National News
GJEPC Chairman Meets New Customs Commissioner to Strengthen Trade Facilitation
Mr. Kirit Bhansali welcomes Commissioner Santosh Kumar Mishra, discussing industry challenges and reaffirming collaborative efforts for smoother gem and jewellery trade.
The Gem & Jewellery Export Promotion Council (GJEPC) extended a warm welcome to Mr. Santosh Kumar Mishra, the newly appointed Commissioner of Customs at the Precious Cargo Customs Clearance Centre (PCCCC), during a meeting with Mr. Kirit Bhansali, Chairman of GJEPC.
During the meeting, Mr. Bhansali addressed several critical issues currently affecting exporters and importers in the gem and jewellery sector. He emphasized the need for continued support from the Customs department to ensure streamlined and efficient trade processes.
Commissioner Mishra expressed his appreciation for the constructive dialogue and assured the industry’s stakeholders of his department’s unwavering commitment to enhancing the ease of doing business. He stated, “When you flourish, we flourish, and the country flourishes,” underlining the significance of a strong, collaborative relationship between Customs and trade organizations like GJEPC.
The meeting concluded on a positive note, setting the stage for strengthened cooperation and proactive engagement to address industry concerns and enable seamless operations in India’s gem and jewellery trade ecosystem.
National News
Gold Rates In India Decline, Silver Rates Unchanged
Investors Are Cautious Over The US-Iran Peace Negotiations
Gold rates in India dropped by up to Rs 4,300 per 100 grams on May 23, while silver rates in the country were unchanged. This is after spot gold recorded its second consecutive weekly decline due to elevated crude oil prices amidst inflation woes. Crude is currently at 4-year highs, and investors are cautious in global and MCX markets over the US-Iran peace negotiations, as both countries have stalled so far.
Domestic Gold Yields: Experienced a negative variance of up to Rs 4,300 per 100 grams, marking a second consecutive weekly contraction phase. Domestic Silver Yields: Exhibited a flatline trajectory, demonstrating 0% delta day-over-day.
MCX Benchmarks (Friday Close): Gold breached its support level, dipping below the Rs 1.59 lakh threshold. Silver concluded the weekly cycle compressed below Rs 2.72 lakh per 1 kg.
Spot Market Liquidity: Spot Gold retracted by ~1%, stabilizing at a $4,516/oz. Spot Silver absorbed the brunt of the market correction, declining ~2% to settle sub-$76/oz.
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