Presented by the World Gold Council and powered by Yes Bank, Shree Kunj, Kolkata, the event was supported by Bangalore Refinery, Mukti Gold and Diamond, and Laxmi Diamonds, Bengaluru. The summit gathered over 200 delegates, including leading government and private bankers engaged in the gold financing sector.

The summit aimed to address the financing needs of the gems and jewellery industry, ensuring comprehensive growth across the entire value chain—from bullion dealers and karigars to manufacturers, wholesalers, and retailers. Discussions also focused on risk management facilities and the challenges the industry faces for future expansion.

Panel Discussions:

1. Strength of the G&J Industry: Financing Opportunities for Bankers & Building Financial Resilience**
   - Panelists: Saiyam Mehra (Chairman, GJC), Suvankar Sen (MD & CEO, Senco Gold & Diamond), Sachin Jain (Regional CEO, WGC - India), Ravi Prakash Agarwal (Director, GJC), Kumar Parmani (Senior President, Yes Bank), Manish Goel (Head Bullion, ICICI)
   - Moderator: Manisha Gupta (Commodity Editor, CNBC Awaaz)

2. Understanding the Financial Tools of the Jewellery Industry
   - Panelists: Rajesh Rokde (Vice Chairman, GJC), BA Ramesh (Joint MD, Thangamayil Jewellery Ltd.), Ashok Minawala (Past Chairman, GJC), Kuldeep Jindal (GM, Bank of India), Johnson Lewis (MD, FinMet Pte. Ltd.)
   - Moderator: Sahil Mehra (Director, GJC)

3. Banking Strategy to Revitalize and Empower**
   - Panelists: Ashish Pethe (Immediate Past Chairman, GJC), Nitin Khandelwal (Past Chairman, GJC), Kinjal Shah (Head of Asian Development, Responsible Jewellery Council), Neville Patel (SVP, HDFC), Prabu K.K. (Chief Manager, Karur Vysya Bank), Chirag Sheth (Principal Consultant, Metals Focus, South Asia)
   - Moderator: Mriiituenjay Kumar Jha (Commodity Editor, Zee Business)

4. Risk Management Mechanisms
   - Panelists: Avinash Gupta (Owner & Partner, Maaj Mussadilal Jewellers), Manish Gavaskar (VP - Bullion Sales & Analytics, RBL Bank), Mehul Thakker (Business Head, FirstRand Bank), Himank Sharma (Director - Mid Corporates Group, CRISIL Ratings Ltd.) - Moderator: Bijayananda Pattanayak (EVP & Head - Gems & Jewellery, IndusInd Bank)

Recognizing the sector’s growth potential, the government has introduced policies such as Hallmarking for Accuracy Determination and the Gold Monetization Scheme (GMS). These initiatives aim to boost the industry by allowing individuals to deposit gold with banks and earn interest.

Saiyam Mehra, Chairman of GJC, highlighted the industry’s challenges, including high interest rates on business loans, lack of banking policy transparency, and limited loan access. He emphasized the need for increased funding as banks categorize the sector as high risk, leading to reduced loan availability. Mehra stated, “The government has implemented measures to encourage investment and promote Brand India in the global market.”

The Indian jewellery industry is poised for significant growth driven by rising disposable incomes, urbanization, financial awareness, and demand for branded and customized products. However, limited credit availability remains a constraint. Experts suggest that due to perceived transparency issues, bankers are reluctant to finance the industry extensively. Tailored financial products and services are needed to meet the unique requirements of industry stakeholders, from artisans to large-scale exporters.

Rajesh Rokde, Vice Chairman of GJC, noted, “We have over 3000 jewellers as members, 250 jewellery associations, and more than 65,000 partners. GJC supports the entire value chain, from bullion dealers to retailers. The ‘Lucky Laxmi’ scheme has been introduced to accelerate sales and enhance trade.”

Ravi Prakash Agarwal, Convenor of the Banking Summit, added, “We are delighted that leading bankers recognize the challenges faced by jewellers and the vast opportunities available for lending to this sector. With NPAs below 1%, we urge banks to extend aggressive funding to both entrepreneurs and established businesses.”

Jewellers called on bankers to share accurate industry data, essential for growth, and requested loans at competitive interest rates. They also sought easier policies for EMI-based buying and enhanced technology to drive efficiency and transparency. The banking sector stands to benefit significantly as the organized retail jewellery market grows, projected to reach 40% market share by 2024.

In conclusion, the summit underscored the critical need for aggressive financing support to propel the gems and jewellery sector towards its ambitious growth targets.