GJC: The All India Gem and Jewellery Domestic Council (GJC) inaugurated its new office in Mumbai today, signaling a new era of institutional growth and policy alignment. Beyond the physical expansion, the Council has reaffirmed its unwavering support for the Government of India’s recent macroeconomic measures, presenting a sophisticated roadmap to revitalise the Gold Monetisation Scheme (GMS) and strengthen the nation’s economic resilience.
The grand opening ceremony was hosted under the leadership of GJC Chairman Rajesh Rokde and Vice Chairman Avinash Gupta along with the entire Council of Administration (COA).
GJC Inaugurates New Strategic Command Center in Parel
The GJC, representing over six lakh jewellers nationwide, officially opened its new office at Trust House, Parel East, Mumbai on Thursday, May 14, 2026.
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)
This new office stands as a testament to two decades of GJC’s advocacy for transparency and responsible trade practices. Industry leaders noted that the facility will serve as a central hub for safeguarding the interests of artisans, traders, and consumers alike.
Industry Aligns with National Economic Priorities
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.
Following the inauguration, GJC convened a high-level nationwide virtual meeting on May 13, 2026, to address the Government’s recent revisions to customs duties on gold and silver. Acknowledging the pressure on the Current Account Deficit (CAD) and foreign exchange management, the Council reiterated that the gems and jewellery sector stands shoulder-to-shoulder with the government during global economic uncertainties.
Key Industry Directives & 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.
Leadership Perspectives: A Vision for ‘Atmanirbhar’ Jewellery Sector
Mr. Rajesh Rokde, Chairman of GJC, emphasized the industry’s patriotic stance:
“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 of GJC, highlighted the long-term roadmap:
“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.”
About GJC
The All India Gem & Jewellery Domestic Council (GJC) is a national trade council established with the objective of addressing the interests, growth, and development of the Indian gems and jewellery industry through a comprehensive and inclusive approach. As a self-regulated apex industry body, GJC has, for over two decades, served as a bridge between the Government and the trade while undertaking various initiatives for the advancement, formalisation, and protection of the industry.
FAQ’s
1. What major announcement did GJC make in Mumbai?
GJC inaugurated its new office at Trust House, Parel East, Mumbai, marking a major institutional milestone for the organisation. The new office is expected to strengthen industry coordination, policy engagement, and support for jewellers, artisans, traders, and consumers across India.
2. Why is GJC supporting the Government’s recent customs duty revisions?
GJC stated that the recent increase in customs duties on gold and silver is part of a broader economic strategy to manage imports, reduce pressure on the Current Account Deficit (CAD), and strengthen India’s economic stability during global uncertainties.
3. What changes has GJC suggested for the Gold Monetisation Scheme (GMS)?
GJC proposed a structured roadmap to revitalise the Gold Monetisation Scheme by encouraging recycling of idle household gold, promoting old gold exchange mechanisms, increasing formalisation in the jewellery sector, and reducing dependence on imported gold.
4. How will the new policies impact the gems and jewellery industry?
Higher customs duties may increase gold and silver prices, affecting consumer buying patterns and market demand. However, GJC believes the industry can adapt through responsible business practices, increased jewellery sales, and stronger recycling initiatives.
5. What is GJC’s long-term vision for the Indian jewellery sector?
GJC aims to build a more transparent, organised, and self-reliant jewellery ecosystem aligned with the vision of “Atmanirbhar Bharat.” The Council plans to work closely with policymakers to support economic growth, protect stakeholder interests, and ensure sustainable industry development.
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