The Government of India's 'Directorate General of Foreign Trade' (DGFT) has urged the Gem & Jewellery Export Promotion Council (GJEPC) to popularise jewellery exports through e-commerce and to position India as a top supplier, design creator and value-adding hub for gold jewellery.
Speaking at the India Gold & Jewellery Summit, held on January 23 and 24 in Delhi, Santosh Kumar Sarangi, Director General of DGFT said, "India stands as one of the largest buyers of gold globally, showcasing considerable buying power that can potentially influence the streamlining of gold prices and availability. The potential of e-commerce in cross-border transactions is vast, with estimates predicting a rise to 2 trillion dollars by 2030."
Vipul Shah, Chairman, GJEPC said: "The collaboration between the World Gold Council and GJEPC, along with other stakeholders, is a positive step in prompting collective reflection. The India Gold & Jewellery Summit aims to create a dialogue between the policy makers and the industry to help create policies for growth of trade and exports from India’s gem and jewellery sector."
Somasundaram PR, Regional CEO, India, World Gold Council (WGC), said, “Gold has touched its lifetime high amidst very high interest rates and booming stock markets. Central banks bought lots of gold last year and they continue to stock upon gold lifetime high prices. India will see a huge rebound in gold demand as prosperity rises and as organized retail grows significantly. We have to be prepared for a robust market. We shall publicly unveil a self-regulatory body soon and we require support from apex trade bodies such as GJEPC and other industry constituents.”
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
