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
Gold Hovers Near Three-Month Low As Fed Policy Meeting Looms
​Rising Crude Oil Prices and Persistent Inflation Risks Have Heightened Market Concerns That The U.S. Central Bank May Limit Interest Rate Cuts
— Gold and silver prices hit a roadblock on key domestic and global exchanges, with gold hovering near a three-month low ahead of a U.S. Federal Reserve policy meeting scheduled for later this week.
On India’s Multi Commodity Exchange (MCX), gold futures suffered a weekly decline of nearly 4%. Silver posted even steeper losses, falling over 7% over the same period. MCX silver futures shed 15,087 rupees ($179) per kilogram to close at approximately 1.96 lakh rupees ($2,330) per kg, sliding below the key 2 lakh rupee level.
Rising crude oil prices and persistent inflation risks have heightened market concerns that the U.S. central bank may limit interest rate cuts, pushing Treasury yields and the U.S. dollar higher while dampening appetite for unyielding bullion.
In global markets, benchmark December gold futures on the COMEX dropped $173.20, or 4.14%, over the past week to settle at $4,007.90 per ounce. Prices briefly touched a low of $3,989 per ounce on Friday before managing a modest recovery above the key $4,000 threshold.
Market analysts attributed the sharp decline in silver to broader weakness across non-precious and industrial metals, alongside growing concerns that elevated price levels could prompt industrial consumers to scale back usage or seek alternative materials.
Investors are now focusing heavily on the Federal Reserve’s upcoming policy statement for direction on whether precious metals will find a floor or extend their recent downward trend.
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