The All India Gem & Jewellery Domestic Council (GJC), representing over six lakh jewellers across India, inaugurated its new office at Trust House, Parel East, Mumbai, marking a key institutional milestone in its journey as one of India’s leading gems and jewellery trade bodies.
The inauguration ceremony was attended by former Rajya Sabha Member Ajay Sancheti, Maharashtra Minister of State Pankaj Bhoyar, MLC Chitra Wagh, GJC Chairman Rajesh Rokde, Vice Chairman Avinash Gupta, members of the Committee of Administration and industry stakeholders from across the country.
Alongside the inauguration, GJC held a nationwide virtual industry meeting on May 13 to discuss recent customs duty revisions on gold and silver, broader economic developments and industry participation in supporting national economic priorities. The discussions included senior trade leaders, past chairpersons and representatives from trade associations nationwide.
Industry members acknowledged concerns around Current Account Deficit (CAD), foreign exchange management and global economic uncertainties, while reiterating support for measures aimed at maintaining macroeconomic stability. The council also presented recommendations to strengthen the Gold Monetisation Scheme and encourage responsible industry practices.
Key discussions included the impact of revised customs duties on gold and silver pricing, encouraging value-added jewellery purchases, promoting old gold exchange mechanisms and increasing circulation of idle household gold within the formal economy.
Mr. Rajesh Rokde, Chairman, GJC, stated:
“We extend our sincere gratitude to Shri Ajay Sancheti ji, Shri Pankaj Bhoyar ji, and Smt. Chitra Wagh ji for gracing this important occasion and encouraging the industry through their presence. The inauguration of GJC’s new office marks an important institutional milestone for the Council and reflects the collective strength and unity of the Indian gems and jewellery fraternity.
At this important juncture, GJC and the entire industry stand firmly with the nation and respect the Government’s policy decisions taken in the larger national interest. India’s gems and jewellery sector has historically demonstrated resilience, discipline, and adaptability during periods of economic transition, and we are confident that the trade will continue to act responsibly and contribute positively towards national economic priorities.
GJC has urged its members to discourage the selling pure gold bars 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). We believe the present customs duty revisions are part of a calibrated economic approach in the prevailing scenario, and the trade should remain calm, confident, and constructive in its outlook. GJC will continue working closely with the Government and all stakeholders to ensure long-term stability, consumer confidence, and sustainable growth of the sector.”
Mr. Avinash Gupta, Vice Chairman, GJC, added:
“The establishment of GJC’s own office is a proud milestone that reflects the confidence, unity, and progress of the Indian gems and jewellery fraternity. This achievement is the result of the vision, dedication, and contribution of all past Chairmen, founding members, industry leaders and most importantly our valued members who have strengthened GJC over the last two decades.
Gold and jewellery remain deeply connected with India’s economy, traditions, and household savings culture. At this stage, the industry must continue conducting business responsibly while supporting artisans, traders, and consumers with confidence and stability.
GJC fully supports the nation’s larger economic priorities and remains committed to constructive engagement with policymakers to safeguard stakeholder interests and ensure the long-term growth and stability of the sector.
We have 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.”
GJC reaffirmed its commitment to work collaboratively with the Government, policymakers, financial institutions, and all stakeholders to ensure that India’s gems and jewellery sector continues to remain globally competitive, economically responsible, and aligned with national interests.
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