The Hindu Business Line : Jewellers' body calls for regulations in MCX

THE Madras Jewellery and Diamond Merchants Association (MJDMA) has asked the Government to bring in some restrictions and regulations in the multi commodity exchange (MCX) in which gold is traded.

Mr L.K.S. Syed Ahamed, President, MJDMA, said that gold had been included in the MCX recently, which has led to a lot of speculation in the yellow metal.

The sharp increase in gold prices has not only affected the gold retail business but also the artisans and goldsmiths.

Mr Ahamed said that the association was seeking legal help and planned to approach the Government to either remove gold from the MCX or bring in restrictions to regulate the trade.

MJDMA also plans to set up a special economic zone for gold jewellery, which would make Chennai a jewellery hub in the region, he said.

Mr Uday Kumar Vummidi, Chairman, Gold Jewellery India International Exhibition (GJIIE), that despite the rise in prices, gold continues to be a safe investment for most people.

Mr Vummidi said that MJDMA planned to conduct the GJIIE in Chennai from February 17 to 20 at the Chennai Trade Centre. The exhibition will focus on gold jewellery, machinery, equipment and allied products.

This is the second year that this exhibition is being organised.

The exhibition hopes to draw over 12,000 trade professions. Besides jewellers from all over India, jewellery retailers from Singapore, Malaysia and Sri Lanka have confirmed their presence.

Last year, about Rs 100 crore of business was generated at the exhibition. This year, about Rs 200 crore is the expected turnover.