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 Piyush Goyal, Minister of Commerce and Railways 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.
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November - December 2019