RAPAPORT. The trade group that supports India’s domestic jewelry industry has asked the government and the central bank for urgent help amid the “major financial stress” resulting from the Covid-19 crisis.Companies in the sector have been forced to close and have lost out on revenue during.
India’s Domestic Trade Pleas for Financial Help
RAPAPORT. The trade group that supports India’s domestic jewelry industry has asked the government and the central bank for urgent help amid the “major financial stress” resulting from the Covid-19 crisis.
Companies in the sector have been forced to close and have lost out on revenue during the country’s latest coronavirus wave, the All India Gem and Jewellery Domestic Council (GJC) stressed last week in a letter to Finance Minister Nirmala Sitharaman and the Reserve Bank of India (RBI).
While exporters have been allowed to continue operations, jewelry manufacturers, wholesalers and retailers that supply the Indian market are considered nonessential and have had to shut, the council explained. Many of them used credit to obtain merchandise for the festive and wedding season, only to find that lockdowns wiped out sales, it added.
The All India Gem and Jewellery Domestic Council (GJC) has named Ashish Pethe as its new chairman as part of a shake-up of its leadership team.The council, which represents India’s domestic jewelry industry, elected nine new board members, who in turn picked Pethe as chairman, he told Rapaport.