National News
GJEPC & SIDBI bank host webinar on MSME financing opportunities
India’s Premier Jewelry Brand Opens Sixth U.S. Location in Cumming, Offering a Blend of Tradition and Contemporary Luxury
GJEPC, in partnership with the Small Industries Development Bank of India (SIDBI), successfully conducted a webinar on Micro, Small, and Medium Enterprises (MSME) Financing Opportunities, drawing over 160 participants from across the sector. Held on 10th March 2025, the event underscored the vital role of MSMEs in driving India’s economic growth and highlighted tailored financial solutions available to support their development. The session kicked off with an address by Mr. Jayanti Savaliya, Gujarat Regional Chairman, GJEPC, who highlighted the importance of MSMEs in India’s economic growth and GJEPC’s efforts to support them.
Mr. Naresh Babuta, General Manager of SIDBI Bank, delivered a comprehensive presentation on the array of financial schemes designed for MSMEs. He explained the eligibility criteria, benefits, and the operational support provided by SIDBI’s network of branches across Gujarat and India. Mr. Babuta’s insights shed light on how these schemes are driving MSME growth nationwide, offering practical solutions to common financing challenges.
National News
Gold Industry Proposes New Strategy To Cut Imports and Boost Local Economy
Precious Metals Refineries Forum (PMRF) Has Proposed A Two-Track System To Manage Gold More Efficiently
Following Prime Minister Narendra Modi’s call to reduce gold imports and foreign travel, major Indian bullion and jewellery bodies have submitted a new plan to the government and the Reserve Bank of India (RBI). The strategy aims to lower the nation’s trade deficit by tapping into the estimated 30,000 tonnes of gold sitting in Indian households.
This move comes after India’s gold imports jumped 24% to a record $71.9 billion in the 2025-26 financial year, with over 721 tonnes of gold brought into the country.
The New Strategy: Two Separate Systems
The Precious Metals Refineries Forum (PMRF) has proposed a two-track system to manage gold more efficiently:
- For Exporters: Imported gold should be strictly saved for jewellery exporters using one-year Gold Metal Loans (GML).
- For Local Buyers: Domestic demand should be met entirely by recycling household gold. This gold would be collected from citizens, refined locally, and sold back through jewellers and retailers.
Under this plan, people who deposit their idle gold could earn 2% to 2.5% interest, while businesses taking gold loans would pay an interest rate of 3% to 4%.
Fixing Why Past Schemes Failed
Previous government gold schemes failed to gain traction primarily because they left out local jewellers and lacked a proper banking structure. Without a joined-up system, institutions faced high financial risks from changing gold prices.
To fix this, trade bodies are calling for a complete system that includes:
- Direct involvement of trusted local jewellers. The schemes did not take off in the past because jewellers were not part of them. About 10% to 20% of family gold is held as bars or coins.
- Strong bank backing and secure storage vaults across the country.
- Tax incentives, such as removing the 3% GST loss when physical gold is converted into Electronic Gold Receipts (EGR), and offering income tax relief on the interest earned.
Industry Support
Industry experts say a smooth system is already possible. Collection and purity testing centres have confirmed that collected household gold can be processed within 48 hours and safely moved to secure, bank-approved vaults.
Representatives from the Indian Bullion and Jewellers Association (IBJA) recently held discussions with RBI officials to fast-track these changes.
-
GlamBuzz7 hours agoKalyan Jewellers Returns To Cannes With A Statement In Couture And High Jewellery
-
GlamBuzz25 minutes agoAditya Roy Kapoor Joins GIVA To Flip The Gifting Script – Men Want Gifts Too
-
BrandBuzz2 hours agoJos Alukkas Launches Platinum Jewellery Campaign Featuring Dulquer Salmaan
-
GlamBuzz8 hours agoAlia Bhatt’s 5 Show-Stopping Looks From Cannes 2026
JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.