Mr. Colin Shah, MD Kama Jewelry
“The fact that the RBI is not increasing interest rates along with a benign inflation is a good sign of reassurance to the export-based industries such as gems and jewellery as the RBI has indicated that the economy is not undergoing any financial crisis. India has demonstrated economic strength by its steadfast core inflation and outlook on prices of precious metals being within a range offer much-needed predictability to businesses in a highly global and price-sensitive market as it is in our case.
The strong forex reserves and the initiative of liquidity management by the RBI will contain the excessive volatility in the rupee which is important to the exporters and importers of gold and diamonds as they bear a heavy currency exposure. Although there are global geopolitical risks and energy prices volatility items that should be closely monitored, general macroeconomic stability and the stable GDP growth pattern contributes to strengthening the confidence concerning the manufacturing and export environment in India.
In the case of the gems and jewellery industry, such policy orientation will help in facilitation of trade financing and inventory planning and the development of demand momentum, especially with the gradual stabilisation of the global markets.”
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