Mumbai: The All India Gems and Jewellery Trade Federation (GJF) urged the Union Government to implement uniform 1% Goods & Services Tax (GST) across the entire gems and jewellery sector since such an initiative will bring all jewellery manufacturers under one umbrella. Such action will also help the gems & jewellery sector to promote ‘Make in India’ concept at grass root level and help in getting the sector more organized.
Addressing the 10th Annual General Meeting (AGM) of the Federation, GJF Chairman Mr. Sreedhar GV said, “We will be happy if the Government announces the implementation of 1% GST on the gems & jewellery sector to place the sector under a unified umbrella and get it more organized. In fact, the proposed gold monetization scheme can be successfully implemented once the industry comes under the organized sector and we, at GJF, are keen to support the government policy measures”. He added, “As an apex body, we are in touch with Gems and Jewellery Export Promotion Council (GJEPC) to promote jewellery exports by creating exclusive jewellery manufacturing hubs in the country.” Present at GJF’s 10th AGM were past Chairman Mr. Haresh Soni and Director Mr. Ashok Minawala and Regional Chairmen.
Reiterating the GJF demand for the status of National Gems & Jewellery Council, Mr. Sreedhar said, “All members of GJF have expressed their satisfaction over the Government’s new initiatives such as including the gems & jewellery sector in Make in India programme; gold monetization scheme, compulsory Hall-Marking and opening of gold loans to the trade which created a positive environment of doing business at ease.”
During 2014-15, GJF initiated over 50 events across India on behalf of the various constituents and stakeholders of the Gem & Jewellery (G&J) industry. GJF delegations met prominent personalities including the Union Finance Minister, Members of Parliament and also initiated several awareness initiatives through apex associations such as GJEPC and FICCI. GJF also organized several Buyer-Seller meets, Regional Leadership Summits, B2B exhibitions and Awards functions in different parts of India.
In its 11th year, GJF is now one-of-its-kind strong and dynamic industry body. As the federation is aspiring to get National Gems & Jewellery Council status, its focus is on Education and Capacity Building; Compliance; Benchmarking and Image Building for the Gems & Jewellery business. GJF has taken significant steps for betterment and for growth by creating programmes such as Labham, Star Scheme, Trust Mark, Abhushanam and Preferred Manufacturer of India (PMI) amongst others. The federation continues to facilitate the process of making all gems & jewellery businesses more organized and professional.
For the last 10th years, GJF has stood by the different constituents and stakeholders of the gems and jewellery sector. GJF will continue to engage the policy makers on key issues such as Hallmarking, Gold Monetisation Scheme and the GST. Policy makers have to acknowledge those jewellers’ long lasting relationships with customers in different parts of the country is proof of their service to society.