National News

GJEPC hosts seminar on ‘Trade Opportunities’ in suburban Mumbai

Published

1 year ago

May 12, 2025

GJEPC organised a seminar titled “GJEPC and Trade Opportunities” for the gem and jewellery community in suburban Mumbai on 10th May, drawing participation from over 80 stakeholders, including exporters, traders, wholesalers, budding entrepreneurs, and trade association members.

Delivering the keynote address, Ms. Khushboo Ranawat, Western Regional Chairperson, GJEPC, highlighted the Council’s initiatives aimed at supporting MSMEs and exporters through market intelligence, financial assistance, and international exposure.

Mansuhk Kothari, Member, Committee of Administration (CoA), GJEPC, elaborated on flagship initiatives like IIJS and the Parichay Card. Mr. Ashish Borda, Member – Diamond Panel, GJEPC, encouraged young entrepreneurs to explore export opportunities, noting GJEPC’s role as a guide and enabler for new entrants.

A detailed presentation by. Mithilesh Pandey, Director, MSME, GJEPC, addressed critical topics such as FTAs, e-commerce, hand-carry exports, and available government schemes. He also outlined GJEPC’s custom clearance assistance and participation in international exhibitions.

Highlighting the importance of skill development, Mr. Debashish Biswas, CEO, Indian Institute of Gems & Jewellery (IIGJ) spoke about the institute and its role in shaping the workforce for nearly four decades.

Key infrastructure developments were also spotlighted, including the upcoming India Jewellery Park Mumbai, envisioned to offer world-class facilities for MSME manufacturers, and the Mega Common Facility Centre (CFC), which provides shared access to high-end machinery and quality control services to help reduce operational costs.

National News

WGC India Gold Market Update: Import Tightening

Part Of A Broader Push To Conserve Foreign Exchange Reserves Amid Geopolitical Uncertainty and Mounting Pressure On The INR

Published

1 day ago

May 23, 2026

JewelBuzz Spread The Buzz

Highlights

Gold import duty was raised sharply by 9%– from 6% to 15%, the steepest increase on record – alongside broader regulatory tightening
Domestic gold prices have not yet fully reflected the duty hike amid weak demand and ample supply; local markets are currently in deep discount from the landed price
Past trends indicate that higher duty increases unofficial inflows, although official imports remain relatively resilient
Gold demand is expected to moderate in 2026, with jewellery and bar and coin demand projected to decline by 50–60t (~10% y/y) on account of the import duty hike.

Policy actions on gold imports

Since early April, the government has adopted a series of measures aimed at moderating gold imports. These have been part of a broader push to conserve foreign exchange reserves amid geopolitical uncertainty and mounting pressure on the INR, which has depreciated by more than 7% y-t-d. These measures include price-based actions, administrative and regulatory tightening, and consumer-directed messaging. While noteworthy, they are not unprecedented; gold is among the top five imports for India, accounting for 8% of the country’s merchandise imports in 2025, and similar measures have been utilised in the past.

On the price front, the gold import duty was raised sharply from 6% to 15%, making it the single largest increase on record and fully reversing the duty cut of July 2024. Rules were also tightened for gold imports linked to exports (under the advance authorisation scheme), and the Prime Minister has directly appealed to consumers, urging them to avoid buying gold for a year.