REDUCE GOLD IMPORT DUTY TO 4 PER CENT

India is the fourth largest exporter of gold jewellery, the second largest of silver jewellery, and the world leader in exporting cut and polished diamonds. India is also emerging as a leading manufacturer of lab-grown diamonds.

- NAMRATA BIJI AHUJA

Vipul Shah, chairman, Gem and Jewellery Export Promotion Council, says India needs to strictly enforce hallmarking regulations to curb the circulation of impure gold and consolidate its position as “jeweller to the world”. Excerpts from an interview:

Q/ Are regulatory frameworks and infrastructure in India sufficient to meet long-term demand?

A/ With annual exports nearing $40 billion, India has established itself as a prominent participant in the global gems and jewellery market. With a skilled workforce of five million individuals and a robust infrastructure, India is in a favourable position to leverage its strengths.

The Gems and Jewellery Export Promotion Council (GJEPC) is spearheading several initiatives aimed at augmenting the industry’s infrastructure, including setting up a jewellery park in Mumbai and a gem bourse in Jaipur. These projects are poised to revolutionise the industry and generate two lakh jobs.