Gems and Jewellery Trade Federation, Gems, jewellery, labham, gjf, manish jain, sme
The Indian gems and jewellery market is worth Rs 5.67 lakh cr, growing at a CAGR of 13-14 per cent during 2013-16 period. However the sector like many other industries is a highly unorganised and fragmented one. To bring some best practices and business compliances into the industry, the All India Gems and Jewellery Trade Federation (GJF) on Monday announced launch of its educational programme called Labham for gems and jewellery trader in Delhi/NCR region.
The national trade body for gems and jewellery GJF will offer Labham as an interactive one-day educational workshop covering topics such as compliance, risk management and best business practices in the industry. The initiative had earlier been launched in Rajkot and Chennai which are the major clusters for gems and jewellery sector in India.
“The educational workshop I believe will empower the industry to operate their business in a more professional manner and attract qualified young generation to trade. GJF is making all-out efforts to reach out to maximum number of jewellers with an objective of gradual transition of the industry from unorganised to the organised mode of business operations,” said Manish Jain, Vice Chairman, GJF.
Initiated by GJF, the programme is a national rollout by Gemological Institute of America (GIA). The programme has been created adhering to the needs of jewellers, manufacturers, traders, etc. in the industry.
“Compliance and business practice related topics are extremely relevant to businesses big and small. Hence we created this platform where our members could educate themselves on these complex topics,” said Vijay Khanna, Regional Chairman, GJF.
India today is one of the largest consumers of gold, with more than 20 per cent of the total world gold consumption. Gold jewellery accounts for around 80 per cent of the total jewellery market in India. The domestic gems and jewellery market recorded market size worth 2.51 lakh cr and exports worth 2.13 lakh cr during FY 2012-13.