GJC seeks immediate financial assistance for jewellers

By

Isabelle Crossley

Published
Jun 2, 2021

On behalf of India’s jewellery sector, the All India Gem and Jewellery Domestic Council has written to the Union Finance Minister Nirmala Sitharaman and Reserve Bank of India to ask for financial assistance. 

The GJC has asked for both immediate financial assistance and banking-related relief for jewellers and related businesses, stating that the industry is struggling amid the second wave of Covid-19, the Gem and Jewellery Export Promotion Council reported on its website. As many jewellers are struggling to repay loans, the GJC has also asked for an extension of the moratorium on interest payments for the sector for a period of six months.
 
As jewellery stores in many locations were closed on the traditional gold-buying festivals of Gudi Padwa and Akshaya Tritiya, many jewellery retailers lost considerable business, according to the GJC. Although some jewellers have managed to launch e-commerce stores to keep some sales going, numerous states have temporarily banned non-essential online deliveries and many smaller businesses are unable to get online. 

“Even after the slow opening of the states, the next few months will be difficult and challenging for the industry, which offers livelihood to lakhs of people and their families,” said GJC chairman Ashish Pethe, the GJEPC reported.

“We request the Government to consider our plea of offering financial aid, assistance and relief as has been given to several small businesses and MSMEs in other sectors. We also seek that the benefits that were given in 2020 should be extended even in 2021.”