GJEPC and World Gold Council: Paving the Way for a Resilient Indian Gem & Jewellery Sector Through Strategic Outreach

The Indian gem and jewellery industry, a cornerstone of the nation’s economy and a significant contributor to global trade, is constantly evolving. In a proactive effort to foster collaboration, address industry challenges, and promote growth, the Gem & Jewellery Export Promotion Council (GJEPC) in partnership with the World Gold Council (WGC) initiated its impactful Member Outreach Program. This comprehensive initiative serves as a crucial platform for direct engagement with stakeholders across India, ensuring that the Council’s strategic vision and various developmental programs resonate deeply within the industry. The program’s fourth successful iteration took place in Delhi, underscoring its commitment to nurturing a vibrant and sustainable future for this vital sector.

Delhi Hosts Pivotal Member Outreach Program: A Confluence of Industry Leaders

On July 1st, 2022, the Hotel Hyatt Regency in Delhi became the focal point for a significant gathering of the Indian gem and jewellery community. This marked the fourth Member Outreach Program, meticulously organized by GJEPC in collaboration with the World Gold Council. The event attracted an impressive attendance, drawing representatives from 37 prominent trade associations and over 200 jewellers from across the region. This robust participation highlighted the industry’s keen interest in staying informed, engaging in constructive dialogue, and actively contributing to the sector’s advancement. The program’s core objective is to facilitate seamless interaction between GJEPC and its extensive membership base, ensuring that the Council’s initiatives aimed at streamlining business operations, promoting exports, and fostering trade are effectively communicated and understood.

Prior to the Delhi event, the GJEPC had successfully orchestrated three similar outreach programs, two held in the financial capital of Mumbai and one in the prominent jewellery hub of Ahmedabad. These preceding events laid a strong foundation, demonstrating the Council’s nationwide commitment to reaching out to its members and providing them with invaluable insights and resources. The consistent execution of these programs across diverse geographical locations underscores GJEPC’s dedication to inclusive growth and widespread industry support.

Setting the Stage: Welcome and Vision for Growth

The Delhi outreach program commenced with a warm welcome address delivered by Mr. Ashok Seth, the esteemed Regional Chairman, North, GJEPC. Mr. Seth’s opening remarks emphasized the critical importance of collective effort and synergistic partnerships in propelling the gem and jewellery industry forward. Following this, Mr. Mansukh Kothari, Convener, Events, GJEPC, provided a detailed overview of the numerous strategic initiatives undertaken by the Council. His presentation highlighted GJEPC’s multifaceted approach to fostering the development and sustainable growth of the sector, covering aspects from export promotion and skill development to policy advocacy and market research. The audience gained a comprehensive understanding of how GJEPC actively works to create a conducive environment for businesses to thrive, innovate, and expand their global footprint.

Distinguished Speakers and Invaluable Insights

The Delhi program featured an illustrious line-up of guest speakers, each bringing unique perspectives and expertise vital to the gem and jewellery trade. Their presence underscored the collaborative spirit necessary for navigating the complexities of the industry and ensuring its continued success.

Mr. Surjit Bhujabal, IRS, Chief Commissioner Customs, New Delhi: As the Chief Guest, Mr. Bhujabal’s address was highly anticipated. He provided critical insights into customs regulations, trade facilitation policies, and the government’s efforts to create a smoother, more efficient export-import ecosystem for precious goods. His guidance is invaluable for an industry heavily reliant on international trade.
Mr. Shekhar Kumar, IRS, Joint Commissioner (Air Cargo Exports), New Delhi: Mr. Kumar focused on the logistical aspects of exports, particularly through air cargo. He shared updates on processes, efficiencies, and upcoming improvements designed to expedite the movement of valuable jewellery and gems, which is crucial for meeting global delivery schedules and maintaining India’s competitive edge.
Mr. R. Arulanandan, IDAS, Director, EP (G&J): Mr. Arulanandan offered a governmental perspective on Export Promotion specifically tailored for the Gem & Jewellery sector. His insights covered various schemes, incentives, and support mechanisms available to exporters, encouraging them to leverage these resources for enhanced global market penetration.

Driving Gold Investment and Modernizing Bullion Trade

A significant portion of the program was dedicated to critical initiatives impacting the gold sector, a dominant segment of India’s gem and jewellery industry.

Empowering Retail Gold Investment: The Swarna Adarsh Abhiyan

Mr. Somasundaram PR, Regional CEO, India, World Gold Council, delivered an engaging presentation on the “Swarna Adarsh Abhiyan” (Gold Standard Campaign). This initiative is deeply rooted in the Retail Gold Investment Principles (RGIPs), a set of guidelines designed to promote transparent, ethical, and responsible practices in gold investment across the retail landscape. Mr. Somasundaram elaborated on how the Abhiyan aims to build consumer trust, enhance liquidity, and standardize the gold market, thereby protecting consumers and fostering a more robust investment environment for gold. His discussion highlighted the importance of educating both jewellers and consumers about the benefits of organized gold investment, emphasizing purity, transparency, and traceability. The World Gold Council’s partnership with GJEPC on such initiatives underscores a shared commitment to elevating the Indian gold market to international best practices.

Revolutionizing Bullion Trading: Updates on India International Bullion Exchange (IIBX)

Another pivotal update came from Mr. Ashok Gautam, Managing Director & Chief Executive Officer, India International Bullion Exchange (IIBX). Mr. Gautam provided comprehensive insights into the latest developments, operational mechanics, and manifold benefits of India’s first-ever bullion exchange. Launched with the ambitious goal of formalizing and regulating the nation’s vast gold market, IIBX represents a transformative step towards establishing India as a significant global bullion trading hub. He detailed how IIBX offers a transparent and efficient platform for trading gold and silver, attracting both domestic and international participants. The exchange aims to bring greater price transparency, reduce transaction costs, and provide a reliable mechanism for jewellers, banks, and other stakeholders to source bullion. This modernization of bullion trading is expected to significantly benefit the gem and jewellery industry by ensuring standardized quality, efficient delivery mechanisms, and integration with global financial markets, thereby enhancing India’s position in the international gold trade.

The Broader Vision: GJEPC’s Commitment to Sectoral Excellence

The GJEPC’s Member Outreach Program is more than just a series of events; it’s a strategic pillar in the Council’s overarching mission to elevate the Indian gem and jewellery sector. As the apex body for the promotion of exports of gems and jewellery from India, GJEPC plays a crucial role in shaping policy, fostering innovation, and enhancing India’s global presence. These outreach programs are vital for:

Policy Advocacy: Gathering direct feedback from members enables GJEPC to present a unified voice to the government, advocating for policies that support growth, ease of doing business, and competitive advantages for Indian manufacturers and exporters.
Market Intelligence: Providing members with up-to-date market trends, consumer insights, and global demand patterns helps businesses make informed decisions and adapt to changing market dynamics.
Skill Development: Promoting and facilitating skill enhancement programs to ensure that the Indian workforce remains globally competitive, incorporating the latest technologies and design trends.
Trade Facilitation: Offering support for participation in international trade shows, buyer-seller meets, and providing assistance with customs procedures, export documentation, and logistics.
Brand Building: Collaborating with international bodies like the World Gold Council helps in building the “Brand India” image for quality, craftsmanship, and ethical sourcing in the global gem and jewellery market.

Future Outlook and Sustained Industry Empowerment

The success of the Delhi Member Outreach Program, following those in Mumbai and Ahmedabad, reinforces the effectiveness of direct engagement in strengthening the Indian gem and jewellery sector. These programs are instrumental in building a robust ecosystem where information flows freely, concerns are addressed proactively, and collaborative solutions are forged. By bringing together government officials, industry leaders, and individual jewellers, GJEPC and the World Gold Council are fostering an environment of transparency, growth, and innovation. The insights shared regarding the Swarna Adarsh Abhiyan and the IIBX are particularly crucial for integrating traditional practices with modern financial mechanisms, thereby expanding opportunities and securing the future of gold as both an adornment and an investment.

The commitment displayed by GJEPC and its partners to consistently engage with their members nationwide is a testament to their dedication to creating a more vibrant, competitive, and globally recognized Indian gem and jewellery industry. Such initiatives are not merely events; they are vital arteries for communication and development, ensuring that every stakeholder, from the smallest artisan to the largest exporter, is empowered to contribute to and benefit from the industry’s ongoing journey of success.