The top
body of gems and jewellery industry today unveiled a model that will help its
members to grow business and become more efficient, and also proposed a
programme to bring the idle gold back into circulation. The All India Gems and
Jewellery Trade Federation (GJF) said its `Trust Mark Model' (TMM) is a unique
initiative that will help its members to grow their business and become more
efficient. TMM is an exclusive model for expansion through implementation of
systems, processes & practices for growth and managing risks, GJF said in a
release here. "With the Trust Mark Model, we shall soon change the pattern
of working to see that it becomes more productive and efficient," GJF
Chairman Haresh Soni said. GJF also proposed a Rashtriya Swarna Nivesh scheme,
an initiative which it said has never been attempted before in India or at the
global level. The scheme is as an example of public-private participation
wherein the jewellers of India will contribute significantly to the economic
health of the country by bringing all the idle gold back into circulation. It
will also help in addressing the critical issue of current account deficit, the
release said. "In a very short span of time, GJF has grown manifold in
stature and reckoning. It is the single largest and the only association
actively working for the progress of industry - resolving and addressing issues
of lakhs of wholesalers, retailers, manufacturers and allies," Soni said.
The association recently organised its 8th annual general meeting.
Correlating the ups and down in the Indian rupee with the stock market, Vijay Bhambwani, CEO, bsplindia.com, suggests that if the rupee continues with its downward fall, the Indian stock market may fall breach October lows and fall further. “If the rupee falls below the 53.0-53.50 mark vis-a-vis the USD, expect a mini meltdown atleast in the equity markets. In that case, the 2250 level (on Nifty) will be breached easily to form a new low. The possibility of that low being below the 2000 levels on the Nifty spot is fairly high,” he says. Bhambwani supports his outlook by comparing the value of rupee at the time of October lows. “The October 2008 lows were made with the INR at 51.20 - 51.40 band. The rupee has breached the 52 level since then. Clearly the nation’s ‘share price’ (currency) indicates weakness. The curency market is a far more accurate barometer of the nation’s health compared to the equity indices. Whether you like it or not, we are under siege. Had it not been March (NAV ...
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