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Monday, 10th October 2005 (5487 views)

The Indian government has declared itself extremely focused on gold jewellery exports, claiming that Indian exports of gold jewellery could reach $5 billion this fiscal year.

Speaking at the launch of the Festival of Gold, organised by MMTC, commerce minister Kamal Nath made the government's position clear.

"Gold jewellery is an extreme focus product for the government. Utmost efforts have been made to increase exports of gold jewellery, both plain and studded," he said.

Mr Nath suggested that the government needed to adopt a strategy encompassing many areas of gold jewellery production and distribution. Hallmarking, integration throughout the supply chain and building up key market intelligence would all be focus areas.

He noted that there are currently around three million artisans and goldsmiths in the gold jewellery industry, which itself accounts for 18 per cent of India's total gems and jewellery exports.

A committee, recently formed by the ministry of commerce, will shortly discuss measures to develop India as a key manufacturer and trader of gold products.

 

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