GJC Writes to FM, RBI; Seeks Relief From Financial Stress

Tidio Live Chat Software - Add Tidio live chat software to your website in minutes. Contact visitors and turn them into happy customers. Enhance their experience and boost your sales. Get it for Free

WP Rocket - WordPress Caching Plugin

Must Read

The All India Gem And Jewellery Domestic Council (GJC) has written to Union Finance Minister Nirmala Sitharaman and the Reserve Bank of India (RBI) seeking immediate financial assistance and banking-related relief for the stressed gem, jewelry, and allied businesses post the devastating second wave of the Covid pandemic.

The GJC, which represents lakhs of small and MSME jewelers and allied trade constituents in the country, cited that the K.V. Kamath-led expert committee constituted by the RBI on August 7, 2020, had included the gem and jewelry sector among the stressed industries in its report submitted on September 4, 2020.

Also Read

As several jewelers affected by the multiple lockdowns are finding it difficult to repay their loans, the GJC has sought an extension of the moratorium on interest payments for the stressed gem and jewelry sector for a period of six months.

The GJC has urged the Finance Minister and the RBI to extend certain measures – the Resolution Framework 2 and Resolution for MSMEs – to alleviate the uncertainties and stress facing the jewelry business (mostly small businesses and MSMEs).

Elegant Themes - The most popular WordPress theme in the world and the ultimate WordPress Page Builder. Get a 30-day money-back guarantee. Get it for Free

The GJC requested the government for assistance in restructuring the loans given to the gem and jewelry businesses by offering a one-time subsidy. The GJC also urged the government to increase the tenure of gold metal loans (GML) from 180 days to 270 (as was done in 2020) or 360 days.

The GJC said the gem and jewelry sector is one of the most affected industries, with a potential loss of jobs of unskilled and poor goldsmiths. The industry is burdened by huge inventory costs and higher fixed overheads, including interest costs and rentals, among others, it said.

GJC Chairman Ashish Pethe said, “For almost two months of 2021, the domestic gems and jewelry industry and their stores/shops were shut even while key festivals such as Gudi Padwa and Akshaya Tritiya were celebrated amid lockdown for the second year in a row.

“The government allowed weddings during lockdowns, but the jewelry businesses do not fall under the ‘essential’ category. Even after the slow opening by some states, the next few months will be difficult for the industry, which offers livelihood to lakhs of people.

“We request the government to consider our plea of offering financial aid, assistance and relief as has been given to several small businesses and MSMEs in other sectors. We also seek that the benefits that were given in 2020 are extended even in 2021.”

Saiyam Mehra, Vice Chairman, GJC, added, “We urge the government to allow a moratorium on interest for six months to the stressed gem and jewelry sector, and allow six months to pay the accumulated interest in equated monthly installments.”

Talking about the gold metal loan, Pethe said, “GML is currently offered for 180 days, which should be extended to 270 or 360 days as offered to the exporters. The RBI had allowed banks to extend GML validity to 270 days during the lockdown in 2020. We request the government to extend it this time around too.”

The GJC also sought an extension of the moratorium on interest payment for a period of six months on all working capital, term loan, and other credit facilities availed by the sector.

iThemes WordPress Hosting

Stay updated

Subscribe to our newsletter and never miss an update on the latest tech, gaming, startup, how to guide, deals and more.



- Advertisement -
- Advertisement -


Grow Your Business

Place your brand in front of tech-savvy audience. Partner with us to build brand awareness, increase website traffic, generate qualified leads, and grow your business.

- Advertisement -

Grow Your Business

Get these business solutions, tools and services to help your business grow.

Elementor -Join 5,000,000+ Professionals Who Build Better Sites With Elementor. Build your website with 100% visual design that loads faster and speeds up the process of building them.

WP Rocket

WP Rocket - Speed up your website with the most powerful caching plugin in the world. The website speed increase means better SEO ranking, user experience, and conversation. It’s a fact that Google loves a fast site.


Kinsta - If you are looking for WordPress managed hosting, Kinsta is in the leading front. Kinsta provides WordPress hosting for a small or large business that helps take care of all your needs regarding your website with cutting-edge technology.


OptinMonster - Instantly boost leads and grow revenue with the #1 most powerful conversion optimization toolkit in the world. 700,000+ websites are using OptinMonster to turn their traffic into leads, subscribers, and sales.


- Advertisement -
- Advertisement -
ChatGPT Reaches 100 Million Users in Two Months Microsoft’s Teams Get OpenAI-Based Features WhatsApp New Feature that Allows Users to Create Calling Shortcuts Instagram Working On Twitter-like Paid Verification Feature OnePlus Ace 2 Specs Exposed Online Realme GT Neo 5 Full Specs Revealed  Samsung Galaxy S23 Ultra: The New Android King Twitter To End Free API February 9 MLS Season Pass Now Available On Apple TV App Tesla To Increase Giga Shanghai EV Production to 20,000 Weekly 
OpenAI Releases Tool To Detect AI-generated Text Tesla Records Double Net Profit in 2022 India to Produce Upcoming iPhones: Trade Minister Japanese Professor Developed A Power Semiconductor made of Diamond Google Releases New Product for India’s Merchants Indian EV Startup Unveil Two AutoBalancing Electric Scooters OPPO Find X6 Pro Images Render via Weibo Sony Develops New Tech to Reduce Noise of Image Sensors