Editor’s Note
India aims to elevate gold jewelry design to Swiss standards, boosting exports, DGFT chief Santosh Kumar Sarangi said at the India Gold & Jewellery Summit 2024.
New Delhi: India is already a major buyer of gold globally. The government now aims to elevate the design of gold ornaments to rival Switzerland’s standards, boosting exports of gold jewelry to various countries. This was stated by Santosh Kumar Sarangi, Director General of Foreign Trade (DGFT) under the Ministry of Commerce and Industry, while addressing the two-day India Gold & Jewellery Summit 2024 (January 23-24), organized by the Gem and Jewellery Export Promotion Council (GJEPC).
Sarangi noted that India’s gold jewelry ecosystem is robust, with corresponding infrastructure in place across government policies, exports, retail, design, and innovation. The Indian gem and jewellery industry leads in all areas. Now, GJEPC needs to popularize exports of Indian-made jewelry through e-commerce. The government aims to establish India as a top supplier, design manufacturer, and value-added center for gold jewelry, offering full support. Notably, the India Gold & Jewellery Summit aims to enhance and expand gold’s role in the country’s economic growth. The World Gold Council was a key partner in this event.
The main theme of the fourth edition of the India Gold & Jewellery Summit 2024 was ‘Raise Gold’s Role In Economic Growth’. The opening day featured sessions on leveraging the India-UAE Comprehensive Economic Partnership Agreement (CEPA) for export growth, enhancing India’s competitiveness through design and innovation, and ensuring secure gold supply through digitalization. Day two focused on promoting compliance through responsible reporting in India, exploring the sustainable coexistence of independent stores and organized retail, and addressing global compliance through responsible sourcing.
DGFT Santosh Kumar Sarangi said,
He noted the fragmented nature of gold demand in India, with small vendors selling just a few grams of jewelry and large jewelers selling gold by kilograms and tons. There is an urgent need to streamline exports of gold ornaments. The sector holds immense potential, requiring a push to become a leading global exporter. This necessitates promoting innovative and creative designs, matching Switzerland’s standards. “We need champions in India who invest in creative designs that meet Western tastes.”
GJEPC Chairman Vipul Shah said the summit aims to foster dialogue between policymakers and industry to formulate policies for trade and export growth in India’s gem and jewellery sector. This year’s summit is significant due to key government initiatives like the India-UAE CEPA and India-Australia ECTA, successful implementation of hallmarking and HUID policies, a very successful FATF review of India, and many other initiatives. Speaking about the future, he said,
The event’s inauguration was attended by DGFT Santosh Kumar Sarangi, GJEPC Chairman Vipul Shah, World Gold Council Regional CEO Som Sundaram PR, GJEPC Vice Chairman Kirit Bhansali, and other industry dignitaries.