Hindusthan Samachar
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Indian gems and jewellery business, poised for a quantum jump

By HindusthanSamachar | Publish Date: Apr 13 2019 7:29PM
Indian gems and jewellery business, poised for a quantum jump
Kolkata, Apr.13 (HS): As the demand for gold and gold jewellery has been growing exponentially following the stabilisation of Indian economy, the volume of business in the gems and jewellery industry is likely to make a quantum jump to touch the figure of Rs 8 lakh crores within the next decade from the current volume of about Rs 4 Lakh crores every year.Informing this Anantha Padmanabhan, the current Chairman of All India Gems and Jewellery Council (GJC),the nodal agency of this hugely labour intensive industry employing over 600,000 people, told Hindusthan Samachar here today that in absence of a single policy making body,they had been finding it very difficult to run the business in a free,fair and transparent manner in the post GST era leading to huge confusion among thousands of those connected with the industry. ''Though we are poised for a big leap forward in view of the stabilisation of economy to a great extent overcoming the initial shocks of demonetisation and GST,the absence of any government policy in terms of the gems and jewellery business,has been causing some concern for us'', Padmanabhan said on the sidelines of an educational programme, organised by GJC here today.Also underscoring the need for the setting up of a Gold Jewellery Council at the national level,GJC Chairman,flanked by his Deputy Shankar Sen and Director of P C Chandra Group Subhra Gupta, said as directed by the Union Commerce ministry they had set up a 14 member Ad Hoc Committee to chalk out the details of the proposed Council and held a number of meetings with the concerned minister to discuss the modalities of the new Council in details. As the election dates had since been announced they hoped to form the new Council within the few months after the new ministry took oath, he said and hoped to include the members of the Hallmark Associations and those from the imitation jewellery within the Council. Elaborating other major problems facing the industry and had been creating a lot of confusion among the members of GJC, Padmanabhan said since the introduction of mandatory Hallmark logo in every gold item in 2016, the absence of any clear cut policy about the dealing of different carats of gold particularly of 18, 20, 22 and even 24 carats led to huge confusion among the businessmen and sought an immediate intervention of the Government to sort out the confusion and fix the responsibility of repayment to the rightful agency. He was also very critical about the seizure of huge amount of gold and gold jewellery by Income tax authorities since the imposition of the Model Code of Conduct by the Election Commission and demanded the announcement of a clear cut policy by the government. For example, he said, over 149 kg of gold, worth about Rs 45 crores, were seized by the IT authorities at Coimbatore last week in spite of having all valid documents by a GJC member. Such incident should not have happened, he claimed. Hindusthan Samachar/Ankur/Pramod \
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