National News
GJEPC and PCCCC Meet to Address Customs Clearance Challenges
On 5th February 2025, the Gem and Jewellery Export Promotion Council (GJEPC) hosted a significant meeting at its head office in Mumbai, bringing together Customs House Agents (CHAs) from the Precious Cargo Customs Clearance Centre (PCCCC) and various other stakeholders.
The primary focus of the meeting was to address the ongoing challenges faced in the export and import clearance process, particularly the daily operational hurdles encountered during parcel clearance with customs officials.
The meeting provided a platform for participants to engage in open dialogue and share the various difficulties they face while managing customs procedures. These included issues related to the timeliness of clearance, paperwork discrepancies, communication gaps, and other operational bottlenecks that often delay the smooth transit of goods. The participants discussed these challenges in detail, aiming to identify practical solutions to streamline the entire process.
In response to the discussions, GJEPC has requested all involved stakeholders to compile and submit a comprehensive report outlining the specific challenges faced in customs clearance, as well as providing suggestions for potential system improvements. These reports are expected to play a crucial role in identifying areas that require attention and in formulating effective solutions that will enhance the overall efficiency of the customs operations.
GJEPC aims to use these insights to work closely with the relevant authorities and stakeholders to improve the integration process, ensuring a more seamless experience for businesses involved in the import and export of precious cargo. The initiative is expected to contribute significantly to reducing delays, improving transparency, and boosting the overall efficiency of the jewellery trade’s customs clearance procedures.
National News
Indian Gold, Silver Prices Edge Upward
Statements From U.S. President Donald Trump Highlighting Choices Between Further Military Action Against Iran and Diplomatic Negotiations Have Sustained Safe-Haven Demand.
Indian gold and silver prices edged higher in early trading on Monday, driven by geopolitical tension in the Middle East and tracking fluctuations in the U.S. dollar, while retail buyers across major cities faced elevated rates.
​On the Multi Commodity Exchange (MCX), gold futures expiring Nov. 5 stood at 148,129 rupees ($1,765 approx.) per 10 grams in early morning trade. Meanwhile, silver futures expiring Dec. 4 rose 0.23% to 226,393 rupees per kilogram.
​Bullion markets remain sensitive to foreign policy developments between Washington and Tehran. Statements from U.S. President Donald Trump highlighting choices between further military action against Iran and diplomatic negotiations have sustained safe-haven demand.
​However, easing immediate concerns over global crude oil supply disruptions helped cap sharper gains, paring back some of the risk premium embedded in precious metals over recent sessions.
​Any escalation in the conflict could push investors toward gold as a safe-haven asset, though stabilizing oil market concerns have moderated sharp gains.
24-karat retail gold was priced nationally at 149,540 rupees per 10 grams, while 22-karat gold—commonly used for jewelry—stood at 137,078 rupees per 10 grams. Fine silver (999 purity) quoted at 226,770 rupees per kilogram.
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