GJC Opens New Mumbai Office, Backs Government Measures on Gold Imports
Mumbai, May 15 (TNT):The All India Gem & Jewellery Domestic Council (GJC), the apex body representing more than six lakh jewellers across India, on Thursday inaugurated its new office at Trust House in Parel East, Mumbai, marking a significant institutional expansion for the industry body amid ongoing discussions on customs duty revisions and gold import management.
The inauguration ceremony was attended by former Rajya Sabha member Ajay Sancheti, Maharashtra Minister of State Pankaj Bhoyar, Maharashtra Legislative Council member Chitra Wagh, GJC Chairman Rajesh Rokde and Vice Chairman Avinash Gupta.
GJC said the new office reflects the Council’s continued growth as a national trade body advocating policy reforms, transparency and responsible business practices in the gems and jewellery sector.
The development comes at a time when the domestic gems and jewellery industry is closely evaluating the impact of the Centre’s recent customs duty revisions on gold and silver imports.
On May 13, GJC convened a nationwide virtual meeting involving senior industry leaders, trade associations and jewellers to discuss the broader economic implications of the policy changes.
According to GJC, the industry acknowledged the Government’s concerns relating to the Current Account Deficit (CAD), foreign exchange management and global economic uncertainties, while reiterating support for measures aimed at maintaining macroeconomic stability and easing pressure on foreign exchange reserves.
The Council noted that higher customs duties had increased the landing cost of gold and silver, affecting market dynamics and consumer buying patterns.
Industry stakeholders also discussed the need to promote value-added jewellery purchases, strengthen old gold exchange mechanisms and discourage the sale of pure gold bars to retail consumers.
Rajesh Rokde said the industry remained fully aligned with the nation’s economic priorities and would continue to support responsible business practices during the current economic transition phase.
He stated that the Council had advised members to focus on jewellery sales through exchange-based models and support initiatives that could reduce pressure on imports and help narrow the Current Account Deficit.
Avinash Gupta said GJC had also submitted a structured roadmap for revitalising the Gold Monetisation Scheme (GMS) with the objective of mobilising idle household gold, reducing import dependence and strengthening the formalisation of the sector.
GJC said it would continue engaging with the Government, policymakers and financial institutions to ensure sustainable growth, consumer confidence and long-term stability in India’s gems and jewellery industry.
TNT KS
