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
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.
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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