The Gem and Jewellery Export Promotion Council (GJEPC) and Diamond India Limited (DIL) have signed a Memorandum of Understanding (MoU), which involves importing precious metals and sell them to the jewellers in India. The MoU was signed on 22nd August 2010. The DGFT has designated both DIL and GJEPC as Nominated Agencies to import precious metals for supply to jewellers.
Both organisations intend to help the jewellery industry to grow in the long term, through their association. Under the agreement, DIL will import the precious metals from overseas bullion banks for sale to the jewellers, particularly the exporters, and GJEPC will provide the marketing support through its all Regional Offices and members.
“We are at an advanced stage of setting up the centralised bullion desk and tying up with overseas suppliers and we expect to commence bullion operation from next month” said Mr. P. S. Pandya, Chairman, DIL, who proposes to provide the entire range of products like outright sale, metal loans etc. “We also propose, in due course, to sell our branded gold coins across the country at a very competitive price on a low cost business model”, he added.
“The arrangement is expected to benefit the exporters who have been experiencing difficulty in getting gold from the banks and the agencies”, said Mr. Vasant S. Mehta, Chairman, GJEPC. “This MOU will harness the synergy between DIL’s bullion operations and GJEPC’s marketing outreach and add value to the business of jewellery exporters” added Mr. S. Ray, Executive Director, GJEPC.