A supportive e-commerce policy for gems and jewellery will build consumer confidence and boost online jewellery sales

Need more clarity on taxation norms

Saurabh Gadgil, Chairman and MD, PNG Jewellers

E-commerce in the Indian gems and jewellery business is picking up in a huge way. There is immense potential for growth not only in jewellery but also in the bullion space. We are expecting clear policies for domestic and international trade. We are hoping for clarity on the taxation side (GST, IGST), export guidelines, import of raw materials for e-commerce, logistics and probable incentives for e-commerce. These will pave the way for a big move online for retailers. It will require a lot of changes in trade behaviour, thought process and approach. Jewellers may need to keep ready inventory in certain categories, catalogue good designs in an effort to deliver with speed. A good e-commerce policy will certainly lead to an increase in sales.

Supportive e-commerce policy to boost online jewellery sales

Ahammed MP, Chairman, Malabar Gold & Diamonds

The pandemic has transformed the buying behaviour of the consumers to a great extent and they are now quite comfortable buying products online. A supportive e-commerce policy for gems and jewellery will definitely build consumer confidence and boost online jewellery sales. The government has already finalised consumer protection rules as consumers are at the core of the e-commerce ecosystem. Hence, consumer interest must be prioritised while formulating the e-commerce policy. The policy will definitely create a level-playing field for all pure-play online jewellery retailers and omni-channel retailers. If consumer interests are adequately safeguarded and their concerns are appropriately addressed, the e-commerce policy will enhance online jewellery sales.

E-Commerce policy would lead to ease of doing business

Rupesh Jain, Founder and CEO, Candere by Kalyan Jewellers

The G&J sector is definitely looking forward to the policy roll-out. The key highlights look very promising for players in the sector right from retailers, manufacturers and the changes will propel the sector toward the next growth phase. As an e-commerce retail player, we expect to hear positively about the sectoral composition and withdrawal of the equalisation levy. The sectoral composition of the Indian economy needs to solve challenges in custom clearances, reduce duties on diamond imports, and increase bank financing to the sector. Such measures would lead to ease of doing business, stronger financial backing by the banking community, and reduction of costs as import duties will be reduced. We are confident that these measures will bring our overall cost base lower and help us drive online sales at competitive prices.

Courtesy: Retail Jeweller India News