By Paul Ploumis 17 Jun 2015 Last updated at 07:59:05 GMT
NEW DELHI (Scrap Monster): The India Bullion and Jewellers Association (IBJA) intends to boost its representation in the government body that promotes jewellery exports out of the country. IBJA has urged its member bullion traders and gold jewellers across the country to become members of Gem & Jewellery Export Promotion Council (GJEPC).
Meantime, IBJA alleged that the government body has allotted only three seats to gold jewellery industry. Incidentally, GJEPC has formulated five panels for the upcoming elections. Diamond industry has been granted eight seats, while precious metal jewellery has been allotted three seats. Two seats each are allotted to Pearls and Gemstones. Regional Chairmen form the fifth panel, which has been allotted five seats.
According to IBJA, the 20 member body doesn’t have enough representation from the gold jewellery industry. They alleged that only three seats are designated for gold jewellery industry as compared to eight for diamond industry. IBJA further demanded equal number of seats for gold jewellery sector as it still continues to be a prominent industry in the country. According to government data, gold jewellery exports accounted for one-fourth of the total gems and jewellery industry exports during 2014-’15. Moreover, gold jewellery exports by the country recorded significant growth of 18% over the previous year.
In an attempt to make its presence felt by the body, IBJA has called upon all its members to obtain membership in GJEPC. Ketan Shroff, Joint Secretary, IBJA has exhorted all its members to file their nominations at the earliest. The GJEPC elections are likely to be held in August this year. IBJA wants gold jewellery sector to have proper representation in the government body.
IBJA is the Apex association for all bullion and jewellery associations in India.
GJEPC is one of the prominent Export Promotion Councils (EPCs) set up by the government to boost exports. It represents nearly 6000 exporters in the gems and jewellery sector in India.