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Panel formed to create domestic gold council

Panel formed to create domestic gold council

Fri Aug 10 2018


In its first step towards formulating a comprehensive gold policy, the government has formed an ad-hoc committee of a dozen industry stakeholders who will frame the structure for a domestic council for gold and jewellery as suggested by commerce minister Suresh Prabhu.


The unique part of the council will be its broad-based representation from the smallest stakeholders — karigars and goldsmiths — to the largest ones, jeweller and bullion dealer, for promoting exports of handmade and customised jewellery, thereby generating more jobs.


“(For the) first time in India, we are creating a domestic gold council,” said Prabhu in a recorded speech to the India International Jewellery Show organised in Mumbai, where he was to be the chief guest on Thursday.


“Our Prime Minister’s vision is to make sure gold becomes a commodity which can be exported globally. We have a jeweller in almost every village of India. They make customised jewellery. We have a jeweller who makes handmade jewellery. Just imagine customised and handmade jewellery has a huge potential in (the) global market. We must promote it and that will create huge jobs in the country. Besides creating a domestic gold council, we are trying to promote exports and for that we have created a strategy.”


ET, till the time of going to press, learned from reliable trade sources that the ad hoc committee will have representation from India Bullion & Jewellers Association (IBJA), Gem & Jewellery Export Promotion Council (GJEPC), Bharat Diamond Bourse (BDB), Tamilnadu Jewellers Federation and India Jewellers Forum. Other important bodies such as All India Gem & Jewellery Domestic Council (GJC) and Association of Refineries would also be part of the committee, said industry sources. Nitin Khandelwal, chairman, GJC, said he wasn’t aware of the committee’s membership immediately but added it would be “known in a day or two”. India’s jewellery market is highly fragmented with several small associations in various states representing the trade.



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