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GJC urges nationwide ban on GJ trade with Turkey and Azerbaijan

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GJC announces its unwavering support for Operation Sindoor and in alignment with national interest urges the India’s gems C jewellery industry to cease business transactions with Turkey and Azerbaijan.

This decisive action follows Turkey’s public support for Pakistan in the aftermath of the Pahalgam terror attack, which claimed the lives of 26 Indian civilians. Such a stance has raised critical concerns regarding national security and the ethical direction of trade relationships.

Rajesh Rokde, Chairman – GJC, said: “The Indian gem and jewellery sector stands united in support of the nation. It is imperative that our industry sets a strong example by prioritizing the country over commerce. We call upon every jeweller, manufacturer, trader, and wholesaler to stop all transactions with Turkey and Azerbaijan. This collective action reflects our unwavering commitment to national interests and solidarity during Operation Sindoor. By halting trade, we send a clear message of unity and resolve, reinforcing our industry’s role as a pillar of national pride. Let us unite as an industry to uphold these values, showcasing our resilience and loyalty to India’s honour and security.”

Avinash Gupta, Vice Chairman – GJC, said: “Trade is not just about profit – it is also about principle. By standing firm in our resolve to halt transactions with Turkey and Azerbaijan, we demonstrate that our commitment to the nation surpasses commercial interests. We proudly salute our valiant armed forces, whose unwavering courage and dedication protect our sovereignty during Operation Sindoor. We also extend our heartfelt appreciation to Prime Minister Narendra Modi for his visionary leadership and steadfast guidance in steering the nation through challenging times. Let us uphold this stance with integrity and dedication to our country’s values.”

Reports reveal that Indian tourists have also significantly contributed to Turkey’s economy through tourism spending on flights, hotels, and destination weddings. Similar sentiments have also emerged regarding Azerbaijan, which has taken a pro-Pakistan stance, prompting wider calls to reassess trade and travel ties with countries displaying anti-India positions.

GJC reaffirms its commitment to guiding and supporting its members in aligning trade practices with the nation’s interests and calls for collective action to uphold India’s sovereignty, economic integrity, and national pride.

 

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National News

Gold Holds Steady On MCX As Middle East Tensions Cloud Market Direction

Bullion Trades Range-Bound As Strait Of Hormuz Uncertainty Fuels Inflation Fears 

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Gold prices were largely unchanged at the open on India’s Multi Commodity Exchange (MCX) on Tuesday, as investors weighed persistent geopolitical tensions in the Middle East against shifting expectations for global monetary policy.

The MCX gold May futures contract edged up 0.01% to Rs. 1,52,417 per 10 grams in early trade, while silver for May delivery declined 0.55% to Rs. 2,51,160 per kilogram. The muted start followed a cautious global tone, with bullion markets struggling to find direction amid conflicting macro signals.

Internationally, spot gold held above the $4,800-an-ounce mark in early trading but later slipped about 0.5%, even as crude oil prices fell nearly 1%. Spot silver also weakened, dropping roughly 1%. The divergence underscores a market caught between safe-haven demand and rising concerns over tighter financial conditions.

Investor sentiment remains tethered to developments around the Strait of Hormuz, a critical artery for global energy supplies. Escalating tensions in the region have fueled fears of a prolonged disruption, amplifying inflationary pressures at a time when central banks are already navigating a delicate policy balance.

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