Commerce Minister expects jewellery exports to cross $5bn this year

10 Oct '05

3 min read

Shri Kamal Nath, Union Minister of Commerce & Industry, has indicated that gold jewellery exports from India may touch US $ 5 billion during the current financial year 2005-06. Exports of gold jewellery are estimated to have doubled from a level of US $ 1.9 billion in 2003-04 to a record level of US $ 3.8 billion during 2004-05.

Shri Nath said that the government had evolved a medium term strategy in order to enhance the export of gold jewellery, which accounts for about 18% of India's total gem & jewellery exports. The Minister said this while inaugurating “Festival of Gold 2005” here this evening – India's largest exhibition-cum-sale of its kind and the 7th in the series organised by MMTC Limited, India's leading international trading company.

Stating that the sector had been neglected till now and needed to move more towards exports, Shri Kamal Nath said the medium term strategies evolved by the government for gold jewellery included (a) hallmarking and certification of goods towards development of an Indian brand in the jewellery market; (b) integration throughout the jewellery supply chain from mining of raw material to retailing of end product as well as joint venture manufacturing with the leading suppliers of the world; and (c) developing market intelligence focussing on the key markets including NRIs.

A Committee has been constituted by the Ministry of Commerce to examine the regulatory structure of the gold industry and to recommend appropriate policy measures required to develop India as a gold manufacturing and trading hub, Shri Kamal Nath said, adding that the liberalisation of the gold import policy would contribute towards making India a hub of manufacturing activity for gold products.

More Ministry of Commerce & Industry News... More Textiles News - India...