According to a new report published by Diamond World, India is working on a National Gold Policy with the aim of increasing the country’s jewelry exports. According to the piece, exporters of diamonds and jewelry “fear that the country’s exports may stagnate at $43 billion if the government doesn’t intervene”.
The country’s gold imports in 2017 are expected “to rise to over 700 tonnes”, compared to 500 tonnes in 2016-17, according to GJEPC. When compared to India’s total import of gold, only 10% of the country’s gold is exported. Consequently, “in order to increase the export numbers and to take the sector to next level of growth, gold policy needs a review”.
A think tank has already been formed, according to the report, and the new policy “is expected to address issues including standardisation, imports, exchange mechanism for gold and refineries, etc”.
