India Aims to Be Top Gold Jewelry Supplier: DGFT Chief
Jan 24, 2024 20:45
India's DGFT advocates for a strong branding strategy to position the country as a leading gold jewelry supplier and value-added provider. The summit discussed e-commerce potential, policy initiatives, and export targets to achieve USD 25 billion in gold jewelry exports by 2030.
Illustration: Dominic Xavier/Rediff.com
Mumbai, Jan 24 (PTI) The Directorate General of Foreign Trade (DGFT) on Wednesday pitched for formulating a robust branding strategy positioning India as a top supplier and value-added provider of gold jewellery.
"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.
"Recognising the fragmented nature of gold demand in India, spanning from small to large jewellers and varying from kilograms to tonnes, there's a pressing need for streamlining exports," DGFT Director General Santosh Kumar Sarangi said.
He was speaking at the 4th edition of the 2-day 'India Gold & Jewellery Summit' that concluded on Wednesday.
"Collaboration between the Department of Commerce, GJEPC, and leading brands is essential to formulate a robust branding strategy positioning India as a top supplier and value-added provider of gold jewellery," he said.
According to him, the potential of e-commerce in cross border transactions is vast, with estimates predicting a rise to USD 2 trillion by 2030.
"GJEPC is urged to organise outreach programmes in interior regions to facilitate understanding and adoption of e-commerce platforms," Sarangi added.
The Gem and Jewellery Export Promotion Council (GJEPC) Chairman Vipul Shah said this year's summit is significant due to key policy initiatives taken by the government such as signing of India-UAE CEPA (Comprehensive Economic Partnership Agreement), India-Australia ECTA (Economic Cooperation and Trade Agreement) and implementation of Hallmarking and Hallmark Unique Identification (HUID).
"Going forward, we aim to reach a cumulative gem and jewellery export value of USD 75 billion by 2030. Specifically, we have set a target for gold jewellery alone to achieve USD 25 billion by 2030," he added.
As per GJEPC data, in 2022, the global exports of gold jewellery reached USD 113.19 billion, with India accounting for USD 9.22 billion or 8.10 per cent.
India became the fourth largest exporter of gold jewellery.
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