GJEPC organised a Banking Summit
The Gem & Jewellery Export Promotion Council (GJEPC) organised 4th edition of Banking Summit 2019: Gems & Jewellery Sector, on July 31 in Mumbai with the theme, Redefining Business Strategy!
In the presence of Colin Shah, Vice-Chairman, Chairman Pramod Kumar Agrawal welcome Rupa Dutta, Economic Advisor, MoC&I, M Senthilnathan, ED, ECGC Ltd, VG Kannan, Chief Executive, IBA, Meeta Rajivlochan, Additional DGFT, Mumbai, Mr. Satyanarayan Pathuri, FGM, Union Bank of India, Mr. P N Prasad, DMD, SBI, P Palanisamy, CGM, Syndicate Bank, Bijayananda Pattanayak, Executive VP, IndusInd Bank, Mr Nimesh Patel, CFO, De Beers in the presence of Stakeholders & trade fraternity.
Bankers & Industry players, Stakeholders & gem-n-jewellery fraternity discussed the crucial issue of finance in a three sessions immediately after the Inaugural Session, 1: State of the Industry, 2: Propelling exports by innovation & 3: Repositioning business and compliance.
Inaugural session of the Summit heard fantastic-n-impressive facts-n-figures & performance of GJEPC & of export performance, its contribution in the GDP, total share of gem-n-jewellery export in India’s merchandising export basket and up to creation of CFCs from the Chairman-GJEPC, Pramod Agrawal in his welcome speech!
Equally, Sanju Kothari, Convener, BITC-GJEPC also opened up the White Paper on Diamond & Jewellery Financing 2018. Re-unleashed every point of those White Paper in the inaugural session, Underlined about stock valuation & My KYCBank endeavour! Over all GJEPC performed well to convince the Union Government & Banking chiefs!
Yet! In his Report on working of CoC, PN Prasad, Chairman CoC presented numbers of ways & options for gem-n-jewellery finance. But, no line remained tangible! No doubt, being a banker, he focussed fine on their-bank’s working system & how to lay down a Uniform lending procedure!
“We have put certain uniform practices in terms of entry barriers, margins, collateral security, direct bill exposure, etc…It is getting implemented across the banking sector,” Prasad said further for his Bank SBI that they are engaging with the gems and jewellery industry for the last one year. They would reveal their revised policy for lending to the gems and jewellery industry in August-September 2018.
The SBI would also inform their policy to Indian Banks’ Association (IBA). “What we are trying to achieve is a uniform approach so that the policy is strengthened. The due diligence on the various stakeholders is taken care via the MyKYCBank platform and also now we are having a list of approved auditors and valuers who can value and help us in monitoring the exposure. These are some of the measures we are taking,”
No doubt, gem-n-jewellery export is deep-rooted in India. Gem-n-Jewellery Exports have grown up to US$ 40bn within a decade from the export of US $20bn. No doubt industry is potential, rapidly endeavours to be & behave ut-most transparent yet because ill practice of few individuals, whole image of Industry & trade tumbles swiftly!
In the inaugural Session, Rupa Dutta, Economic Adviser, Ministry of Commerce & Industry also delivered her key note speech. She did not offer any tangible that ensure fraternity but her real advice shows there is a trust deficit for the industry & trade! Ongoing government wishes the real spark! Staunch trust from the fraternity through transparency! (Exclusively Edited by Nayan Jani, Editor: Jewellery News India (JNI) (Note: Sooner the update further would be carried here!
