National News
Oman Delegation Explores Trade Opportunities At GJEPC Meet
Discussions Focused On Opportunities In Diamond Processing, Jewellery Manufacturing, Lab-Grown Diamonds, Secure Storage Facilities and Exports To The US
A delegation from Oman visited GJEPC in Mumbai on 6 May 2026 to discuss investment, logistics and trade opportunities for the gem and jewellery sector. The delegation included H.E. Issa Saleh Al Shibani, Ambassador of Oman to India; H.E. Ibtisam Al Farooji, Undersecretary for Investment Promotion, MOCIIP; H.E. Pankaj Khimji, Advisor for Foreign Trade & International Cooperation, MOCIIP and Oman’s G20 Sherpa among other officials.
The delegates were welcomed by Shaunak Parikh, Vice Chairman, GJEPC; Ashish Borda, Convenor – PMBD, GJEPC; Mital Doshi, Convenor – BITC, GJEPC; Mansukh Kothari, Convenor – Events, GJEPC; Mehul Shah, Vice President, Bharat Diamond Bourse; Sabyasachi Ray, Executive Director, GJEPC; and Sridhar Iyengar, Director – International Events, GJEPC along with jewellery exporters.
During the interaction, H.E. Pankaj Khimji highlighted Oman’s strategic position as a gateway to the GCC and global markets, supported by free zones, logistics infrastructure, investment facilitation and duty-free access under the India-Oman CEPA expected to come into effect from 1 June 2026. He noted that 97% of Indian goods would enter Oman duty-free under the agreement. He also outlined the development of a dedicated bonded warehouse and high-value jewellery depository facility at Muscat Airport, enabling direct and secure transfer of precious cargo from aircraft to storage within the airport free zone.
Discussions focused on opportunities in diamond processing, jewellery manufacturing, lab-grown diamonds, secure storage facilities and exports to the US market through Oman. GJEPC and BDB representatives also invited Oman to engage with India’s gem and jewellery industry through roadshows and participation at major trade exhibitions such as IIJS Premiere. Both sides expressed interest in strengthening bilateral cooperation through future industry visits and investment partnerships.
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:Â Imported gold should be strictly saved for jewellery exporters using one-year Gold Metal Loans (GML).
- For Local Buyers:Â 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.
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