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DGFT : E-commerce can transform India into Global leader in Gold Jewellery exports

January 25, 2024
Reading Time: 2 minutes

NEW DELHI : The Directorate General of Foreign Trade (DGFT) has urged the Gem & Jewellery Export Promotion Council to popularise jewellery exports through e-commerce and to position India as a top supplier, design creator and value-adding hub for gold jewellery.

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. Recognising the fragmented nature of gold demand in India, spanning from small to large jewellers and varying from kilograms to tons, there’s a pressing need for streamlining exports. With immense potential, the aim should be to become the foremost exporter globally. Drawing a parallel with Switzerland, we need champions in India investing in creative designs catering to Western tastes.”

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”, said Mr. Sarangi at India Gold & Jewellery Summit, held on January 23 and 24.

Talking about e-commerce, Mr. Sarangi said, “The potential of e-commerce in cross-border transactions is vast, with estimates predicting a rise to 2 trillion dollars by 2030. To encourage this platform, the consignment value for e-commerce exports is increased to Rs 10 lakh. GJEPC is urged to organize outreach programs in interior regions to facilitate understanding and adoption of e-commerce platforms.”Vipul Shah, Chairman, GJEPC, said, “The India Gold & Jewellery Summit aims is 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. This year’s Summit is significant due to key policy initiatives taken by the Government such as signing of India UAE CEPA and India Australia ECTA; successful implementation of Hallmarking and HUID policy; a very successful review of India by FATF and a host of other initiatives. 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.”

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