JewelBuzz - Volume 2 Issue 6
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Introduction of the 3 percent Goods and Services Tax (GST) at the start of July was a contributing factor for less jewellery demand. A large swathe of Indian consumers had pre-empted the introduction of GST by bringing forward their gold purchases to Q2. This left demand a little flat at the beginning of July. The jewellery trade also writhed with the new tax system. Another issue during the year was the launch of anti-money laundering regulation adding more woes to the industry which was introduced in Aug 2017. Due to stiff opposition from the industry, the government lifted the PMLA from the gems and jewellery sector in early October. Whatsoever be the issues, the Indian jewellery industry always stayed strong fighting the challenges and moving ahead. This shows the unity and the commitment of our fellow jewellers which further encouraged the jewellery trade. Nothing can stop the industry from growing bigger and reaching greater heights. Though the market will continue to adapt to GST, allowing demand to recover to a certain extent and the contemporary designs and trends will encourage demand. Let’s see what the year 2018 will bring for the jewellery industry and I am sure it is going to be more fruitful and positive for the trade. 2018 also witnessed the appointment of new leaders of GJEPC. I take this platform to convey my heartiest congratulations to the new Chairman of GJEPC Mr Pramod Agarwal and Mr Colin Shah as Vice Chairman of GJEPC. Hallmarking is another hot topic that is making rounds in the jewellery industry, though the official announcement of ‘Mandatory Hallmarking’ is yet to come. Our cover story on Hallmarking will drive you through its process and infrastructure in India. …an informative read. Other regular columns like always will update you with latest news and trends and much more. So happy reading…..
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