National News
Gem & Jewellery BSM 2025 :Fruitful partnerships and meaningful dialogue
GJEPCs Gem & Jewellery Buyer-Seller Meet 2025 commenced with an air of optimism and global camaraderie, setting the stage for fruitful partnerships and meaningful dialogue between Indian manufacturers and international buyers.
The event was inaugurated with a grand unveiling, paving the way for over 40 international buyers to engage in curated one-on-one business meetings with Indian jewellery manufacturers and exporters. The venue buzzed with activity as new connections were forged and long-standing business relationships were rekindled.
Among the notable international buyers. Lisi Fracchia from Spain, visiting India for the first time, expressed her delight at the overwhelming business prospects. Her experience at the BSM not only introduced her to new business avenues but also gave her the opportunity to reconnect with existing suppliers participating in the show.
Cloyette Harris Stoute, representing Alliyette, USA, is also making her maiden visit to India. Her objective of understanding India’s advanced jewellery manufacturing technology and the comprehensive supply chain process was met with great satisfaction. Deeply impressed by her interactions with exhibitors, she shared her enthusiasm about returning in the future.
On the domestic front, Hitesh Thakar, General Manager at Mohit Diamond Pvt. Ltd, reflected on the invaluable insights gained during his meetings. He noted that conversations with buyers revealed their strategic focus on brand expansion, opening up new opportunities for his company to scale their business and adapt to evolving global demand.
Priyank Shah of Walking Tree, participating as a first-time exhibitor, commended the event’s structured format. The carefully filtered buyer group enabled targeted interactions, resulting in serious inquiries from markets such as the USA, Kazakhstan, Brazil, and beyond—particularly for custom-made jewellery.
The first day concluded on a high note, with an atmosphere rich in collaboration and discovery. The meet not only reflected the strength of India’s jewellery sector but also its growing global appeal.
National News
NPCI Defers Rollout Of UPI Merchant Discount Rate Until After Diwali
Given Typical Retail Margins Of 2%–6% On Bullion and Plain Gold Jewellery, Absorbing A 0.4% Fee—Or Up To ₹300 Per Large Transaction—Would Have Directly Eaten Into Festive Profitability. The Deferral Keeps Bottom Lines Protected Through Dhanteras and Diwali.
The National Payments Corporation of India’s (NPCI) UPI and Services Steering Committee has deferred the implementation of Merchant Discount Rates (MDR) on select person-to-merchant (P2M) UPI transactions until immediately after Diwali.
The move aims to protect consumer sentiment and keep operational costs steady for businesses during the peak festive shopping season. A specific implementation date will be announced separately.
Key Highlights
- Festive Relief for Retail: The deferment ensures merchants face no additional payment processing costs during peak festive demand, helping avoid disruptions to consumer spending.
- The Approved MDR Structure:
- Applies only to eligible P2M transactions above Rs 2,000 at a rate of 0.4%.
- Capped at Rs 300 for high-value transactions of Rs 75,000 and above.
- Everyday low-value payments and small merchants remain fully exempt, preserving zero-cost digital transactions for general consumers.
- Timeline Adjustment: Originally notified on September 15 for an October 15 rollout, the framework will now take effect post-Diwali, giving banks, payment aggregators, and merchants additional runway to align their systems and communicate terms clearly.
Jewellery purchase values routinely exceed the Rs 2,000 threshold and frequently touch or surpass the Rs 75,000 cap. Given typical retail margins of 2%–6% on bullion and plain gold jewellery, absorbing a 0.4% fee—or up to Rs 300 per large transaction—would have directly eaten into festive profitability. The deferral keeps bottom lines protected through Dhanteras and Diwali.
Introducing transaction fees just as footfall surges would have forced retailers to decide whether to absorb the cost or pass it on to buyers (via checkout surcharges or selective discounts). Avoiding this choice prevents awkward billing counter negotiations and cart abandonment during rush hours.
NPCI Defers Rollout Of UPI Merchant Discount Rate Until After Diwali
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