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| Saturday, 31 January 2004 |
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Freeing of gold imports to help India become global jewellery hub NEW DELHI, Friday (AFP) India's move to free up gold and silver imports brings the world's biggest gold consumer a big step closer to becoming a global jewellery hub but more needs to be done to stop rivals gaining the edge, industry officials said. The government announced Wednesday a slew of steps to increase exports, including allowing jewellery exporters, domestic bullion traders and residents to import gold and silver directly, bypassing intermediary agencies. Bakul R. Mehta, vice-chairman of the Gems and Jewellery Export Promotion Council, said the move would put the local trade on par with Dubai in terms of the easy availability of gold. "It's a very positive step and a very good facilitating measure," he said. "It will give a huge boost to plain gold jewellery. Apart from generating more foreign exchange, it will create more opportunities for our labour." Mehta estimated the government's move to open up gold and silver imports would cut costs by 1.0-1.5 percent. The real benefit was jewellers would be able to import their gold directly bypassing nominated intermediary agencies, he said. This, he said, would give a definite boost to the Indian government's goal of turning the country into an international jewellery hub - as long as New Delhi backs up its latest step with other measures. Sanjeev Agarwal, managing director of World Gold Council's office in the Indian subcontinent, said the government must to move aggressively as "India's neighbour in the region Dubai is looking actively at becoming a jewellery export hub." Export zones in Dubai were offering "very good incentives" such as tax-free income for 50 years and giving property at concessional prices to jewellery exporters, he said. |
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