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DW Special: Modi Effect: Brighter Days Ahead
Gems and jewellery industry rejoice; hopeful of some significant policy changes and better days
By: Diamond World News Service
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Dec 26 2016 6:06PM
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Reference: 9134  

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Finally the curtains are up and the stage is set for a dramatic change that the Indian history is about to witness. The Indian gems & jewellery industry had openly supported BJP and their PM candidate Mr Narendra Modi. Now that the BJP party is about to form the government in the world’s biggest democracy, the country’s gems and jewellery industry is hopeful that the ascent of Mr Modi will bring in the cheer back to the industry.

The entire gems and jewellery industry was troubled by the policy hurdles which was hampering the business. The various norms and duties like 10 per cent export duty; 80:20 rule have been one of the few spoilers which have been a point of bother for the gems and jewellery industry. Diamond World spoke to few members of the fraternity and all had one thing in common to say and that is they trust the acumen of the party as well as the leader. Haresh Soni, Chairman, GJF, said “Firstly, I would like to congratulate BJP and especially Mr Narendra Modi for this huge victory. I am happy and proud as he is the second person from Gujarat who will change the scenario in India. The entire gems and jewellery industry is happy for this win. Secondly, we are positively hoping that he will fulfill the promises he made for the industry. He has promised to bring in some relaxation in the policies especially related to import duty as once this sorted the raw materials will be smoothly available. We are hopeful that in his first budget only he will take up this matter positively.”

The industry think-tank wants the new government to do away with the troublesome 80:20 rule which has resulted in shortage of gold in the market. As Prithviraj Kothari, President, IBJA puts, “BJP’s win is good news for every Indian, especially for the gems and jewellery industry. Once the industry growth is higher, ultimately the CAD is sure to come down. The way to address the shortage of gold in the market is to do away with the 80:20 rule. If this happens, I see gold prices dropping a little as currently high premium is adding to the rising price of gold.”

If the new government eases the policies, it will bring cheer back to the otherwise gloomy economy. And the industry people are just hoping for the same. “It is a positive mandate. This verdict will ensure that the focus is back on the manufacturer which is fantastic for the jewellery industry. We are optimistic about the future,” said Colin Shah, MD, Kama Schachter.

There is a lot of positivity among the industry which feels that the new government especially the PM candidate Mr Modi will definitely fulfill all the promises made. They are sure that his coming to power will help the current ‘Chalo Surat Movement’ which is basically about shifting the diamond bourse from Mumbai to Surat. Until now, international airport was one of the hurdles in shifting the base but with Mr Modi hailed as future PM; the wheels seem to move faster in the coming future.

Pankaj Parekh, Vice Chairman, GJEPC rightly summed up the current wave of positivity, “I have great faith in their wisdom. Brighter days are back.

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