Apex body to push Indian jewellery abroad planned
India’s gems and jewellery sector is all set to get that extra glitter soon. The government is planning an umbrella organisation for the sector, one on the lines of Gold Group of Dubai, to project Indian jewellery as a global brand.
By Deepshikha Sikarwar, TNN |
NEW DELHI: India���s gems and jewellery sector is all set to get that extra glitter soon. The government is planning an umbrella organisation for the sector, one on the lines of Gold Group of Dubai, to project Indian jewellery as a global brand.
Besides the promotion of brand, the organisation would give out smart cards to jewellery manufacturers facilitating trading in gems or jewellery at both domestic and international markets. A committee appointed by the finance ministry under the chairmanship of former revenue secretary MR Sivaraman has already submitted its report. Measures in the forthcoming budget could reflect the key recommendations made by the committee.
The gems and jewellery traders face large-scale harassment during the transportation of goods, especially in the wake of anti-money laundering provisions. The smart card from a government-backed organisation could save from the harassment and facilitate hassle-free trade both internationally as well as domestically. The body could also introduce some kind of certification for the jewellery on the lines of Dubai���s Gold Group.
The card would also help in generating data and statistics like value and volume of turnover, number of people employed. Obtaining vital numbers has always been a huge problem in the sector, which commands 4% of the country���s GDP and is one of the large employment generators.
When contacted, Mr Sivaraman said that a national council could help in gaining more information about the sector. However, he declined to give details about the recommendations made by the panel. India, which is one of the largest diamond cutting and polishing centres, is facing severe competition from China.
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