Gold and diamond form multi-faceted India-DMCC relationship

India’s gems and jewellery export promotion council is working with the Dubai multi commodities centre (DMCC) to set up goods delivery standards for gold and diamond trade, Press Trust of India reported citing a senior industry official.

The Gem and Jewellery Export Promotion Council (GJEPC) is the apex body of the gems and jewellery industry, set up by the Ministry of Commerce, and it represents about 6,000 exporters in the sector.

The Dubai Multi Commodities Centre (DMCC) is one of the worlds largest free zones for businesses which hosts over 2,500 Indian companies, out of the 14,500 international ones.

Gold and diamond form a major part of the multi-faceted trade and commerce relationship between India and the DMCC.

“We are in constant consultation with the Gems and Jewellery Export Promotion Council (GJEPC) and the Ministry of Commerce to help set up the good delivery standards as we have done with the Organisation for Economic Co-operation and Development (OECD) framework,” CEO of DMCC, Gautam Sashittal said at a Singapore conference on 15 Dec 2017.

“Surat-based industry refines our diamonds while India is one of our largest gold jewellery markets. These are all the reasons for us to build ongoing business synergies with India,” he added.

The DMCC also has signed a Memorandum of Understanding with the Gujarat International Finance and Tech covering a series of regulatory, licensing and trade hosting arrangements.

“We are looking at the potential of GIFT-DMCC-based companies complimenting each others businesses,” he said referring to the free-zone based operators who enjoy tax incentives to compete in global markets.

“We could facilitate automatic licensing and vice-versa. We are looking at such models. This arrangement with GIFT is work in progress,” Sashittal said, addressing the two-day global convention of Indias Institute of Directors (IOD) which was held 14-15 Dec 2017. fii-news.com