Nov 22, 2019

Hon'ble Minister of Commerce & Industry Shri Piyush Goyal Inaugurates 3rd India Gold & Jewellery Summit 2019

The Hon’ble Minister of Commerce & Industry and Railways, Government of India, Shri Piyush Goyal inaugurated the 3rd India Gold and Jewellery Summit 2019 in Delhi today, assuring members of the industry from different parts of the country who had gathered for the event, that the government will lend its full support to them to enable the industry to flourish, while also calling on them to strive for greater self-regulation and complete transparency.

Also present on the dais at the inaugural session of the Summit were Ms Rupa Dutta, Economic Adviser, Dept of Commerce, Shri Pramod Kumar Agrawal, Chairman GJEPC, Shri P R Somasundaram, MD, World Gold Council, Shri K Srinivasan, Convener Gold Jewellery Panel, GJEPC and Shri Ashok Seth, GJEPC Regional Chairman, Northern region.

Congratulating The Gem & Jewellery Export Promotion Council (GJEPC) for organising a forum to deliberate on the challenges faced by the industry and discuss the multifarious opportunities lying ahead, the minister said, “I have no doubt that the US$ 40 bn export industry, which contributes 12 percent to our export basket, can grow and achieve a lot more.”

He gave assurances that the government would reduce taxes and bring in more finance and measures to support the industry, adding, “If you work with a spirit of transparency, and be the epitome of honesty, it will empower me and the government to take such steps. The sky is the limit if we are seen as a fully transparent and trustworthy country.”

The minister also urged GJEPC and other players to put forward concrete suggestions for a draft mining policy on gemstones and precious metals, promising that the government would consider the inputs favourably.

Earlier, GJEPC Chairman Pramod Kumar Agrawal welcomed the guests and thanked Shri Goyal for the support the industry has received with a number of trade friendly announcements being made under his leadership as the Minister of Commerce & Industry.

Agrawal briefly outlined various positive policy measures taken by the present government during the last few months including changes in the IGST and GST system and rates, the introduction of a distinct HS Code for Lab-grown / synthetic diamonds, and changes to the Duty Drawback, Replenishment and ECGC schemes, among others.

“Our vision is to take the exports to US$ 75 billion and create 2 million additional jobs in the sector by 2025,” Agrawal said, pointing out that the Council has already taken a number of initiatives with the support of the Ministry of Commerce and Industry to achieve this goal.

“The industry also needs your support in terms of policy reforms to make this industry more competitive in the world market,” he concluded, mentioning the need for a Mining Policy for gemstones and precious metal sectors, and Indian Good Delivery Standard for gold refineries, reduction in import duties, revamp of the SEZ policy as some of the key areas of concern.

The two-day summit is divided into a number of sessions with presentations and panel discussions on gold policy, demand and supply scenario, bullion banking and improving the risk profile of the jewellery industry for ease of financing, creating successful brands, integrating old processes with new technology to drive jewellery exports and attract millennials, among others.