National News
GJEPC Leadership Meets Maharashtra CM Shri Devendra Fadnavis To Discuss Key Industry Priorities
Discussions Centred On Fast-Tracking The Maharashtra State Gem & Jewellery Policy 2025, India Jewellery Park Mumbai Progress and Infrastructure Support To Strengthen The State’s Industry Ecosystem
Shri Kirit Bhansali, Chairman, GJEPC and Shri Anoop Mehta, Convenor – Diamond Panel, GJEPC & President, Bharat Diamond Bourse, met Hon’ble Chief Minister of Maharashtra Shri Devendra Fadnavis in Mumbai on 18 May to discuss key priorities concerning the growth and development of the gem and jewellery sector in the state.
The talks focused on initiatives aimed at strengthening Maharashtra’s position as a leading hub for the gem and jewellery industry and enhancing ease of doing business.
A key issue discussed was the implementation of the Maharashtra State Gem & Jewellery Policy 2025, India’s first dedicated policy for the gem and jewellery sector, aimed at attracting investments worth ₹1 lakh crore and creating over 5 lakh jobs. GJEPC urged early notification and operationalisation of the policy, while the Chief Minister assured expedited implementation.
The Council leadership also reviewed progress on India Jewellery Park Mumbai (IJPM), covering infrastructure, site readiness and financial matters, including interest waiver requests, with positive outcomes expected for timely project advancement.
GJEPC further sought a single-window permission system for exhibitions and trade events held in Mumbai, citing IIJS, the world’s second-largest gem and jewellery exhibition.
The Council leadership also requested Metro connectivity extension to the Bharat Diamond Bourse to support 30,000-40,000 daily commuters, which received prompt approval.
Shri Fadnavis extended strong support and commitments towards industry growth, reinforcing government-industry collaboration to boost investment, manufacturing, exports and employment.
National News
MCX Gold, Silver Move North On June US Employment Report
MCX Gold Futures Reclaimed the ₹1.48 lakh Mark
MCX Gold Futures reclaimed the Rs 1.48 lakh mark, hitting an intraday high of Rs 1,48,046 per 10 grams before stabilizing around Rs 1,47,845 (up 1.43%). Spot Gold (Global) surged by 1.5% to trade at $4,185 per ounce, rapidly closing in on the $4,200 level.
MCX Silver Futures zoomed up by Rs 4,457 or 1.91% to trade near Rs 2,37,761 per kg, after touching an intraday high of Rs 2,38,216 per kg. Spot Silver (Global) climbed more than 2.3% to trade comfortably above $62 per ounce.
The primary catalyst behind the bullish reversal was the June US employment report, which indicated a cooling US economy.
Nonfarm Payrolls: The US added just 57,000 jobs in June—the lowest hiring momentum in four months—well below the market expectation of 110,000 jobs.
Unemployment Rate: The rate edged down from 4.3% to 4.2%. However, economists noted that the decline was largely due to a weaker labour force participation rate, which fell to 61.5%, rather than stronger hiring activity.
Sectoral Shifts: Professional and business services (+36,000) and healthcare (+22,000) led job gains, while the leisure and hospitality sector recorded a sharp decline of 61,000 jobs.
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