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Vision 2020 | India Gold Industry

India's love affair with gold is timeless, spanning centuries and millennia. It ismuch more than just a precious metal. It is part of the fabric of Indian cultureand an inseparable part of our belief system. For most Indians gold is sacred;an embodiment of divinity and a symbol of purity, prosperity and fortune thatcan adorn the body and celebrate life. Stocks of gold in India currently standat over 22,000 tonnes held by individual households and temples. Our visionfor gold is that it should be put to work for the economy, creating jobs,developing skills, generating exports and revenues – an essential part of thefinancial economic and social structure of the country.

5 year ambitions for the Indian gold industry

1. India to be ‘ jeweller to the world; ’ increase gold jewellery exports to USD40 Billion (five-fold) from current USD 8 Billion

2. ‘ Double Employment ’ - 5 million new jobs created across the gold valuechain – manufacturing, retailing, assaying, recycling etc

3. 40% of gold demand should be met through domestic stocks; and 60%from imports and mining. Big and meaningful thrust to enhancing golddeposit schemes, extend duty benefit and import entitlement for domesticgold deposits

4. 75% of gold sold to be standardised and hallmarked ; Higher LTV (Loanto Value ratio) for hallmarked jewellery. Mandatory hallmarking for piecesabove a designated selling price

5. ‘ Karigar welfare scheme ’ towards skill development and training ofartisans

6. ‘ Gold tourism ’ circuit , showcasing handcrafted Indian jewellery

This vision is to outline objectives for the industry that address the savingshabit underpinning gold demand, support value addition, increaseemployment opportunities and benefit the industry in an organised waywithout curbing supply or impacting the current account deficit. This will allowthe gold trade to operate in a free and transparent manner for the benefit ofmillions of households and eventually lead to increased economic wealth forthe nation.

Let us showcase gold as a key enabler of growth, employment and revenuegeneration and use India’s historical asset to enhance the nation’s prosperity.

“India’s prosperity – advanced by gold”

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Problem Statement:

1. Examine the efficacy of existing initiatives, policies and institutional

mechanisms of the India Gold Industry to meet the Vision 2020 objectives.

2. Based on the analysis conducted, create a 5-year action plan for thestakeholders (Government, regulatory authorities, industry etc.) to achievethe Vision 2020 for the India Gold Industry; including but not limited tochallenges, timelines and support mechanisms.