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
Precious Metal Futures Show Renewed Momentum
Gold Has Reclaimed The Rs1.50 Lakh Level After Coming Under Pressure Earlier This Week. This Shows That Buyers Are Returning At Lower Levels. The Immediate Test Is Whether Gold Can Sustain Above Rs1.50 Lakh.
Retail gold prices across India registered a minor dip today, falling by up to Rs65 per gram across key purities In contrast, precious metal futures showed renewed momentum on the domestic exchange, reclaiming critical resistance levels in morning trade.
On October 7, 2026, retail gold spot prices in India softened across all purities. The price of 24 Carat gold dipped by Rs 65 to Rs 14,957 per gram (Rs 1,49,570 per 10 grams), while 22 Carat gold fell by Rs60 to Rs 13,710 per gram (Rs 1,37,100 per 10 grams). Similarly, 18 Carat gold registered a decline of Rs49, bringing its rate to Rs11,218 per gram (Rs1,12,180 per 10 grams) compared to the previous day’s close.
Despite the minor dip in physical retail rates, the Multi Commodity Exchange (MCX) witnessed positive buying interest:
- MCX December Gold Futures: Rose 0.50% to around Rs 1,50,059 per 10 grams. After opening at Rs 1,48,928, the contract surged to an intra-day high of Rs 1,50,575.
- MCX December Silver Futures: Advanced 0.62% to trade near Rs 2,27,480 per kg.
Gold has reclaimed the Rs1.50 lakh level after coming under pressure earlier this week. This shows that buyers are returning at lower levels. The immediate test is whether gold can sustain above Rs 1.50 lakh.
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