[caption id="attachment_1361" align="alignleft" width="350" caption="GJEPC signing MoU with DIL"]<a href="http://blog.biggstock.com/wp-content/uploads/2010/08/m-DIL-AGREEMENT-SIGNING-WITH-COUNCIL-9.jpg"><img class="size-full wp-image-1361" title="m-DIL AGREEMENT SIGNING WITH COUNCIL (9)" src="http://blog.biggstock.com/wp-content/uploads/2010/08/m-DIL-AGREEMENT-SIGNING-WITH-COUNCIL-9.jpg" alt="" width="350" height="232" /></a>[/caption]

A  memorandum of understanding (MoU) was inked between Diamond India  Limited (DIL) and the Gems and Jewellery Export Promotion Council (  GJEPC) in Mumbai today on precious metals business.

While Directorate General of Foreign Trade (DGFT) had notified  sometime ago, both DIL and GJEPC as Nominated Agencies to import  precious metals for supply to jewellers, however DIL and GJEPC have now  decided to join hands with a view to helping the jewellery industry to  grow in the long term.

The arrangement broadly envisages that DIL will import the precious  metals from overseas bullion banks for sale to the jewellers,  particularly the exporters, and GJEPC will provide the marketing support  through its all Regional Offices and members.

"We are at an advanced stage of setting up the centralised bullion  desk and tying up with overseas suppliers and we expect to commence  bullion operation from next month" said Mr. P. S. Pandya, Chairman, DIL,  who proposes to provide the entire range of products like outright  sale, metal loans etc. "We also propose, in due course, to sell our  branded gold coins across the country at a very competitive price on a  low cost business model", he added.

"The arrangement is expected to benefit the exporters who have been  experiencing difficulty in getting gold from the banks and the  agencies", said Mr. Vasant S. Mehta, Chairman, GJEPC. "This MoU will  harness the synergy between DIL's bullion operations and GJEPC's  marketing outreach and add value to the business of jewellery exporters"  added Mr. Sabyasachi Ray, Executive Director, GJEPC.

Meanwhile, DIL and GJEPC are showcasing their partnership through a  common stall at the ongoing India International Jewellery Show (IIJS) in  Mumbai.

Ref: <a href="http://www.gjepc.org/news/view.aspx?NewsId=7797" target="_blank">GJEPC</a>