GJC Inaugurates New Office

Mumbai: The All India Gem & Jewellery Domestic Council (GJC), representing over six lakh jewellers across India, marked another significant milestone in its journey with the inauguration of its new office at Trust House, Parel East, Mumbai. Over the past two decades, GJC has emerged as a leading national trade body advocating policy reforms, promoting transparency, encouraging responsible trade practices, and safeguarding the interests of artisans, traders, and consumers across the gems and jewellery sector.

The inauguration of the new office reflects GJC’s continued institutional growth and its commitment towards strengthening industry representation and stakeholder engagement at the national level.

The inauguration ceremony was graced by:

Ajay Sancheti – Former Member of Rajya Sabha
Pankaj Bhoyar – Hon’ble Minister of State for Home (Rural), Housing, School Education, Cooperation and Mining, Government of Maharashtra
Chitra Wagh – Member of Legislative Council Maharashtra
Rajesh Rokde – Chairman, GJC
Avinash Gupta – Vice Chairman, GJC
Members of the Committee of Administration (COA)
 

The event witnessed the presence of prominent industry leaders, associations, stakeholders, and members of the trade fraternity from across the country, celebrating yet another landmark achievement in GJC’s continued journey of service to the industry.

On 13th May 2026, GJC also convened a nationwide virtual meeting attended by Chairman Mr. Rajesh Rokde, Vice Chairman Mr. Avinash Gupta, past Chairmen including Mr. Ashok Minawala and Mr. Saiyam Mehra, senior industry leader Mr. Nitin Khandelwal, zonal committee members, trade associations, and jewellers from across India.

The meeting was organised to deliberate upon the Government’s recent economic measures relating to customs duty revisions on gold and silver, broader macroeconomic concerns, and the need for constructive industry participation in supporting national economic priorities.

During the discussions, the industry acknowledged the Government’s concerns relating to Current Account Deficit (CAD), foreign exchange management, and prevailing global economic uncertainties. GJC reiterated that the gems and jewellery industry has always stood shoulder-to-shoulder with the nation during challenging economic periods and remains committed to supporting measures aimed at strengthening macroeconomic stability and reducing pressure on foreign exchange reserves.

Key Discussions and Industry Suggestions

Recent customs duty revisions have resulted in higher landing costs of gold and silver, thereby impacting market dynamics and consumer purchasing behaviour.
GJC emphasized the importance of industry unity and constructive engagement with the Government while presenting structured recommendations for revitalising the Gold Monetisation Scheme (GMS).
Members deliberated upon the need to encourage responsible consumption patterns, with greater focus on value-added jewellery purchases and old gold exchange mechanisms and also discourage the selling pure gold bars to end consumers
The industry stressed the importance of promoting recycling and circulation of idle household gold within the formal economy.
 

Mr. Rajesh Rokde, Chairman, GJC, stated:

“We extend our sincere gratitude to Shri Ajay Sancheti ji, Shri Pankaj Bhoyar ji, and Smt. Chitra Wagh ji for gracing this important occasion and encouraging the industry through their presence. The inauguration of GJC’s new office marks an important institutional milestone for the Council and reflects the collective strength and unity of the Indian gems and jewellery fraternity.

At this important juncture, GJC and the entire industry stand firmly with the nation and respect the Government’s policy decisions taken in the larger national interest. India’s gems and jewellery sector has historically demonstrated resilience, discipline, and adaptability during periods of economic transition, and we are confident that the trade will continue to act responsibly and contribute positively towards national economic priorities.

GJC has urged its members to discourage the selling pure gold bars to end customers and promote jewellery sales by strengthening old gold exchange mechanisms, and support measures that help reduce pressure on imports and Current Account Deficit (CAD). We believe the present customs duty revisions are part of a calibrated economic approach in the prevailing scenario, and the trade should remain calm, confident, and constructive in its outlook. GJC will continue working closely with the Government and all stakeholders to ensure long-term stability, consumer confidence, and sustainable growth of the sector.”

Mr. Avinash Gupta, Vice Chairman, GJC, added:

“The establishment of GJC’s own office is a proud milestone that reflects the confidence, unity, and progress of the Indian gems and jewellery fraternity. This achievement is the result of the vision, dedication, and contribution of all past Chairmen, founding members, industry leaders and most importantly our valued members who have strengthened GJC over the last two decades.

Gold and jewellery remain deeply connected with India’s economy, traditions, and household savings culture. At this stage, the industry must continue conducting business responsibly while supporting artisans, traders, and consumers with confidence and stability.

GJC fully supports the nation’s larger economic priorities and remains committed to constructive engagement with policymakers to safeguard stakeholder interests and ensure the long-term growth and stability of the sector.

We have also submitted a structured roadmap for a revitalised Gold Monetisation Scheme (GMS), aimed at mobilising idle household gold, strengthening formalisation, reducing dependence on imports, and supporting India’s long-term economic resilience and self-reliance in the gems and jewellery ecosystem and promote Atmanirbhar Bharat.”

GJC reaffirmed its commitment to work collaboratively with the Government, policymakers, financial institutions, and all stakeholders to ensure that India’s gems and jewellery sector continues to remain globally competitive, economically responsible, and aligned with national interests.