Government decided to set up a domestic Gold Council in India

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The government has decided to set up 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.

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 USD 32.72 billion in 2017-18 owing to demand slowdown in US and other major markets. 

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

Gem & Jewellery Export Promotion Council

  • The Gem & Jewellery Export Promotion Council (GJEPC) was set up by the Ministry of Commerce, Government of India (GoI) in 1966.
  • The GJEPC is the apex body of the gems & jewellery industry and today it represents almost 6,000 exporters in the sector. With headquarters in Mumbai, the GJEPC has Regional Offices in New Delhi, Kolkata, Chennai, Surat and Jaipur.
  • Primary goal of GJEPC is to promote  the Indian Gem & Jewellery industry  and its products.
  • Since 1998, the GJEPC has been granted autonomous status.