India should be global diamond and gold hub: Convention

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Mumbai, Nov 2 (UNI) The need to make India a hub for the global and gold industries was unanimously echoed by speakers and industry captains at the 4th Diamond and Gold Convention organised by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) here today.

Speaking at the convention, ASSOCHAM Senior VP Sajjan Jindal said, ''We must encourage value addition within the country instead of exporting our resources.'' The convention discussed the fact that while India was the biggest importer and consumer of gold, it had very little influence on the industry. Similarly, while the cost of cutting a carat of diamond in India is only USD 10 against USD 40 overseas with nine out of ten diamonds being cut in the country, it only receives lower grade diamonds to cut and polish allowing other countries to reap in the major chunk of the profits.

To turn India into a global hub for diamonds and gold, a number of issues that included amending outdated laws, need for transparency, investing in foreign mines and maintaining quality in finished products were presented.

''We need to promote jewellery as a different category, enhance our talent and image of the industry and inculcate professionalism,'' KPMG Executive Director Neville Dumasia observed.

The global gems and jewellery market is estimated at USD 17 billion and the luxury market is estimated at USD 100 billion.

UNI

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