In light of the grim situation created by the advent of COVID-19 across the country, The Gem & Jewellery Export Promotion Council (GJEPC) today announced the setting up of a Rs. 50crore (Rs. 500 million) corpus -- out of its own reserves -- towardswelfare measures to be undertakenin the current scenario.

The apex body of the gems and jewellery export industry has also appealed to all its members to take care of their employees during the period of the lockdown which has been promulgated by the Government.

The world is going through an unprecedented crisis today, as a result of the onslaught of COVID-19. As a result, not only has the global economy received a major hit, but businesses all over the world have plummeted to all-time lows.  

GJEPC said that while governments across the globe, including the Government of India, under the strong leadership of Honourable Prime Minister Shri Narendra Modi, have proactively initiated every possible measure to contain the spread of this virus, it doesn’t seem that the economic situation will improve soon, in the coming few months. “Looking at this scenario, the Government (of India) has announced certain waivers in compliance and tax filings to mitigate the woes of all industries,” GJEPC Chairman Pramod Kumar Agrawal said. “We have also made a representation to the Honourable Finance Minister putting before her measures that need to be implemented to revive the Indian gem and jewellery industry considering the impact of this crisis.”

He added: “GJEPC has pledged to serve the nation and, in particular, the Indian gems and jewellery industry in every possible manner. We at GJEPC will leave no stone unturned when it comes to protecting and taking care of this industry.”

The gem and jewellery sector of India, is amongst the largest employers in the country with a workforce of five million people.

“It becomes pertinent and mandatory at such distressing times to take adequate care of our employees and support them wholeheartedly,” Agrawal emphasised. “We sincerely appeal to all our members to take care of their employees during the lockdown period as also stated by the Government and demonstrate a united and humane approach. This is the time to show we care.”

He concluded by saying: “We are confident that together we shall emerge victorious from this crisis. In the past too, we have braved many situations of turmoil and this time will be no different. This is the time to show solidarity towards our nation and our industry. It’s time for us to reveal our philanthropic side once again.”