India's GJF demands grant of 'National Council' status

NEW DELHI (Scrap Monster): The 9^th Annual General Meeting (AGM) of the All India Gems and Jewellery Trade Federation (GJF) has urged the government to grant ‘Council’ status to it. The related file is currently being forwarded by the Ministry of Commerce to the Department of Industrial Policy and Promotion (DIPP). The Director Board of the Federation has earlier amended the Articles of Association to align with the newly formed Companies Act.

The AGM noted that gold holds a prominent place in the country’s social framework. Moreover, it plays significant role in country’s economy. It called upon policy makers to immediately do the needful to address the burning issues facing the industry such as cut in high gold import duty, abolition of 80:20 import restrictions and impacts of new Companies Act on jewellers. The body also stated that when there are several other variables that determine the CAD, it is not right to blame only gold.

The AGM was attended by Chairman Haresh Soni, Vice Chairman Manish Jain, former Chairmen and Regional Chairmen. GJF members also met Union Finance Minister and other members of Parliament as part of its mission to gain support for its demand.

According to statistics, GJF’s membership grew by 20% in 2013-’14. The AGM also decided to initiate a membership drive, aiming to bring the smallest of jewellers in the country under its umbrella.

The ‘National Gems & Jewellery Council’ status will enable the body to become part government discussions and make more proactive contribution to legal mandates.