GJEPC hosts ICBC Standard Bank to address export challenges

By

Isabelle Crossley

Published
Apr 28, 2023

On April 27, the Gem and Jewellery Export Promotion Council hosted a group of officials from ICBC Standard Bank, London to discuss issues relating to ensuring the steady supply of duty-free gold and silver at off-city locations for small-scale exporters.

At the event, the GJEPC’s executive director Sabyasachi Ray gave a presentation on the main aims of India’s gem and jewellery industry and the challenges faced by exporters relating to precious metal supplies, the GJEPC reported on its website. Ray urged banks to cater to smaller scale exporters by releasing gold in multiples of 100 grams and silver in multiples of 10 kilograms to exporters, as outlined in the government’s Foreign Trade Policy.
 
The meeting was attended by ICBC Standard Bank’s managing director Tom Kendall, the bank’s head of physical precious metals Ian Harris, and Resource Banking Consulting’s Avadhani Sanagaram. The guests were welcomed by the GJEPC’s Banking Insurance and Taxation sub-committee convenor Saunak Parikh, Diamond India Limited’s director Milan Chokshi, and Diamond India Limited’s CEO Nirakar Chand, as well as Sabyasachi Ray. 

The event also saw the GJEPC celebrate ICBC Standard Bank’s decade-long support to Diamond India Limited. The institution is a nominated agency set up by the GJEPC and it caters to 800 small and medium-sized exporters.