National News
IBJA’s Golden Girls Award celebrates and honours women entrepreneurs in the GJ industry
Jewellery Division of India Bullion & Jewellers Association Ltd. (IBJA), a leading organisation in the promotion and regulation of the bullion trade, proudly presented the highly anticipated 3rd edition of the Golden Girls Award (GGA) on April 26, 2025, in the vibrant city of Bengaluru at the Hotel Shangri-La in the Association with Heera Zhaveraat, the esteemed trade journal for the Gem & Jewellery industry.
The Golden Girls Award (GGA) was a resounding success, captivating attendees with its splendour and grace. It served as a platform to honour and acknowledge the remarkable achievements of women entrepreneurs in the industry, a testament to their unwavering dedication and innovative spirit.
The event showcased the innovative spirit of exceptional individuals, which was further enhanced by the presence of esteemed guests and sponsors from Bengaluru. Chief Guest N A Harris, MLA, Guest of Honor. Srilakshmi Kamat of Abraan Jewellers, and Bhanu Prasad Naidu, eminent industrialist from Ballari, along with several prominent jewellers fromBengaluru such as Ram of Neelkanth Jewellers, Suresh Gan, Past President JAB, Pratap Kamat, Srikanth Urs, GES India, Mahipal Juharmal, Sandeep Mehta, Sumesh Wadhera, Surya Prabhakar, V K Manoj and Nitesh Jain graced the occasion to applaud the award winners and to promote the spirit of women empowerment in the gems and jewellery sector.
At the ceremony, 13 distinguished women entrepreneurs were felicitated with the prestigious “Golden Girl Awards” for their outstanding contributions to the industry. The Host and President of the Jewellery Division, India, IBJA, Dr. Chetankumar Mehta, and the Convener of GGA, Ms. Reena Shukla, welcomed the guests.
Dr. Chetan Kumar Mehta expressed in his presidential speech, “We are thrilled to have hosted the 3rd edition of the Golden Girls Award in Bengaluru. This event not only honors the remarkable achievements of women in the gems and jewellery sector but also emphasizes the need to cultivate a culture of empowerment and inclusivity within our industry. This 3rd edition of the Golden Girls Award (GGA) is a tribute to the extraordinary women of Bengaluru who have significantly influenced the Gems & Jewellery (G&J) industry and hold the potential to advance Prime Minister Modi’s vision of catalyzing India 4.0, rooted in the principles of Atmanirbhar Bharat.”
IBJA National President, Prithviraj Kothari, said in his Video message, “This year’s edition in Bengaluru showcases our unwavering commitment to recognising the leadership and achievements of women in business. The Golden Girls Awards stands as a testament to their spirit and success.”
The Golden Girls Award (GGA) celebrated diverse talent, with nominees representing various facets of the Gems and jewellery industry, from design and craftsmanship to innovation and leadership. The winners, chosen rigorously based on their exemplary contributions, visionary leadership, and commitment to excellence, inspire all.
On this occasion, Chief Guest N A Haris Chairman of Bangalore Development Authority (BDA) said, “We extend our heartfelt congratulations to all the deserving winners of the Golden Girls Award; we honour their passion, resilience, and creativity that inspire us all, the whole of the GJ industry! The contribution of women entrepreneurs in the gem and jewellery industry has played a crucial role in making Bengaluru a shining name on the global jewellery map ”
Highlighting Karnataka’s growing prominence, Haris remarked that ‘Bengaluru’ has secured a significant place in the world’s gem and jewellery sector, thanks largely to the dynamism of its women entrepreneurs. Recognizing and celebrating their achievements through such awards, he said, is truly commendable.
Guest of Honor Srilaxmi Kamat stated, “Our G&J industry is dedicated to enhancing and empowering women’s talents. We believe that events like this and the Golden Girl Awards will create new opportunities for the award winners and inspire other women to fulfill their ambitious dreams.”
At the Juncture, Dr. Chetankumar Mehta, President of the Jewellers Association of Bengaluru, unexpectedly awarded Ms. Reena Shukla for her outstanding contributions to the industry over the past twenty years. She has traveled to 25 countries numerous times, promoting the GJ Industry.
National News
NPCI Defers Rollout Of UPI Merchant Discount Rate Until After Diwali
Given Typical Retail Margins Of 2%–6% On Bullion and Plain Gold Jewellery, Absorbing A 0.4% Fee—Or Up To ₹300 Per Large Transaction—Would Have Directly Eaten Into Festive Profitability. The Deferral Keeps Bottom Lines Protected Through Dhanteras and Diwali.
The National Payments Corporation of India’s (NPCI) UPI and Services Steering Committee has deferred the implementation of Merchant Discount Rates (MDR) on select person-to-merchant (P2M) UPI transactions until immediately after Diwali.
The move aims to protect consumer sentiment and keep operational costs steady for businesses during the peak festive shopping season. A specific implementation date will be announced separately.
Key Highlights
- Festive Relief for Retail: The deferment ensures merchants face no additional payment processing costs during peak festive demand, helping avoid disruptions to consumer spending.
- The Approved MDR Structure:
- Applies only to eligible P2M transactions above Rs 2,000 at a rate of 0.4%.
- Capped at Rs 300 for high-value transactions of Rs 75,000 and above.
- Everyday low-value payments and small merchants remain fully exempt, preserving zero-cost digital transactions for general consumers.
- Timeline Adjustment: Originally notified on September 15 for an October 15 rollout, the framework will now take effect post-Diwali, giving banks, payment aggregators, and merchants additional runway to align their systems and communicate terms clearly.
Jewellery purchase values routinely exceed the Rs 2,000 threshold and frequently touch or surpass the Rs 75,000 cap. Given typical retail margins of 2%–6% on bullion and plain gold jewellery, absorbing a 0.4% fee—or up to Rs 300 per large transaction—would have directly eaten into festive profitability. The deferral keeps bottom lines protected through Dhanteras and Diwali.
Introducing transaction fees just as footfall surges would have forced retailers to decide whether to absorb the cost or pass it on to buyers (via checkout surcharges or selective discounts). Avoiding this choice prevents awkward billing counter negotiations and cart abandonment during rush hours.
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