Minister Piyush Goyal inaugurates IGJS, announces plans for jewellery industry

By

Isabelle Crossley

Published
Nov 25, 2019

The Minister of Commerce and Industry Piyush Goyal spoke on the Union Government’s support for the jewellery industry and asked for transparency and self-regulation as he inaugurated the India Gold and Jewellery Summit in New Delhi.

On November 22, Goyal opened the IGJS in the capital and welcomed experts from across the Indian jewellery industry, the Gem and Jewellery Export Promotion Council reported on its website. “I have no doubt that the $40 billion export industry, which contributes 12% to our export basket, can grow and achieve a lot more,” said Goyal at the event, the GJEPC reported. 

Goyal also said that the government plans to reduce taxes and roll out initiatives to aid the jewellery industry. “If you work with a spirit of transparency, and be the epitome of honesty, it will empower me and the government to take such steps,” said Goyal. “The sky is the limit if we are seen as a fully transparent and trustworthy country.”

The Minister requested that the GJEPC and other organisations submit suggestions for a draft gemstone and precious metals mining policy. The summit ran for two days and also featured presentations and panel discussions on topics such as gold policy, bullion banking, and creating successful jewellery brands among others. 

The inauguration was also attended by the GJEPC’s chairman Pramod Kumar Agrawal, the World Gold Council’s managing director P R Somasundaram, the GJEPC’s convenor of gold jewellery K Srinivasan, and the GJEPC’s north regional chairman Ashok Seth.