Federation of Indian Chambers of Commerce and Industry (Ficci), an association of business organisations in India, recently signed a Memorandum of Understanding with the World Gold Council for promoting the gold jewellery sector in the country.
The gem and jewellery industry is one of the fastest growing industries in the country. India consumes nearly 800 tonne of gold, accounting for about 20% of world gold consumption, of which nearly 600 tonne goes into making jewellery. The Indian jewellery market, estimated to be $18 billion in fiscal 2007-08, accounts for 8.5% of world jewellery sales. Under this MoU, Ficci and the World Gold Council will take up issues and policy matters that hamper the growth of the gold and jewellery sector in India with the government and track the industry on a regular basis to identify and share information on opportunities and challenges on a regular basis.
Ficci and the WGC had successfully mounted a high-powered business delegation to Turkey in March this year to coincide with the Istanbul Jewellery Show from March 26-31, 2008. This delegation consisted of 40 members that included prominent branded players, wholesalers, manufacturers, and large retailers from the gold and jewellery sector from all over India. They also plan to undertake a pilot research study to understand gold consumption patterns in India.