National News
GJEPC advocates streamlined customs clearance for Delhi jewellery shipments
A delegation from the GJEPC’s Delhi Regional Office met with key Customs officials on 9th April to address critical issues hindering the smooth and safe clearance of jewellery shipments. Led by Mr. Antarpal Singh Sawhney, Regional Chairman (North), GJEPC; Mr. Anil Sankhwal, Convener – Studded Jewellery Panel, GJEPC; and Mr. Sanjeev Bhatia, Regional Director (North), GJEPC, the delegation engaged with Mr. Dibyalok Singh, IRS, Deputy Commissioner, Customs, at the cargo warehouse, in the presence of Mr. Niraj Gupta, Jewellery Appraiser Exports, to highlight the challenges faced by the exporting community.
The delegation highlighted excessive waiting times (up to 16 hours) for detention receipts at the under-equipped Precious Cargo Warehouse (PCW). Exporters stressed the security risks and poor amenities at the PCW, particularly during peak seasons.
The cumbersome process of transporting cleared parcels to T3 airport, often with delayed escorts, was also a major concern, posing security threats to valuable shipments. The GJEPC reiterated the long-standing need for more jewellery appraisers to expedite clearances. Discussions also touched upon the pending implementation of a new CBIC notification for precious metal and jewellery exports.
Ms. Ashima Bansal, IRS, Commissioner Customs, Delhi acknowledged the issues and assured the delegation of her commitment to finding swift solutions. She directed the organisation of a tripartite meeting involving Customs, the Central Warehousing Corporation (CWC), and the GJEPC to collaboratively streamline the process. The meeting concluded with a positive outlook for resolving the challenges faced by the jewellery export community in Delhi.
National News
SEBI proposes price bands for gold and silver ETFs
The unprecedented volatility in the prices of gold and silver in recent weeks has prompted markets regulator Sebi to have a closer look at the price bands and circuit filters for exchange traded funds (ETFs).
Sebi proposed to put +/-20% price bands on ETFs on two precious metals, gold and silver. Part of the price band could also depend on the volatility in prices of these metals in the international markets, Sebi said. The regulator is also proposing graded price bands for ETFs on debt and equity indices, with a similar +/-20% range.
In the seven-page consultation paper, Sebi proposed an initial price band of +/-6% for gold and silver ETFs, which may be flexed up to +/-20% during the trading day subject to a cooling off period.
After exhausting the initial price band there will be a cooling-off period of 15 minutes, thereafter the price band will be flexed by 3%. In case the price movement in the international markets is more than the aggregate daily price limit (DPL) of 9%, the same may be further relaxed in stages of 3% by the exchange with a cooling-off period of 15 minutes. The single day maximum variation of +/-20% would be applicable
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