New Delhi: After the success of first edition of India Gold & Jewellery Summit in 2017 which had initiated the process to bring in a new phase for the Gold sector in India. The Gem & Jewellery Export Promotion Council on Friday organized the second edition of India Gold & Jewellery Summit in New Delhi with the support of Ministry of Commerce & Industry.
Suresh Prabhu, Minister of Commerce & Industries was the Chief Guest at the event. The Convention also witnessed the congregation of senior representatives of Gold Miners, Policy Makers, Retailers, Bankers, Analysts amongst others from across the globe on a single platform who shared their opinion on the current status and challenges of the Indian bullion industry both nationally and internationally.
Speaking on the occasion, Suresh Prabhu, Minister of Commerce & Industries, said,
“Being the highest importers of gold in the world and with a huge ecosystem at hand. we should think about how we can strengthen our position in the global market. The Commerce Ministry is already working towards setting up the Gold Council and the Ministry wi|| help in forming integrated gold policies. However. most importantly the industry has to embrace standard norms and practices when it comes to gold.”
Aram Shishmanian, CEO, World Gold Council speaking at the 2nd edition of India Gold & Jewellery Summit said,
“Fintech is disrupting industries world over and this is the same for gold. But India is a leader in technology and it has to capitalize on it to market gold. This year has been a pivoting point when it comes to discussion around the need to reform the industry. There is recognition and commitment from the Government. Today. the Government recognizes gold as a valuable economic asset which is a great shift. I have been working with the Indian sector for 10 years, from being confused, frustrated and even cynical l have now changed my perception about the Indian jewellery industry.”
Raj Modi,Deputy Minister of Industry & Commerce,Zimbabwe speaking on the occasion said,
“In the jewellery industry, I have no doubt that this Summit will provide vast business opportunities to both the countries. We are pleased to see a number of Indian companies investing in Zimbabwe. The onus is on the private sector to partner with each other and grow together as two economies. I further implore companies to explore investment opportunities in Zimbabwe.”
Anup Wadhawan,Commerce Secretary Addressing the gathering at 2nd India Gold and Jewellery Summit 2018, said,
“When we buy Commodity Options on Gold Futures, we need to only pay a fraction of the purchase cost, known as a premium. This is the risk you take as an Options buyer for benefits that are not limited. If you are in a business where the price of gold can impact your bottom line, Options can help you manage the frequently changing cost.”
Pramod Agrawal, Chairman, GJPEC Speaking to Ten News said,
“The GJEPC has been promoting ethical business practices to promote tra arencv in the go|d and jewellery industry. To promote the skill of jewelry making. The Council has been setting up gems and jewellery institutes across India.”
Colin Shah,Vice Chairman, GJEPC Speaking to Ten News, Said,
“To achieve set targets, we need the Government’s support for a leveI-playing held. The industry has been requesting the Government to lower import duty and it should not be more than 4 per cent.”