National News
GJEPC Collaborates with Delhi Customs to Streamline Jewellery Export via Personal Carriage
Follow-up meeting focuses on refining SOPs under Circular No. 09/25 – Customs to ease export processes through Delhi’s Precious Cargo Warehouse
On 15 April, a delegation from the GJEPC Northern Regional Office met with senior officials of Delhi Customs to further refine Standard Operating Procedures (SOPs) for the import and export of jewellery via personal carriage. This discussion followed an initial meeting held on 9 April and focused on the implementation of Circular No. 09/25 – Customs, dated 28 April 2025, with the goal of issuing a comprehensive public notice for the trade.
Key customs officials present included Mr. Dheeraj Rastogi, IRS, Principal Commissioner – Exports; Ms. Ashima Bansal, IRS, Commissioner – ACC Export; Mr. Vishal Pal Singh, IRS, Commissioner – Airport; Mr. Dibyalok Singh, IRS, Deputy Commissioner – ACC Shed; and Mr. Anuj Kumar Pandey, IRS, Additional Deputy Commissioner – Airport. Representing the GJEPC were Mr. Antarpal Singh Sawhney, Regional Chairman – North, and Mr. Anil Sankhwal, Convener, Studded Jewellery Panel.
The meeting primarily addressed ways to optimise the draft SOPs for hand-carried jewellery exports through the Precious Cargo Warehouse (PCW) operated by Celebi at Delhi Airport. GJEPC representatives proposed practical solutions to remove procedural bottlenecks and speed up customs clearance. Among their key requests was the establishment of a dedicated detention room for appraised parcels within the Central Warehousing Corporation (CWC) cargo shed to reduce delays and improve exporter convenience.
Customs officials, led by Mr. Rastogi, responded positively to the recommendations and assured the delegation of due consideration. They also advised GJEPC to initiate discussions with CWC for space allocation to implement the suggested changes effectively.
National News
Gold, Silver Retreat On MCX As Rising Yields and Oil Prices Prompt Profit-Taking
Despite The Abrupt Downturn, Market Observers View The Selloff As A Routine Correction Within A Broader Bull Market Rather Than A Fundamental Shift In Sentiment
Gold and silver prices tumbled on Tuesday as a surging oil market and rising U.S. Treasury yields sparked a round of aggressive profit-taking, briefly sending domestic gold futures below the key threshold of 155,000 rupees per 10 grams on the Multi Commodity Exchange (MCX).
The October gold contract on the MCX slid to an intraday low of 154,925 rupees per 10 grams—down more than 1,000 rupees from its previous close—before paring losses to trade near 155,160 rupees, a drop of 780 rupees, or 0.50%, during the morning session. Silver futures experienced steeper selling pressure, falling by more than 2,600 rupees per kilogram as speculative traders scrambled to lock in recent gains.
The sharp pullback follows a sustained rally that pushed precious metals to multi-session highs. Tuesday’s retreat was catalyzed by a spike in crude oil prices, which reignited inflation fears and eroded market expectations for an immediate easing of U.S. monetary policy. Higher yields on U.S. Treasuries added further headwinds, raising the opportunity cost of holding non-yielding assets such as gold.
Despite the abrupt downturn, market observers view the selloff as a routine correction within a broader bull market rather than a fundamental shift in sentiment. Precious metals have delivered double-digit gains over the past year, making periodic profit-taking a standard feature of the market’s trajectory.
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