Bullion summit to deliberate jewellery issues

Jewellery consumption in country increased by 5% y-o-y to an estimated 193 tonnes in Q3 2015

Bullion dealers' body India Bullion and Jewellers Association (IBJA) is organising a one-day event India International Bullion Summit (IIBS) here on December 1 to deliberate issues faced by gems and jewellery industry.

India has regained its position as the world's biggest consumer of gold in the first nine-month of the current calendar year with a total consumption of 642 tonnes as reported in the GFMS Gold Survey Q3 2015 Review and Outlook.

Survey also reveals jewellery consumption in country has increased by 5% year-on-year to an estimated 193 tonnes in Q3 2015, the highest quarterly consumption since Q1 2011 and highest third quarter demand since 2008.

"With India currently being the major market for bullion and jewellery, we are looking forward to the increased and active participation from the world over at this summit where the eminent industry leaders, both domestic and international, would share their thoughts and also address some of the critical issues. India is thus moving towards fulfilling its mission of creating employment, developing skills and enhancing its exports," said Mohit Kamboj, President, India Bullion & Jewellery Association Ltd.

Over 1,500 delegates from India and from all across the world are expected to participate in the one day deliberations on important and relevant topics such as Gold Monetisation and Gold Bond Scheme-whether success or failure, refining and mining opportunity in India, challenges in online jewellery business, future of "karigars" in india.

Meanwhile, the jewellery industry body All India Gems and Jewellery Trade Federation (GJF) has urged the government to implement uniform 1% Goods & Services Tax (GST) across the entire gems and jewellery sector since such an initiative will bring all jewellery manufacturers under one umbrella.

Such action will also help the gems & jewellery sector to promote 'Make in India' concept at grass root level and help in getting the sector more organised. GJF also reiterated its earlier demand seeking council status to promote gems and jewellery sector more aggressively.