L-R: Mr. Somasundaram PR, (Regional CEO, India World Gold Council), Mr. Pradeep Sureka (President ICC), Mr. Suvankar Sen (CEO Chairman, ICC National Expert Committee on Jewellery & Lifestyle), Mr. Ashish Pethe (Chairman, Gems & Jewellery Domestic Council), Mr. Vinod Bamalwa (Chair, ICC Expert Committee on Jewellery & Lifestyle)
The two-day-long summit is to be continued till 15th March 2022 and the first day has witnessed a gala fashion show in the evening
Kolkata,14th March 2022: Indian Chamber of Commerce has organized a two-day-long ‘4th Gems & Jewellery Summit 2022’ to discuss the Gold industry vision of 2025 on 14th and 15th March 2022 in the presence of Mr. Somasundaram PR, Regional CEO, World Gold Council (India); Mr.Vinod Bamalwa, Chair, ICC Expert Committee on Jewellery & Lifestyle; Mr. Ashish Pethe, Chairman, Gems & Jewellery Domestic Council; Mr. Prithviraj Kothari, Chairman, India Bullion & Jewellers Association Ltd; Mr. Sanjay Kothari Chairman, Gem & Jewellery Skill Council of India (GJSCI); Mr.Arulanandan, Director, Export Promotion ( G & J) Department of Commerce, Ministry of Commerce & Industry, Government of India; Mr. Suvankar Sen, Co-Chairman, ICC National Expert Committee on Jewellery & Lifestyle and Mr. Pradeep Sureka, President, ICC at Raj Kutir, Swabhumi.
The session of the first day was followed by a Fashion show in the evening. The aim of the summit is to evaluate, discuss & deliberate the Gems & Jewellery Industry thriving under pressure and to initiate necessary transformation.
The first day has witnessed sessions like ‘Technological Disruption’; ‘Millenial & The New World’; ‘Socio-Economic Working Conditions of Workers in Indian Gold Industry’ on the first day and on the second day Experts Speak by International Financial Services Centres Authority; ‘Trust and Integrity; ‘Gold Monetizing Scheme & BullionExchange’; ‘Hallmarking Standards’ and a question-answer session at the end have been planned. Mr. Arulanandan, Director, Export Promotion (G & J) Department of Commerce, Ministry of Commerce & Industry, Government of India has commented, “The Indian gems and jewellery sector has challenges in terms of trade, investment, and policy formulation. This sector contributes roughly 7% of national GDP and 10% of exports, is one of the country’s most important sectors, and is seen as a priority for export development. This industry employs around 4.6 million people, and India’s overall jewellery consumption accounts for 29% of global jewellery consumption. As a result, the government has decided to allow 100% foreign direct investment in this industry. However, the pandemic’s onset resulted in insignificant changes in consumer purchasing behaviour, which impacted this industry and we need to address those for the future on an urgent basis.”
Mr. Somasundaram PR, Regional CEO, WorldGold Council (India) Pvt. Ltd. said during the summit, “The pandemic emergence has had a severe impact on this multibillion-dollar sector and the individuals who work in it. With a goal of recovering from this negative position, industry experts have established a target of doubling exports by2025, with a projected value of $ 70 million. We could reach the target if we addressed the hurdles and worked hard on it to together industry experts along with the government to reach the pinnacle of growth in the industry.”
Mr.Pradeep Sureka, President of ICC mentioned, “Consumers were unable to leave their homes due to lockdown regulations, resulting in an unparalleled increase in e-commerce. This trend persisted long after the pandemic had passed, forcing this industry to change its methodology in order to meet client needs. This labour-intensive sector is gradually implementing new normative such as offering online jewellery, introducing virtual reality experiences for clients, and so on. With changing consumer preferences, big retailers are gradually making the most impact in the sector, as their product and design portfolios are more diverse. As a result, small businesses must invest heavily in up-skilling and technology integration in order to perform efficiently in this competitive business environment.”
