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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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BlueStone, SafeGold Launch Platform To Convert Idle Gold Into Digital Assets

New initiative enables customers to earn around 4% annual returns in gold grams while supporting gold monetisation and reducing import dependence.

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SafeGold has partnered with BlueStone to launch a platform that enables consumers to convert idle physical gold into digital gold, lease it out and earn an annual yield of around 4% in gold grams. The initiative aims to mobilise India’s vast household gold reserves while reducing the country’s dependence on gold imports.

Customers can bring their old gold jewellery or coins to BlueStone stores, where the gold will be assayed, digitised and converted into digital gold through the SafeGold platform. They can then lease their holdings and earn returns in gold grams, allowing their gold holdings to grow irrespective of price movements.

India is estimated to hold nearly 30,000 tonnes of household gold, much of which remains idle. According to SafeGold, bringing even a fraction of this gold into the formal economy can improve capital availability for the jewellery industry while lowering the need for fresh imports.

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