GJC pushes for uniform gold rates across India
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The All India Gem and Jewellery Domestic Council (GJC) is working to implement ‘One Nation One Gold Rate’, aiming to standardize domestic gold prices that currently vary across different regions of the country. GJC Secretary Mitesh Dhorda said ‘we import gold at the same rate, but the domestic retail prices differ from one city to another. We want a single rate to prevail across the country.’
GJC Secretary stated that the council, which has already conducted over 50 meetings with its members, has managed to bring up to 8,000 jewellers on board for this initiative. While a representation has been made to the government, the GJC is currently focused on convincing the industry stakeholders. He said ‘we are already providing a recommended rate through WhatsApp broadcast groups to our members. Our target is to reach at least 4-5 lakh jewellers step by step’. He added that implementation in Gujarat has been particularly challenging.
The GJC, established in 2005 with 3,500 members including retailers and manufacturers, hopes to streamline the process within six months. The council is engaging with both chain stores and individual jewellers, along with its 4,200 affiliated associations.
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