Recently, David Tait, Global CEO, WGC , Sachin Jain, Regional CEO India, WGC Meets Rabi Shankar, Deputy Governor RBI and Rohit Jain, Executive Director RBI along with Andrew Naylor, Head of Middle East and Public Policy, WGC and Rakhi Khanna Global, Head of Corporate Communications, WGC at the RBI Headquarters Mumbai.
On the other hand, news focuses on the Financing remains a crucial challenge for the industry! Recently, the WGC published in their India’s Gold Market: Reform and growth, report! According to the one of the biggest challenges for the Indian gem and jewellery industry has been securing bank credit – a challenge that has increased in the wake of the Nirav Modi, Mehul Choksi scam when the Indian banking system was defrauded of around Rs130bn (US$2bn).
Compounding this, more than 20% of loans given to the sector have become non-performing assets (NPAs), resulting in the gem and jewellery industry gaining just 2.7% of India’s total credit issuance. Securing bank finance is especially challenging for smaller independent jewellers who either tend to rely on the monthly gold scheme for funding or who act as money lenders, using that money for financing.
One of the key factors preventing smaller jewellers’ access to capital is that most deal in cash and so do not report the full extent of their turnover in their accounts. Many have been unable to keep pace with the recent introduction of transparency measures and regulations and, as a result, their businesses have failed.
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