04 Jul 2020
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3rd India Gold Jewellery Summit sheds light on interesting insights
India Gold Jewellery Summit
By: Diamond World News Service
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Jan 8 2020 5:30PM
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Reference: 24684  

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Ram Babu Gupta, Convener, Silver Jewellery Panel, GJEPC; Mansukh Kothari, Convener, National Exhibitions, GJEPC; Rupa Dutta, Economic Advisor, Ministry of Commerce and Industry; Piyush Goyal, Minister of Commerce and Railways; Pramod Agrawal, Chairman, GJEPC; Dineshbhai Navadiya, Regional Chairman, Gujarat, GJEPC; Prakash Chandra Pincha, Eastern Regional Chairman, GJEPC; and Ashok Seth, Northern Regional Chairman, GJEPC
Ram Babu Gupta, Convener, Silver Jewellery Panel, GJEPC; Mansukh Kothari, Convener, National Exhibitions, GJEPC; Rupa Dutta, Economic Advisor, Ministry of Commerce and Industry; Piyush Goyal, Minister of Commerce and Railways; Pramod Agrawal, Chairman, GJEPC; Dineshbhai Navadiya, Regional Chairman, Gujarat, GJEPC; Prakash Chandra Pincha, Eastern Regional Chairman, GJEPC; and Ashok Seth, Northern Regional Chairman, GJEPC
The two day Summit held in New Delhi gave valuable insights into the gold and jewellery industry also highlighting the need for bullion banking% The two-day third India Gold Jewellery Summit organised by Gems and Jewellery Export Promotion Council (GJEPC) in New Delhi concluded on November 23 with some insightful and interesting discussions on topics ranging from bullion banking, finance crunch, technology to innovation.

In an engaging and immersive topic on Financing the Gold Jewellery and Bullion Sectors, CNBC anchor Manisha Gupta asked some pointed questions to the eminent panelists. Regarding the fund crunch that the bullion trade was facing, PN Prasad, deputy managing director, Precious Metal, SBI, said, “The trust deficit in the last few years is one of the main reasons for not extending credit to the sector. The Ministry of Commerce had founded a coordinating committee to understand the problems, and we have arrived at a uniform policy, which will be adopted by all banks - one policy is for the gem and jewellery sector and the other, for the diamond sector.” Prasad also informed that a panel has been created, especially for valuation, and the team consisted of valuers from Customs and Excise departments.

The panellists including Nirakar Chand, CEO, DIL, Harish Madaan, head of treasury, ICBC, Manish Padhye, deputy general manager, ICICI Bank, Vipin Raina, presidentmarketing, MMTC-PAMP, Sabyasachi Ray, executive director, GJEPC, were of the view that offering metal gold loans would be an ideal way to align with the working capital cycle. One important differentiation in gold metal loans is that the interest rate is only 3-4%, while the interest rate for rupee loans is much higher. Chand was of the view that gold metal loans should be encouraged as they were a natural hedge against pricing. The positive framework, they believed, would bring back banks to offer fresh financing.

On the matter of there being less takers for funds, Ray informed that demand has dipped all over, and the cost of funds had gone up. He also highlighted the fact that way too many regulatory norms were proving to be a hurdle for ease of doing business or even getting gold metal funds.

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