DGFT urges GJEPC to popularise exports through e-comm, position India as top supplier, design creator for gold jewellery

India has secured its position as the 4th largest exporter of gold jewellery, following major players such as China, UAE, and Switzerland

Mumbai: India’s gold jewellery ecosystem stands strong in infrastructure, policies, exports, retail, design, and innovation, and is poised for a significant role on the global stage. Santosh Kumar Sarangi, Director General, DGFT, Union Ministry of Commerce & Industry, Govt. of India urged GJEPC to popularize Indian jewellery exports through e-commerce; and to position India as a top supplier, design creator & value-adding hub for gold jewellery. 

These were the key takeaways from the two-day India Gold & Jewellery Summit, organised by the Gem & Jewellery Export Promotion Council (GJEPC) at Bharat Mandapam in the capital. Marking their presence were Santosh Kumar Sarangi, Director General, DGFT, Union Ministry of Commerce & Industry, Govt. of India; Vipul Shah, Chairman, GJEPC; Somasundaram PR, Regional CEO, India, World Gold Council; R. Arulanandan, Director, Department of Commerce, Union Ministry of Commerce & Industry, Govt. of India; Kirit Bhansali, Vice Chairman, GJEPC; Nawal Kishore Agarwal, Convener, Jewellery Panel, GJEPC, among others. 

Santosh Kumar Sarangi, Director General, DGFT, Union Ministry of Commerce & Industry, said, “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.”

Talking about e-commerce, 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.” 

R. Arulanandan, Director, Department of Commerce, Union Ministry of Commerce & Industry, Govt. of India, said India faces challenges as a consuming nation heavily reliant on imports, particularly of bullion and dore gold. The complexities of exporting 24-karat gold further add to our concerns, including regulatory issues. The collaboration between the World Gold Council and GJEPC, along with other stakeholders, is a positive step in prompting collective reflection. The Department of Commerce aims to leverage your insights to transform these thoughts into actionable solutions.”

Vipul Shah, Chairman, GJEPC, said, “This year’s Summit is significant due to key policy initiatives taken by the Government such as the 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.”

Vipul Shah added, “GJEPC recently launched a SOP book for the Gold Jewellery Industry, which sets out general compliances required to be undertaken by the gold jewellery industry from the perspective of Customs Law, Foreign Trade Policy; Goods and Services Tax, Income Tax and Hallmarking.”

Talking about the India-UAE CEPA, Shah said, “The gold industry, especially, has been benefited by India-UAE CEPA, which was championed by our Hon’ble Commerce Minister. To take full advantage of CEPA, we have also set up the India Jewellery Exposition Centre in Dubai. India’s exports of plain gold jewellery to UAE surged by 47% during April – November 2023.” 

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