The purpose of the first ‘India Gold & Jewellery Summit’, organised by GJEPC (Gem & Jewellery Export Promotion Council) was to develop a plan of action to meet the targets set for vision 2022. It was unanimously decided that a Gold Policy should be developed towards this end. The deliberations of the Summit will go a long way in helping formulate the policy.
During the Gold Policy focus, the policymakers had valuable viewpoints, which took into consideration that CAD (Current Account Deficit) is no longer an issue, and that the Gems and jewellery industry contributes $30 million to India’s GDP, currently. Here is a summation of the views:
Before the financial crisis of 2008, the gems and jewellery sector used to be one of the flourishing export sectors of the country. Even within the domestic economy, the business was brisk and good. However, those trends got reversed in the aftermath of the 2008 crisis. So from an economically flourishing sector it became a low performing one. Since then the sector experienced substantial slowdown.
This is quite evident from the data as well. During the period between December '13 and March '14 the sector registered growth in employment by only 1,000; in the subsequent 2 quarters it added 7,000 and 8,000 job opportunities, before experiencing a job loss of 5,000 in the last quarter of the calendar year 2014. This also implied an overall addition of only 11,000 job opportunities in the sector during the period between December 2013 and December 2014.
The allocation rank of funds for gems and jewellery sector is 8 for skill building, as seen earlier. This is understandable, as the gems and jewellery craft requires a high level of skill. However, given the decelerating trends in the sector, probably a re-think on the allocation may be prudent in future.
The article is compiled by
DGL |Chief Gemologist (DGLaboratories) |Head of Department (R&D, Diamond & Gemology) |
Master Trainer (GJSCI) | Lead Trainer (GJSCI) |
Dip.Gemmology (I.G.I)| D.G.(I.G.I, Antwerp)| G.R.S.S. (World Gold Council)|
GIA Diamond Graduate| Advance Gemology (GIA)| Pearl Grading (GIA)|
Gold Appraiser (Ministry of M.S.M.E, Govt of India)|
Call| 91-9811267001 |
Email | email@example.com|
|- By GemAtlas Team|