GJ Town India

  PMI that held during February 16th to February 18th, 2025   Recently, 7th edition of PMI, held by the All India Gem & Jewellery Domestic Council (GJC), during February 16th to 18th, 2025, at Hyatt Regency, Gurugram. At the occasion, Rajesh Rokde, Chairman-GJC said, “ As Chairman of the All India Gem & Jewellery Domestic Council, I am proud that Preferred Manufacturer of India (PMI) has set a new benchmark.   PMI is more than just a platform; it’s a transformative initiative that fosters meaningful business relationships, strengthens brand positioning, and enhances profitability. The inauguration in Gurugram, with Honorable MLA Shri Mukesh Sharma Ji lighting the ceremonial lamp, was a landmark event, bringing together 42 leading manufacturers and 200+ prominent retailers from across India from16th to 18th February.   I was deeply honored to take the oath as Chairman during the installation ceremony, alongside Avinash Gupta as Vice Chairman, and ...

  US$3000 is knocking on the door for Gold: Augmont   Less than a month and a half into 2025, the breakneck pace continues. The price of gold broke through the US$2,800 mark on January 31, and pushed above US$2,900 during intraday trading on Monday, February 11. All India Gem and Jewellery Domestic Council (GJC) remained watchful over the swift trend of gold price.   Rajesh Rokde – Chairman-GJC said, " As we witness gold crossing the $2,930 per ounce mark and continuing to rise day by day, it is a clear testament to the prevailing economic uncertainties. The persistent upward trend in gold prices underscores the growing need for safe-haven assets in volatile times.    Additionally, with the current GST rate of 3% on bullion and precious ornaments, both consumers and jewellers are facing an increased tax burden. To align taxation with industry realities and encourage compliance, it is imperative to reduce the GST rate to 1.25%. This move will not on...

  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...

  The Bullion Market witnesses all time high price in Gold   Recently, the gold & jewellery market witnessed all time high price in Gold. In the row, Rajesh Rokde, Chairman - All India Gem and Jewellery Domestic Council (GJC) said, “The all-time high price for gold was nearly $2,000 per ounce in 2011. However, if we adjust for inflation, the highest price of gold was actually $2,845.81 per ounce, which is the current price as of February 5, 2025.   To give you a better idea, here are some key milestones in gold prices, 1: 2025: $2,845.81 per ounce (as of February 5, 2025), 2: 2011: nearly $2,000 per ounce & 3: 1980: $850 per ounce (not adjusted for inflation).   Keep in mind that gold prices can fluctuate rapidly due to various market and economic factors. If you're interested in investing in gold or tracking its price, I recommend checking reliable sources like Macro trends for the latest updates."   Avinash Gupta, Vice Chairman – GJC sa...

  Needs a focus on GJ sector growth & global leadership   The Gems & Jewellery (GJ) sector plays a pivotal role in India’s economy, contributing significantly through exports, job creation, and the preservation of cultural heritage. It is also a major job creator and stands as India’s second-largest Foreign Exchange Earner (FEE).    However, the industry faces numerous challenges, including complex taxation, stringent compliance requirements, and limited access to finance. To address these issues, the All India Gem & Jewellery Domestic Council (GJC) has released a detailed note outlining actionable recommendations to unlock the full potential of India’s gems and jewellery sector.  In a pre-Budget representation to Union Finance Minister Nirmala Sitharaman, GJC has urged a reduction in the Goods and Services Tax (GST) on gems and jewellery from the current 3% to 1% on revenue equivalence ratio to ease the cost burden on the industry and, eventually, o...

Avinash Gupta announced as the new Vice Chairman-GJC   All India Gem & Jewellery Domestic Council (GJC), the apex body representing the Indian gem and jewellery industry, is pleased to announce that Rajesh Rokde has been elected as the new Chairman and Avinash Gupta the new Vice Chairman of the council. This is confirmed during the council's first Board Meeting of the COA 2025 – 26 post completion of their COA elections held in December 2024.   Rajesh Rokde, from the esteemed Rokde Jewellers in Nagpur, upholds a remarkable legacy of over 100 years in the jewellery industry. Representing the Large Retailers category in GJC, he has distinguished himself through an unwavering dedication to quality, innovation, and customer trust—the hallmarks of his family's renowned brand.    His proactive leadership as Vice Chairman and Legal Committee Convener has significantly benefited the jewellery industry by addressing critical issues such as GST for the Gems and Jewellery s...

The customs duty reduction to benefit domestic jewellery manufacturers   In the Reaction, All India Gem & Jewellery Domestic Council (GJC) officially said on the Union Budget 2024-2025 that presented by Minister of Finance and Corporate Affairs Smt Nirmala Sitharaman!   In the row, Saiyam Mehra, Chairman, GJC said, "The reduction in the basic customs duty on gold and silver to 6% and on platinum to 6.4% is a commendable move by the government. This was a long-standing demand from the All India Gems & Jewellery Domestic Council, which represents the entire gems and jewellery industry.   The customs duty reduction will benefit domestic jewellery manufacturers, especially small and medium enterprises, encouraging them to transition gradually to the formal channel. Additionally, the Finance Minister has also increased the scope of working capital loans to SMEs and MSMEs, which will help these units expand their businesses in the future.  The extensi...

Opaque GJ Trade & Commerce pushes a reluctant Bank financing   All India Gem & Jewellery Domestic Council (GJC) organised first of its kind one-day Gem and Jewellery (GJ) Banking Summit presented by the World Gold Council (WGC) presented at Jio World Convention Centre, Bandra Kurla Complex, Mumbai, on the 18th May 2024.   The Summit was attended by leading Indian government and private bankers engaged directly or indirectly in the gold financing business. The Summit was powered by Yes Bank, Shree Kunj, Kolkata, and supported by Bangalore Refinery, Mukti Gold and Diamond, and Laxmi Diamonds India Ltd.   More than 200 delegates participated in the summit, with experts discussing the financing needs of the industry for a comprehensive growth of the entire value chain from bullion dealers to karigars, craftsman, manufacturers, wholesalers, and retailers. Speakers also deliberated about the risk management facilities available for Indian jewellers, and challenge...