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Marco Carniello: We want to continue to be the engine boosting the jewellery industry

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30 august 2021

The future for synthetics lies in that it has become possible to grow a stone you want and make what you want out of it

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23 august 2021

India should put gold to work for its economy: WGC

08 october 2014
Gold should be put to work for the Indian economy, creating jobs, developing skills, generating exports and revenues, the World Gold Council, or WGC, said in its Vision 2020 for the industry.
Stocks of gold in India currently stand at over 22,000 tonnes held by individual households and temples.
"As a nation we need to focus on measures that will unlock the potentially transformative value of the gold stored in millions of private household in order to fund nation's growth. To do this we must find ways of mobilising and monetising the household savings imbedded in gold stocks," Somasundaram P.R., managing director, India.
This vision is aimed at outlining objectives for the industry that address the savings habit underpinning gold demand, support value addition, increase employment opportunities and benefit the industry in an organised way without curbing supply or impacting the current account deficit, said WGC’s statement.
It suggested that in the next five years the sector should double the number of people it employs creating 5 million new jobs across the gold value chain - manufacturing, retailing, assaying and recycling.
"Forty percent of gold demand should be met through domestic stocks and 60 percent from imports and mining.
"75 percent of gold sold should be standardised and hallmarked. There should be mandatory hallmarking for pieces above a designated selling price."
The WGC said in the next five years, India should target to increase gold jewellery export by five-fold - to $40 billion from current $8 billion.

Aruna Gaitonde, Rough&Polished correspondent in India