The Indian gems and jewellery market size is amongst the biggest in the world and the industry plays a crucial role in India’s economic growth. 7% of India’s total GDP contribution is made by the gems and jewellery industry. However, India is heavily dependent on gold imports to meet its domestic demand and a high rate of import duty has led to an increase in unofficial imports. Therefore, this has become more difficult for the mainstream market to advance and develop.

The industry also requires an unbiased GST collection mechanism to create more opportunities for the compliant and organized sections of the gold market. Hence, a Gold action plan needs to be pursued to create holistic and sustainable gems and jewellery market. The social and cultural transformations taking place in India should be underpinned by concerted efforts to provide easy access and improve integrity and fungibility to reinforce trust in gold as an asset in a post COVID world.

• Colin Shah, Chairman, The Gems & Jewellery Export Promotion Council
• Gopal Krishna Pillai, Former Commerce Secretary, Govt of India
• Harsh Roongta, Investment Adviser, Fee Only Investment Advisers LLP
• Ashish Pethe, Chairman – All India Gem & Jewellery Domestic Council (GJC)
• Ashutosh Sinha, Senior Editor, The Economic Times (Moderator)