DGFT, at the India Gold & Jewelry Summit, underscores e-commerce’s key role in boosting India’s gold jewellery exports. Emphasizing collaboration with GJEPC, the aim is to position India as a top global exporter, inspired by Switzerland’s success. Predicted e-commerce rise to $2 trillion by 2030 and a target of $25 billion for gold jewelry exports by 2030.
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The Directorate General of Foreign Trade (DGFT) has emphasized the pivotal role of e-commerce in boosting India’s gold jewellery exports. Santosh Kumar Sarangi, DGFT’s Director General, highlighted India’s substantial buying power globally and stressed the need to streamline gold exports, ranging from small to large-scale jewellers. The objective is to position India as the foremost global exporter, drawing inspiration from Switzerland’s success. Mr. Sarangi, at the India Gold & Jewellery Summit, urged collaboration between the Department of Commerce, GJEPC, and leading brands to formulate a robust branding strategy.
Speaking about e-commerce’s potential, Mr. Sarangi emphasized its vast role in cross-border transactions, predicting a rise to US$ 2 trillion by 2030. To encourage this, the consignment value for e-commerce exports has been increased to Rs 10 lakh. The GJEPC is urged to organize outreach programs in interior regions to promote e-commerce adoption.
Arulanandan, Director of the Department of Commerce, discussed the challenges India faces as a consuming nation heavily reliant on gold imports. Vipul Shah, Chairman of GJEPC, highlighted the India Gold & Jewellery Summit’s significance, aiming to create policies for trade and exports. The goal is a cumulative gem and jewellery export value of US$ 75 billion by 2030, with a specific target of USD 25 billion for gold jewellery alone.
Somasundaram PR, Regional CEO of the World Gold Council (WGC), emphasized the significant role of the gold industry in India’s economic landscape. He predicted a rebound in gold demand as prosperity rises. GJEPC recently launched a Standard Operating Procedure (SOP) book for the Gold Jewellery Industry.
Vipul Shah also discussed the benefits of India-UAE CEPA, leading to a surge of 47% in India’s plain gold jewellery exports to UAE from April to November 2023. In 2022, global gold jewellery exports reached US$ 113.19 billion, with India contributing US$ 9.22 billion, securing the 4th position globally. A synergistic effort between DGFT, the Department of Commerce, GJEPC, and leading brands seeks to position India as a global gold jewellery export leader. Utilizing e-commerce and strategic partnerships, the collaboration aims for unparalleled success.
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