Gold jewellery exports likely to touch $5 billion

Gold jewellery exports are likely to touch $5billion this fiscal, registering an increase of about 30 per cent over $3.8billion during 2004-05.

Exports of gold jewellery, which nearly doubled to $3.8 billion in the last fiscal year from $1.9billion in 2003-04, were likely to touch $5billion this year, said commerce minister Kamal Nath on Monday.

Inaugurating the "Festival of Gold 2005" being organised by MMTC, Nath said the government had evolved a medium-term plan to enhance the export of gold jewellery, which comprised about 18 per cent of India's total gem and jewellery exports.

"Gold Jewellery has been identified as an extreme focus product and utmost efforts have been made to increase exports of gold jewellery (both plain and studded). India is forward integrating into manufacturing of studded jewellery," he said.

He said the sector needed to move towards exports. The government has taken various measures like hallmarking and certification of goods toward development of an Indian brand in the jewellery market, he added.

Government has also integrated the supply chain from mining of raw material to retailing of end product and also set up joint ventures between manufacturers and leading suppliers of the world. The government was also focusing on key markets, including the vast NRI pool in foreign countries.

The Ministry has also constituted a committee to examine the regulatory structure of the gold industry and to recommend appropriate policy measures required to develop India as a gold manufacturing and trading hub.