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Revamped Gold Monetisation Scheme, reduction in import duty of gold to help the industry to grow to the next level.
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- Reforms would help the industry to achieve export target of US$ 43.75 billion this year and gems and jewellery exports to USD 75 billion in coming years.
- The Gems & Jewellery sector contributes around 7% to GDP and employs 5 million persons.
- Without any significant domestic production of raw materials, India has emerged as the leader in diamond manufacturing and export along with being one of largest exporter of other segments of industry such as gold jewellery, silver jewellery, coloured gemstones and synthetic stones.
- With support of the Government, GJEPC organized various virtual trade events last year like virtual Buyer Seller Meets, virtual IIJS, virtual International Gems & Jewellery Show (e-IGJS), India Global Connect, Webinars etc. These initiatives have helped the industry to bounce back quickly as the pandemic receded and global markets opened up.
Gold Monetization Scheme is intended to mobilise the idle gold lying in households, institutions, corporates & temple trusts of the country and facilitate its use for productive purposes, and in the long run, to reduce country's reliance on the import of gold.
Source: PIB
