GJC to Approach PM Over Gold, Silver Duty Changes

Mumbai, May 14 (PTI) The All India Gem and Jewellery Domestic Council (GJC) on Thursday said it is holding consultations with zonal committee members, trade associations and jewellers across the country on customs duty revisions for gold and silver, and will submit a representation to the prime minister next week.

The meeting was organised to deliberate upon the government's recent economic measures relating to customs duty revisions on gold and silver, broader macroeconomic concerns, and the need for constructive industry participation in supporting national economic priorities, GJC chairman Rajesh Rokde told reporters, adding that the industry inputs on how to face this challenging times will be submitted to the prime minister's office next week.

"We urge the government to reduce GST to 0-3 per cent for exchange of jewellery to encourage recycling and also to remove capital gain tax from those wanting to sell their jewellery, in order to mobilise gold into the system. We have to find ways to face this challenging time, which could impact the jobs over a crore people. This industry provides 50-60 lakh direct jobs and 50-60 lakh indirect jobs," he added.


GJC, which represents over six lakh jewellers across India.

"At this important juncture, the entire industry stand firmly with the nation and respect the government's policy decisions taken in the larger national interest. We are confident that the trade will continue to act responsibly and contribute positively towards national economic priorities," he added.

Rokde urged its members to discourage the selling of pure gold bars over 5 grams to end customers and promote jewellery sales by strengthening old gold exchange mechanisms, and support measures that help reduce pressure on imports and Current Account Deficit (CAD).

GJC vice chairman Avinash Gupta said GJC has also submitted a structured roadmap for a revitalised Gold Monetisation Scheme (GMS), aimed at mobilising idle household gold, strengthening formalisation, reducing dependence on imports, and supporting India's long-term economic resilience and self-reliance in the gems and jewellery ecosystem and promote Atmanirbhar Bharat.