Key insights from the exclusive interactive session featuring Santosh Kumar Sarangi, DG, Director General of Foreign Trade (DGFT) at the Ministry of Commerce & Industry, Government of India. Here is the top ten key takeaways!
1: India stands as one of the largest buyers of gold globally, showcasing considerable buying power that can potentially influence the streamlining of gold prices and availability.
2: Recognising the fragmented nature of gold demand in India, spanning from small to large jewellers and varying from kilograms to tons, there’s a pressing need for streamlining.
3: India currently holds the position of the 4th largest exporter. With immense potential, the aim should be to become the foremost exporter globally.
4: Drawing a parallel with Switzerland, we need champions in India investing in creative designs catering to Western tastes.
5: Collaboration between the Department of Commerce, GJEPC, and leading brands is essential to formulate a robust branding strategy positioning India as a top supplier and value-added provider of gold jewellery.
6: Challenges related to ICR rules, tariff rate quotas, and other obstacles will be addressed in tandem with the gems and jewellery division in DOC.
7: Integration of CAD, CAM, and AI for design creation, sourcing, and virtual presentation to customers is essential for future growth.
8: GJEPC urged to take the lead in creating a virtual exhibition centre to showcase new designs in a three-dimensional environment, thereby supporting small and medium-level jewellers, and securing international purchase orders.
9: The potential of e-commerce in cross-border transactions is vast, with estimates predicting a rise to 2 trillion dollars by 2030. To encourage this platform, the consignment value for e-commerce exports is increased to Rs.10,00,000.
10: GJEPC urged to organize outreach programs in interior regions to facilitate understanding and adoption of e-commerce platforms.
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