The Indian Chamber of Commerce organized the 5th ICC Gems & Jewellery Summit 2023 on March 24 to discuss the gold industry’s vision 2025. The session at The Oberoi Grand, Kolkata, turned up valuable insights on India’s gold market – the stimulus to exports, economic growth and employment from Somasundaram PR, Regional CEO, India, World Gold Council; Rajeev Garg, CEO, Gem & Jewellery Skill Council of India (GJSCI); Vandana Yadav, I.A.S., Principal Secretary, Department of Industry, Commerce & Enterprises Government of West Bengal & MD, WBIDC; Vinod Bamalwa, Chairman, Indian Chamber of Commerce Expert Committee on Jewellery & Lifestyle and Suvankar Sen, Co-Chairman, Indian Chamber of Commerce National Expert Committee on Jewellery & Lifestyle.
While delivering the welcome address, Vinod Bamalwa, Chairman, Indian Chamber of Commerce Expert Committee on Jewellery & Lifestyle, said, “The demand for gems and jewellery in the nation and throughout the world has been significantly influenced by the rising middle-class customers in a developing country and a growing fashion chain. Diamonds are currently more in demand than ever, especially in terms of new fashion trends. The most recent styles in the gem and jewellery sector are these cross-cultural ones. Emerging companies have altered customer habits around accessories, such as the decision to wear less jewellery.”
Commenting on the theme, Somasundaram PR, Regional CEO – India, World Gold Council, said, “East India is the biggest market for gold. During the past few years, the administration has achieved great strides. India has the second-largest gold market in the world and the second-largest consumption of gold. India spends $60 billion on gold annually. However, we must consider global developments because gold is currently making a comeback. It is once more becoming an important financial asset. One important investment is gold. Around the world, gold is the subject of numerous events. In our own country, we have a need for resources, growing costs, and a wide range of future uses for gold. According to our survey, Consumers are worried about the industry’s purity, per our poll, which highlights the need for a single voice for the gold sector. A self-regulatory body is also necessary for the gold sector. The Indian Chamber of Commerce can play a crucial role in India’s ability to significantly enhance its gold exports.”