Overview

As of February 2021, India's gold and diamond trade contributed 7.5% to India's Gross Domestic Product (GDP) and 14% to India's total merchandise exports. The gem and jewellery sector is likely to employ 8.23 million persons by 2022, from 5 million in 2020. In FY21, exports of gems & jewellery stood at US$ 25.30 billion. In March 2021, exports of gems & Jewellery stood at US$ 3.42 billion.

In the coming years, growth in gems and jewellery sector would largely be contributed by the development of large retailers/brands. Established brands are guiding the organized market and are opening opportunities to grow. Increasing penetration of organized players provides variety in terms of products and designs. Online sales are expected to account for 1–2% of the fine jewellery segment by 2021–22. Also, the relaxation of restrictions of gold import is likely to provide a fillip to the industry. The improvement in availability along with the reintroduction of low-cost gold metal loans and likely stabilization of gold prices at lower levels is expected to drive volume growth for jewellers over short to medium term. The demand for jewellery is expected to be significantly supported by the recent positive developments in the industry.

According to the World Gold Council (WGC), India's gold demand has seen a 47% rise in the July-September quarter to 139.1 tonnes, following stround in economic activity and recovering consumer demand. Gold demand in India is leaping back to pre-COVID levels and going forward the outlook looks optimistic.

Against this backdrop, the Indian Chamber of Commerce is set to organize the 04th ICC Gem & Jewellery Summit on 14th & 15thMarch 2022 in Kolkata with the The Gold and Diamond Industry: Vision 2025. The Conference aims to highlight and focus upon various aspects of the Industry under the current circumstances which encompasses The standards , infrastructure , Challenges , opportunities , Karigars and their importance, Diamond & Platinum and consumer focus , trust and transparency. By bringing together all relevant stakeholders under one roof the conference aims at laying down suitable recommendations for the Regulator and Policy Makers and understand/ upgrade to the best practices of the World. The initiative also promises to provide substantial networking opportunities in addition to also providing significant brand visibility for its Partners and Sponsors.