GJ Town India

  GJC urges to reduce to 1.25% from the 3% to ease & boost sales   All India Gem & Jewellery Domestic Council (GJC), the premier body for jewellers, has urged the government to rationalize the Goods and Services Tax (GST) on bullion and precious ornaments, reducing it to 1.25% from the current 3% to ease the burden on consumers and boost sales.   GJC appreciates Honourable Finance Minister Smt Nirmala Sitharaman ji urging the GST council on rationalising and simplifying GST rates.   When GST was first introduced in July 2017, the price of 24-carat gold was hovering around Rs28,439 per 10 grams. Based on this price level, the GST Council set the GST incidence rate on bullion and precious ornaments at 3%, despite the earlier indirect tax structure (Excise + VAT) being effectively 1% and with Excise Duty implementation in 2016, with applicability on only those jewellers having turnover of 10 crores and above, giving ease to almost 80 to 85 % of the i...

Embrace storytelling, symbolism & creative narratives to sell Make in India, Design in India-Create in India designer jewellery to the world   Part 2: In the session on Global & India Gold Demand Trends, Kavita Chacko, the Research Head for India at the World Gold Council (WGC), said, "2024 is likely to be a record year for mine production of gold; Jewellery demand in 2024 will be firm but vulnerable to gold prices.   Bar and coin investment likely to remain healthy, with high prices and geopolitics attracting attention. Central banks are likely to keep buying gold at an impressive rate. Global annual jewellery demand held steady in 2023 at around 2200 tonnes even in a very high price environment.    In 2023 Gold has benefitted from a) Highlighted geo-political risk; b) Consumer demand; and c) Central bank buying. Annual Gold demand in 2023 rose 4%, reaching an all-time high of 4,930 tonnes. Contribution of 2 sectors a) jewellery demand and b) central ...

Legacy meets Innovation: Senco's Hallmarked Collections Now Available on ONDC, Redefining the Jewelry Shopping Experience  Senco Gold and Diamonds, India’s leading jewellery retailer with eight decades of legacy and over 150+ showrooms nationwide announced that it has joined Open Network for Digital Commerce (ONDC) Network, marking a significant milestone as the first national jewellery brand to showcase hallmarked products on the ONDC platform. Through this maiden integration, Senco Gold & Diamonds extensive catalogue will be available across various shopping apps within the expanding ONDC Network, facilitating smooth and efficient transactions. This strategic move will have a catalytical impact on Senco Gold and Diamonds and will help the brand to expand its customer base, providing its exquisite and unique designed jewellery by famous karigars of Bengal, to potential buyers across all ONDC seller apps.  This collaboration will also align seamlessly with the company’s ...

The show helped the mission to, Make in India for the world   The Gem & Jewellery Export Promotion Council (GJEPC) successfully concluded the exclusive B2B jewellery show the IGJS in association with Gemfields, at JECC, Jaipur, India’s coloured gemstone capital, from 10th to 12th May, 2022.    The three-day show witnessed 200+ leading exhibitors showcasing their gems and designer jewellery to 650 international buyers from across 48 countries.    It was the first ever physical event hosted exclusively for global buyers in India to increase exports and to exemplify India’s strong hold on the gem and jewellery industry. The exclusive show catered to all product segments of gem and jewellery such as colour gemstones, loose diamonds, plain gold jewellery, diamond studded jewellery, gemstone studded jewellery and silver jewellery. Being the world leader in cut and polished diamonds, the coloured gemstones capital of the world, and the fastest growing gold je...

  India boosts domestic investments in India!  Recently, Government has taken various steps in addition to ongoing schemes to boost domestic investments in India. These include the National Infrastructure Pipeline, Reduction in Corporate Tax, easing liquidity problems of NBFCs and Banks, various policy measures to boost domestic manufacturing. Government of India has also promoted domestic manufacturing of goods through public procurement orders, Phased Manufacturing Programme (PMP), Schemes for Production Linked Incentives of various Ministries.   Further, with a view to support, facilitate and provide investor friendly ecosystem to investors investing in India, the Union Cabinet on 03rd June, 2020 has approved constitution of Empowered Group of Secretaries (EGoS) for Investment chaired by Cabinet Secretary with CEO, Niti Aayog, Secretary, D/o Commerce, Secretary, D/o Revenue, Secretary, D/o Economic Affairs and Secretary DPIIT.   As Members with following main ob...

Union is working on setting up a System!   The Central Government is working on setting up a Single Window System for clearances and approvals of industry in the country. Despite the presence of several IT platforms for investing in India such as in departments of the Government of India and State Single Window Clearances, investors need to visit multiple platforms to gather information and obtain clearances from different stakeholders.   To address this, the creation of a centralized Investment Clearance Cell which would provide end-to-end facilitation support, including pre-investment advisory, information related to land banks; and facilitating clearances at Central and State level was proposed and the same is also a Budget Announcement 2020-21. The cell is being planned as a One-stop digital platform to obtain all requisite central and state clearances /approvals required to start business operations in India. The Investment Clearance Cell will be a National portal t...

CFC for gem & jewellery Manufacturer exporters Suresh Prabhu unveils  CFC in Coimbatore Hon’ble Union Minister for Commerce & Industry and Civil Aviation, Shri Suresh Prabhu laid the foundation of the Common Facility Centre (CFC) at Coimbatore - the Ratna Abhushan Suvidha Kendra, is a project by the Gem & Jewellery Export Promotion Council [GJEPC], sponsored by the Ministry of Commerce & Industry. Present on the occasion were Shri B Sabarinath (President, Coimbatore Jewellery Association) and Shri B Muthu Venkat (President, Coimbatore Manufacturer’s Association) and many gem & jewellery industry dignitaries. Common Facility Centre at Coimbatore will be instrumental for technological and social transformation of the workers and small manufacturers engaged with diamond cutting & polishing as well as jewellery manufacturing activities. With a view of aligning the goal of PM, Make in India vision to the gems & jewellery sector, GJE...

Make suggestions on Baba Kalyani Group Report on SEZ Policy Department of Commerce, Ministry of Commerce & Industry (MoC) had constituted a Group consisting of SEZ stakeholders under the chairmanship of Shri Baba Kalyani, Chairman & MD, M/s. Bharat Forge Ltd. in June-2018 to study the SEZ policy of India. De facto the Baba Kalyani led committee constituted by the Ministry of Commerce & Industry to study the existing SEZ policy of India had submitted its report to the Union Minister for Commerce & Industry and Civil Aviation, Suresh Prabhu, in New Delhi on November 19, 2018. The objectives of the committee were to evaluate the SEZ policy and make it WTO compatible, suggest measures for maximizing utilisation of vacant land in SEZs, suggest changes in the SEZ policy based on international experience and merge the SEZ policy. Baba Kalyani, Chairman, Bharat Forge Ltd., said that if India is going to become a USD 5 trillion economy by 2025 then the c...