Jewellery sector growth stagnant post demonetisation, GST, says GJC
today Jan 9, 2019
The Gem and Jewellery Domestic Council (GJC) came down heavily on the government and blamed the policies of demonetisation and goods and services tax (GST) for the slowdown in the jewellery sector.
The national apex body of gem and jewellery in the country claimed that the growth in the sector has been stagnant over the last two years.
The newly appointed chairman of the organisation is hoping for significant growth in the coming years and plans to take up issues with the government to revive the jewellery sector.
“Though the majority of the population of the older generation saw the precious metal as a long-time investment, the change in the lifestyle of the younger generation, who opted more for travelling and automobiles, has applied a brake on the jewellery business,” chairman of Gem and Jewellery Domestic Council (GJC) Ananth Padmanabhan was quoted as saying by PTI.
“After the demonetisation in 2016 and introduction of the goods and services tax, the growth of the industry remained stagnant despite the country being the second largest importers of gold (800-1,000 tonnes per annum),” he added.
Earlier this week, Padmanabhan was elected as the chairman of GJC for the next two years. He plans to revive the industry during his tenure by transforming and energizing jewellers across India to bring more synergies within the indigenous industry.
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