National News
NITI Aayog and GJEPC Collaborate on enhancement of competitiveness and export potential
India’s gems and jewellery sector, a key contributor to the nation’s exports, received a strong policy impetus on October 7, 2025, as NITI Aayog joined hands with the Gem & Jewellery Export Promotion Council (GJEPC) to initiate a comprehensive study aimed at strengthening the industry’s global competitiveness and export resilience.
The hybrid consultation session, held at the Bharat Diamond Bourse (BDB), brought together senior policymakers and industry leaders. Among the key participants were Sanjeet Singh, Senior Advisor, NITI Aayog; Kirit Bhansali, Chairman, GJEPC; Shaunak Parikh, Vice Chairman, GJEPC; Anoop Mehta, Convener, Audit & Finance Sub-committee; and Sabyasachi Ray, Executive Director, GJEPC. The session served as a collaborative platform to exchange views on the challenges and opportunities shaping the sector’s export performance.
Sanjeet Singh underscored the need to tackle structural bottlenecks that affect India’s competitiveness. “Given this sector’s export potential, our study will focus on regulatory and taxation challenges that impede growth,” he said, emphasizing the goal of aligning India’s trade framework with global best practices. Singh also called for industry-led recommendations to enhance “Brand India” visibility in international markets.
Highlighting diversification as a strategic priority, Singh referenced GJEPC’s successful SAJEX initiative in Saudi Arabia, encouraging the sector to explore emerging markets in the Middle East, Africa, and Latin America. He invited suggestions to identify non-tariff barriers and policy gaps that constrain market access.
The upcoming NITI Aayog–GJEPC study aims to develop a data-driven roadmap to reinforce India’s export position across the gems and jewellery value chain. By addressing taxation anomalies, easing compliance frameworks, and fostering branding initiatives, the study is expected to inform policy reforms that could catalyse India’s ambition to become a global hub for value-added jewellery exports.
National News
GJC Delegation Meets RBI Deputy Governor, Makes GMS Presentation
The Proposal Was Acknowledged As An Innovative Initiative With The Potential To Become A Game Changer For The Industry and The Nation.
A GJC delegation comprising Vice Chairman Avinash Gupta, Legal Consultant CA Bhavin Mehta, and National Secretary Mitesh Dhorda met with Shirish Chandra Murmu, Deputy Governor of the Reserve Bank of India, along with his senior team.
During the meeting, the delegation made a detailed presentation on the proposed Gold Monetization Scheme (GMS). The RBI team appreciated the concept of the scheme. The proposal was acknowledged as an innovative initiative with the potential to become a game changer for the industry and the nation.
GJC remains committed to working closely with all stakeholders —including the government, banks, jewellers, gold depositors, and temple trusts—in the larger national interest and for the sustainable growth of the GJ industry.
The Gold Monetization Scheme (GMS) in India was launched with the primary objective of reducing gold imports by mobilizing the vast amount of idle gold held by households, institutions, and temple trusts, thereby decreasing the country’s heavy reliance on gold imports. By encouraging depositors to bring their unused gold into the formal banking system, the scheme puts this dormant gold into productive economic purposes, such as meeting the needs of jewellers and industries without requiring fresh imports.
Additionally, the scheme allows depositors to earn interest on their gold deposits instead of keeping gold idle at home, transforming a non-yielding asset into an income-generating investment while simultaneously strengthening India’s gold supply chain and reducing the trade deficit.
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