Gem and Jewellery Sectors Sees Financial Assistance And Banking Related Relief

All India Gem and Jewellery Domestic Council has written to the Union Finance Minister (FM) and the Reserve Bank of India (RBI) seeking immediate financial assistance and banking related relief for the stressed gem, jewellery and allied businesses post the devastating second wave of the global pandemic COVID-19. GJC cited that the K. V. Kamath chaired Expert Committee constituted by RBI (7th August 2020) had included the gem and jewellery sector amongst the stressed industries in their report submitted on 4th September 2020.

As several jewellers affected by multiple lockdowns were finding it difficult to repay loans, GJC has sought an extension of the moratorium on interest payments for the stressed gem & jewellery sector for a period of six months. GJC has urged FM and RBI to extend certain measures to alleviate uncertainties and stress on the jewellery business (which comprises mostly small businesses and MSMEs). GJC urged the Government for assistance to restructure loans given to the gem and jewellery businesses by offering one-time subsidy. GJC has requested the Government to increase the tenure of Gold Metal Loans (GML) from 180 days to 270 (as was done during the last year 2020) or 360 days.