Government decides to set up a domestic Gold Council in India

The government on November 23, 2018, has decided to set up a domestic Gold council in India to promote the growth of the sector and boost exports of jewellery. Commerce and Industry Minister Suresh Prabhu said this while inaugurating the 2nd Edition of India Gold and Jewellery Summit in New Delhi.

The gold council will have representations from all stakeholders including artisans, traders, miners and purifiers. The council would work in the direction of promoting the gold and jewellery industry, job creation, the building of regional clusters.

India is the world’s largest consumer of gold and also one of the main importers. There are huge opportunities in the global market to push exports of gold jewellery.

The country’s gems and jewellery exports contracted by 8% to about $32.72 billion in 2017-18 owing to demand slowdown in the US and other major markets.

The gems and jewellery sector is a labour-intensive sector that contributes about 14% to the country’s overall exports. Gold imports increased by about 4% to $17.63 billion in the first half of 2018-19.

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