Gems and jewellery body seeks more dollar liquidity

The apex industry body the Gems & Jewellery Export Promotion Council (GJEPC), in the pre-Budget memorandum to the government, has renewed a slew of demands to sustain the leadership position in global diamond processing arena.

Outlining the challenges faced by the industry including the threat from growing influence of a highly competitive China, worldwide fall in demand, increasing unemployment of its highly skilled and world-class workforce and volatility in gold prices, GJEPC Chairman Vasant Mehta presented a series of corrective measures that need to be implemented immediately to give a fresh boost to the industry.

Mehta suggested that increasing flow of dollar liquidity to the industry, which has a projected need of at least $3-4 billion from the current level of Rs 10,000 crore (over $2 billion).