GJ Town India

Committed to pursuing artistic craft’s excellence   Reaction of Gem & Jewellery (GJ) Industry and Trade on the Union Budget 2024-2025 that presented by Minister of Finance and Corporate Affairs Smt Nirmala Sitharaman!   1: Sumit Dassani, Partner at Dassani Brothers:   “The latest Union Budget brings promising changes for the jewelry sector, and as Dassani Brothers, we are particularly enthusiastic about the reduction in customs duty on gold and silver to 6%. This pivotal move will make these precious metals more accessible, driving increased demand and allowing us to offer our clients even greater value. We are committed to pursuing artistic excellence and technical perfection in our creations, and this policy change aligns perfectly with our mission. Lower costs will enhance our ability to provide competitive pricing while continuing to deliver intricate and magnificent adornments that celebrate life’s key moments.    This development not only ...

The risk of global shocks remains! Colin Shah   In a Monetary Policy Statement, 2023-24 Resolution of the Monetary Policy Committee (MPC), on the basis of an assessment of the current and evolving macroeconomic situation, the MPC at its meeting decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50 per cent. The standing deposit facility (SDF) rate remains unchanged at 6.25 per cent and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 per cent. The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns with the target, while supporting growth.  These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth.    On the RBI policy perspective, Colin Shah, MD, Kama Jewelry expressed that, “the RBI's decision to ho...

Gold price support over Rs 61K per 10 grammes   Right now our auspicious festive Gudi Padva, is just at latch and gold price trend is on rock! At the occasion Somasundaram PR, Regional CEO, India at World Gold Council (WGC) said, “This year Gudi Padwa is being celebrated even as gold prices are headed for historic highs in the domestic market.    As economic growth influences demand significantly and this gets reflected in gold purchases on such auspicious days, demand is poised for good growth in 2023. Price pressures could keep rural demand subdued. Urban buying and digital gold accumulations which permit flexible low-ticket sizes could be emerging stories during this festive season.”  In general WGC is not focussing much on gold price trend and gold price outlook. In the perspective Colin Shah, MD, Kama Jewelry expressed as an expert on gold prices hitting Rs 60,000/10gm level.  He said, “Gold prices have risen almost 7-8% in the past month.    ...

India-UAE CEPA Comes Into Force from 1st May   The flagging off ceremony of India-UAE Comprehensive Economic Partnership Agreement (CEPA) was held at Customs House/Cargo Complex, New Delhi International Airport. The landmark agreement has come into force by flagging off the first three consignments of Jewellery from New Delhi to Dubai which would be getting zero duty market access.   The flagging off ceremony was presided by Commerce Secretary B.V.R. Subrahmanyam in the presence of Director General of Foreign Trade, Santosh Kumar Sarangi, Vipul Bansal, Joint Secretary, DoC and other senior officials from the Department of Commerce & Ashok Seth, Regional Chairman (North Region), GJEPC represented GJEPC at the event. Speaking at the event, B.V.R. Subrahmanyam said, “The India-UAE CEPA is the first comprehensive bilateral trade agreement in a decade and it will increase the flow of goods, services, investments, technology & work opportunities for our people, bringing ...

A remarkable send-off at a grand function in Mumbai   GJEPC along with De Beers celebrated the life and times of the legendary  Marketing Guru  Stephen Lussier, De Beers Group Executive Vice President for Brands & Consumer Markets, who will step down on 1st April, 2022 after a 37-year long tenure. A grand send-off was held on 28th February at Sofitel Hotel, Mumbai.   Stephen’s nearly four-decade long stint to nurture and promote the cause of natural diamonds is something that cannot be replicated but only be used as an inspiration for his successor, Marc Jacheet, who has a rich and diverse experience in the field of global luxury marketing, and most recently was President of Tiffany & Co. Europe, the Middle East, and Africa.  In his keynote address, Colin Shah, Chairman, GJEPC, said, “The multi-billion-dollar Indian diamond industry owes a lot to Stephen Lussier.  He has played a significant role and is one of the chief architects of the India ...

Generated an estimated Rs. 5000 crore of business  Comprehensive Economic Partnership Agreement to benefit the G&J industry the most. CEPA to help achieve the set target of USD 52 billion G&J exports in FY 2022-23 The 14th edition of IIJS Signature 2022, organised by the Gem & Jewellery Export Promotion Council (GJEPC) at the Bombay Exhibition Centre, NESCO, Mumbai, concluded successfully on 21st February. The show witnessed nearly 950 exhibitors who occupied 1,470 booths spread across four exhibition halls. There were more than 17242 visitors, including 571 international visitors and delegations from USA, UAE, Egypt, Nepal, Uzbekistan, and Bangladesh. IIJS Signature 2022 has generated an estimated business of Rs. 5000 Crore. The four-day show was inaugurated by Chief Guest Hon’ble Commerce and Industry Minister Piyush Goyal, along with Parshottam Rupala, Hon’ble Union Minister of Fisheries, Animal Husbandry & Dairying; Darshana Jardosh, Hon’ble Minister of State fo...

GJEPC Contemplates on issuing guideline before visit   

  Virtual IIJS 2020 concludes with swift market activities!   Update 1: IIJS Virtual ran through October 12 & up to 16, 2020, these five days remained a successful for the GJEPC’s first virtual attempt to organise its’ flagships show IIJS. Upon Covid-19 pandemic the August show pushed to October & to be held virtual. For such shift, GJEPC leadership & the team had taken a lot’s of proactive step and making tremendous effort in hosting the meet!   At the occasion of IIJS Virtual post event conference, Colin Shah, Chairman-GJEPC said, “ I can proudly say that format of virtual show accepted & adopted by all of the stake holders, right from GJEPC and its’ exhibitors, visitors’ and every participants!”  “This success has created a digital trade trust in the business! IIJS Virtual brought activities back with such virtual gathering! He said, their Webinar also get good response!  Focussing on success secrets of IIJS virtual 2020, Colin Shah said,...

  Uddhav Thackeray and Piyush Goyal, addressed!   IIJS Virtual 2020 has 330 exhibitors and 8000 registered buyers including 200 international visitors!   IIJS Virtual will feature a series of seminars on topics related to business in the current scenario!   Flying start of GJEPC’s first ever IIJS Virtual 2020!   Update 2: The Gem and Jewellery Export Promotion Council of India (GJEPC), the apex body for promotion of gems and jewellery, inaugurated the first ever India International Jewellery Show, IIJS Virtual 2020, powered by GIA. GJEPC has organized IIJS for 38 editions, however due to pandemic the physical trade show has been transformed to a complete virtual experience for exhibitors as well as domestic and global visitors. The show will be open for 5 days till October 16, 2020.   The highlight of the inaugural ceremony was Union Minister of Commerce & Industry and Railway, Piyush Goyal and Chief Minister of Maharashtra Uddhav Thackeray were the Gu...