While welcoming the measures taken by the government to provide two per cent interest rate subvention, the council has said that a further two per cent interest rate subvention is required and is expecting it in the next few days.
Mr Vasant Mehta, chairman of GJEPC, said: “In 2007-08, the gems and jewellery exports were at Rs 84,058 crore compared to Rs 77,100 crore in 2006-07. Till October this fiscal, the exports were about Rs 54,793 crore with a growth rate of 13.26 per cent compared to Rs 48,379 crore in the same period last fiscal. Due to the global slowdown the demand has been drastically reduced and has become difficult to remain in positive terrain.”
He said: “The gems and jewellery exports industry has also started facing the problem of late payment. The buyers are delaying the payments by 30 to 60 days above the credit period of 90 days creating a liquidity crunch in the industry.”
Mr Mehta said: “Jewellers in rural India are facing problem of lack of availability of gold as it is mandatory to purchase it from the agencies nominated by the government. These agencies are not in a position to provide adequate gold in rural India due to the lack of distribution linkages,” he said.
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