Chairman of the All India Gem & Jewellery Domestic Council (GJC) said that India’s Gem and Jewellery sector is likely to loose business of about Rs. 75,000 crore Due to COVID-19.
Mr Anantha Padmanabhan, Chairman of GJC, said, “GJC’s members across the country will extend all possible support and cooperation with the Government of India in the ongoing battle against COVID-19 pandemic.”
“Amidst the fear of the virus, the indigenous gem and jewellery sector in the country has come to a standstill with virtually no footfalls in jewellery stores. Many jewellers have to even shut down their shops located in malls and shopping complexes,” he said.
“However, this being last month of the financial year, there are a lot of due dates like advance tax payment, a maturity date of the gold metal loan, interest payment on the gold metal loan,” Mr Padmanaban added.
Considering the crisis situation, the domestic gem and jewellery sector has sought immediate relief measures to enable the trade to function smoothly.
“The Prime Minister had proposed setting up a COVID-19 Emergency India Fund and RBI has taken measures to address liquidity issues. GJC urges government officials and banking sector officials to consider the issues faced by the gems and jewellery sector, which is one of the top three job creators and employers in the country,” he said.
GJC has urged the government to give a further extension of at least 180 days for repayment under the Gold Metal Loan (GML) scheme and interest thereon.