President Blog

Mukesh Mehta

As the entire nation awaits for GST, so is the Gem and Jewellery Industry. It is essential that GST is levied from 1st July 2017, more particularly because any delay in GST implementation will affect the coming festive season which is due to start from mid-August. 
GST is a complex issue for our industry which has also been realized by the government. 
Compulsorily hallmarking of jewellery has not been notified due to our efforts and representation. However, industry needs to gear up for compulsory hallmarking sooner or later. 
To self-regulate the bullion trade IBJA has formed three committees consisting of representative from banks, refiners association, world gold council, India gold policy center, BSE & MCX. This committee will prepare the draft till 31st July 2017 in respect of following. 
1.    Precious metal code committee.
2.    India good delivery gold bar committee.
3.    Committee to address issues in setting up of spot gold exchange.
I will keep updating you about working of this committee on regular basis.

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