The All India Gems and Jewellery Trade Federation (GJF) was pleased at the recent move by the Indian Government to introduce Commodity Trading Tax for precious metals, an issue which it had identified in its pre-budget recommendations and discussions with the government over the last few months.

Mr C Vinod Hayagriv, immediate past Chairman of All India Gems and Jewellery Trade Federation said that, "Like many countries in the world, sensitive metals and commodities should remain just that. One cannot play with every product and allow wild fluctuations causing harm to the actual consumers of such products. We welcome all efforts that curb trading in gold and silver on the exchanges”. He further emphasized that, “The Gems and jewellery is a sector that manufactures, provides employment, and allows for forex earning. We are not in favor of allowing indiscriminate trading and falsifying real prices of precious metals”.