14th India International Gold Convention on 11-13 Aug 2017 at Grand Hyatt, Goa. Concluded Successfully...
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It is a welcome relief for gems and jewellery sector as the sector has been taken out from the ambit of PMLA. Jewelers are happy because clause 9 of PMLA rules mandated jewelers to do KYC of the customers for every transaction of Rs. 50000 and above. Jewellery is a high value item and Rs. 50,000 (about USD 770) is very small amount for carrying out KYC as customers may be reluctant to give their details. The notification had pushed the demand down especially in Tier-2 and Tier-3 cities. With festive season on, I believe demand will return to the market. However, there is an apprehension in the market that relief is temporary as Revenue Secretary reportedly said that government will soon come with a new notification on reporting transactions in all precious metals and stones above a certain value.
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Quote from IIGC 2017

I must congratulate first Foretell for organizing such an excellent conference. As gold convention centres around gold, we find here every stakeholder like banks, refineries, bullion dealers, jewellers, intentional organizations like LBMA, DMCC, SBMA, WGC and many others. We have delegations from African countries. So when all are here, we can definitely say that since India is going through this transformation, we are standing up to become best in the world. We have established our leaderships in various sectors like space technology, and others. This is again one area where we can establish our leadership. Time will come when India will define everything related to gold because we are going to be the largest consumers of gold and we are going to be an industry where we have the largest capacity to do the handcrafting of jewellery from gold and therefore taking that into the account, if everybody comes together – if the bankers come together, various agencies working in the industry come together – I think synergy can definitely help us achieving a vision where we will be world leaders in this and we will be deciding the fate of gold and gold industry in the world.

- Shri Manoj Kumar Dwivedi, IAS

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