Published
Jun 19, 2018
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Indian Government to create domestic council for gems and jewellery

Published
Jun 19, 2018

The Indian Government will set up a seven member committee which will constitute a domestic council for gems and jewellery.

The Indian Government will set up a seven member committee for the domestic fine jewellery industry - Hazoorilal Legacy- Facebook


On June 15, a meeting was held between the Minister of Commerce, Suresh Prabhu, and a number of stakeholders in the Indian gems and jewellery industry. The meeting concluded with a decision to create a seven member domestic council for gems and jewellery which will include professionals and stakeholders such as jewellers, refiners, bullion dealers, and others.

The All India Gems & Jewellery Domestic Council will also work with a number of associations across India. Minister Prabhu said at the meeting that it will be an “inclusive, democratic and self-sustainable organisation.”

The council, once created, will advise the Union Government on matters concerning the domestic fine jewellery industry. The Gem and Jewellery Export Promotion Council (GJEPC) advises the government on matters concerning Indian fine jewellery exports and so the domestic council will cover the India-wide side of the industry.

The Indian jewellery industry has been affected by two main issues over the past year. Firstly, the introduction of the Goods and Services Tax (GST) last July caused some concern over new tax rates and the subsequent slowdown of the economy hampered sales for many fine jewellery brands. Secondly, the fraud scandal involving the jewellery tycoons Nirav Modi and Mehul Choksi has caused some to distrust the organised section of the market. The new council will no doubt work to address these issues and others.

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