GJEPC’s Banking Summit 2022 inaugurated by MoS Finance Dr. Bhagwat Kishanrao Karad in Mumbai


Mumbai:  Gem and Jewellery Export Promotion Council (GJEPC), organised its annual Banking Summit on 14th October, 2022, at St. Regis, Mumbai. The summit was inaugurated by Dr. Bhagwat Kishanrao Karad, Hon’ble Minister of State for Finance; Vipul Shah, Chairman, GJEPC; Kirit Bhansali, Vice Chairman, GJEPC; Saunak Parikh, Convener, Banking, Insurance and Taxation Committee, GJEPC, Somasundaram PR, Regional CEO, India, World Gold Council, Sabyasachi Ray, ED, GJEPC along with others. 

The Banking Summit 2022 was powered by World Gold Council and in association with IndusInd Bank. Co-partners for the summit were ECGC, Alliance Insurance Brokers, Diamond India Limited, Green Lab Diamonds, Malca-Amit and Yes Bank.

As an initiative to promote better banking & business practices, GJEPC hosts the annual banking summit which acts as a platform to discuss & deliberate the sector’s development. The summit was attended by several eminent chief guests, speakers & panellists that include Government officials, senior bankers, prominent businessmen, MSMEs & other stakeholders of the sector.

Inaugurating the Summit, Dr Bhagwat Kishanrao Karad, Hon’ble Minister of State for Finance said, “The gem & jewellery is an important contributor to our economy, bringing valuable foreign exchange and employing around 45 lakh people. Until today, India has been a price-taking economy, trying to be at par with the bigger players around the globe. But now, with the establishment of an international bullion exchange, it will bring positive impact towards making India a price maker in the world.”

Dr Karad added, “The government is always open to discussions and suggestions from the gem & jewellery sector to help it reach newer heights.”

Vipul Shah, Chairman, GJEPC said, “India has emerged as “a bright light” at a time when the world is facing imminent prospects of a recession. Over the past few years, the trade members have worked on making the sector more organised, disciplined, and self-regulating and transparent. And this has been reflected in improved credit flow to the sector from banks and financial institutions. In March 2022, credit to Gem & Jewellery Sector rose to a six-year peak of Rs. 80,400 crores. In a span of 2 years, from March 2020 to March 2022, credit to the Gem & Jewellery sector grew by 35%, whereas credit to all sectors grew by 6.7%.”

“Our vision is to take the gem & jewellery exports to USD 55 billion by 2025.”