India has already imported 393.68 tonnes of gold from April to September 25, and the finance ministry expects 750-800 tonnes of gold imports in the fiscal year to March 2014.
Shekhar Bhandari, executive vice president at Kotak Mahindra bank in Mumbai, said he believes the jewellery industry in India has the tools and the will to boost its export activity.
"Many people are moving towards exports... The jewellery industry is ready to do that now," he said. "Until now, they felt there was easy money in imports. But when you realise you have limited room (to grow), you will take those steps."