exports,S Thirupathi Rajan, MD Goldsmith Academy, Shivanshu Mehta, SVP & Head Bullion-MCX.The session was moderated by Chirag Seth, Principal Consultant, Metals Focus.
Some salient points made by the panelists:
- Gold prices are not linked to consumer demand. They are linked to central bank buying and ETFs
- Till the banking system doesn’t collapse, gold price will continue to rise
- Jewellers were advised to use a mix of futures and options for risk mitigation
- Given the current situation manufacturers selling on credit or unfavorable deals could be fatal flaw for business.
- Precious metals forecast: Surendra Mehta said he sees gold in 2026 in $4900-5100 range and silver in $90-105.Looking further he said by 2030-2035 gold could touch $18000- 20000 and silver could reach $500. Chirag Seth predicted silver touching $105 this year and gold moving in the $ 5200- $ 5500.
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