The minister of trade and industry, Piyush Goyal, made the announcement during Thursday's opening ceremony of the five-day India International Jewellery Show, suggesting that India could overtake the United States as the leading supplier of gems and jewellery.
He asserted that the nation has the potential to become an expert producer of lab-grown diamonds, a premier center for design, and a builder of technologically complex gear. "It's time we embark on the journey to realise our true potential and show our prowess to the world," Goyal proclaims.
According to Vipul Shah, chairman of the Gem & Jewellery Export Promotion Council, who shared his market outlook, gold prices are expected to soar even further for a number of reasons. The most significant of these is the "de-dollarization trend" that is encouraging people all over the globe to put their money into gold. He also mentioned that geopolitical issues will play a role in driving prices up even more.
On Thursday, Piyush Goyal, India's minister of commerce and textiles, announced plans to establish a warehouse and commodities showroom in the United Arab Emirates (UAE). During an event hosted by the Synthetic and Rayon Textiles Export Promotion Council (SRTEPC), he stated that the planned "Bharat Park" will make it easier for foreign countries to purchase Indian goods.
His main point was that India isn't making good use of its Free Trade Agreements (FTAs) with countries like South Korea, Japan, Australia, and the United Arab Emirates.
Additionally, he mentioned that ₹40 crore will be allocated by the Bureau of Indian Standards (BIS) to establish 21 testing laboratories nationwide. The inverted duty structure under the Goods and Services Tax (GST) regime is causing problems for the manufactured fiber textiles sector, according to a statement from SRTEPC.
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