Varvara Dmitrieva: The jewelry industry of Yakutia is distinguished by its creativity, unique cultural code and conservation of traditions

Varvara Dmitrieva, Associate Professor and Head of the Department of Precious Stones and Metals Processing Technologies of the North-Eastern Federal University, told Rough&Polished about the results of the Forum of jewelry Craftsmanship and the prospects...

16 april 2024

Valery Budny: There is no strategy and legislation in Russia enabling the full cycle processing of precious raw materials within the country

Valery Budny, Head of the Jewelry Russia program and CEO of the JUNWEX media holding, told Rough&Polished about the results of the meeting and pressing issues in the precious metals and precious stones (PMPS) and the jewelry sectors.

11 april 2024

Paul Zimnisky: Natural diamonds face the risk of eroding their appeal if constantly discounted

New York-based independent diamond and jewellery analyst and consultant Paul Zimnisky told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that the industry should do away with discounts. He said the industry should treat natural diamonds...

01 april 2024

Edahn Golan: Lab-grown diamond prices to continue declining

In an exclusive interview with Rough&Polished's Mathew Nyaungwa, Edahn Golan, proprietor of the eponymous Edahn Golan Diamond Research and Data, predicted that the prices of lab-grown diamonds would continue to decline, especially at the retail and...

25 march 2024

ADPA’s Ellah Muchemwa: G7 restrictions to bring extra costs from diamond mining to retail

The African Diamond Producers Association (ADPA), which has openly registered its disdain for the G7’s rough diamond trade restrictions, is of the opinion that the move will bring extra costs on all stages, from mining to retail. ADPA executive...

18 march 2024

GJC seeks customs duty reduction in the pre-budget recommendations

30 january 2024

All India Gem & Jewellery Domestic Council (GJC), a national apex body for the gems & jewellery industry, have urged the Union Finance Minister Nirmala Sitharaman to withdraw the Basic Customs Duty on gold and also GST on the gems & jewellery industry.

In 2022, the Basic Customs Duty (BCD) on the import of gold was increased from 7.5% to 12.5% ad valorem. This takes the total tax incidence to 18.45% on the imported gold. The reasons for the hike in BCD, as publicly available, seem to indicate concerns in relation to the Current Account Deficit (‘CAD’) and the impact that the import of gold has on the CAD.

Mr Saiyam Mehra, Chairman of GJC, stated, “The jewellery industry contributes nearly 7% of India’s GDP and hence, deserves a pro-business environment. This will also benefit the Government. We urge the Finance Ministry to withdraw the increase in BCD on gold in the upcoming Union Budget and a rationalized tax structure may be developed to tackle CAD issue. "

"A majority of consumers in Rural India buy Gold as an Investment for the future. They sell gold in case of a medical emergency. Hence, the daily purchase limit needs to be increased to Rs 100,000 per day."

Mr Rajesh Rokde, Vice Chairman of GJC, said, “There is an urgent need to revamp the Gold Monetisation Scheme (GMS) to attract more investment as this scheme The government must expand the number of bank branches to accept gold deposits under the GMS. Consumers in rural India consider the purchase of gold as a safe investment which is normally monetized in the urgent needs such as medical emergency or education purposes."

Additionally, GJC has also recommended the facility of EMI to be restored to the Gems and jewellery industry as allowed a few years ago which will lead to substantial growth of the business of the industry and also promote digital payments in the industry.The majority of the Gems and jewellery sector falls under the MSME category and availing of loans has become a key concern for the jewellers, with the rise in gold price.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished