Director, Danabhai Jewellers and past Chairman of the GJF
The new government must be considerate towards the gem and jewellery industry and should approach the industry in such a manner as to add value to the country’s image, economy and credibility. The first step for the government should be the reduction in import duty rates and the 80:20 rule to stop illegal gold from entering into the country and affecting the economy. As an alternative to maintain the CAD levels, the All India Gems & Jewellery Trade Federation (GJF) had offered the previous government a plan to recycle gold that is currently held by the public, temples and institutions. We had devised a scheme to rope in 10,000 to 15,000 jewellers who would help collect idle gold from their customers. I hope that the new government takes our suggestions into consideration. The gem and jewellery industry needs to be brought back among the top 10 most deserving industries that positively contribute to the country’s economy.