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GJEPC’s ‘White Paper’ to self-regulate trade

14 may 2018
The Banking Summit - ‘Diamond and Jewellery Financing: Mitigating risks effectively’ - organized by India’s Gems and Jewellery Export Promotion Council (GJEPC) was held in Mumbai on May 11, 2018. The event, which was primarily envisaged to find ways to reduce risks and infuse confidence into financiers, was attended by leading banks and financial institutions including the SBI, Central Bank of India, IndusInd Bank, ECGC etc.

Image credit: India’s Gems and Jewellery Export Promotion Council

Hon’ble Minister for Commerce and Industry and Civil Aviation, Shri Suresh Prabhu, who also unveiled a ‘White Paper’ drafted by GJEPC said, “I am happy that such a ‘White Paper’ on Diamond and Jewellery financing has been brought out by the Council. I hope the active participation of Banks, ECGC and other stakeholders will help in strategizing for the development of the Gems and Jewellery industry that has a proven track record of being labour intensive, continuous job creation and economic development.”
The minister also added, “We will never encourage wrongdoers in the industry but will ask our financial system to support all genuine players in the gems and Jewellery sector. This is essential to help the industry realise the full potential.”
Pramod Agarwal, Chairman GJEPC said, “The point is, it has taken decades of hard work and commitment to developing this industry in India. And we wish to take this industry to new heights in the future and contribute to the country’s economic growth and generate employment. We, as an industry, promise to address the issues to the satisfaction of the banks. In fact, this is the only industry in India that has created arbitration mediums with the banks and parties in case of NPA to achieve recoveries.”
Commerce Secretary Ms Rita Teaotia welcomed the initiatives of the council such as MyKYC saying, “This initiative will improve confidence and boost lending to the sector and as well ensure better sharing of information and transparency and growth of this SME sector. It is important for the banking sector to support gems and jewellery industry as it forms an integral part of the country’s GDP.”
Vice Chairman of GJEPC Colin Shah, who has been at the helm of drafting the white paper said, “The joint efforts of key financiers and industry have been able to address many risk factors and MYKYC will be a single largest contributor in increasing transparency and address relevant risks.” An MoU was also signed between the GJEPC and the AWDC for co-operation on the MyKYCBank platform.
The summit was also attended by Paul Rowley, Executive Vice President, De Beers, Dinesh Kumar Khara, Managing Director, SBI, Manoj Dwivedi, Joint Secretary Ministry of Commerce and Industry, Biju Patnaik, Executive VP and Head, Diamond and Jewellery division IndusInd Bank, M. Senthilnathan, ED, ECGC, and others.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished


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