Budget 2024 can polish India’s gold & diamond industry to shine for the world

economictimes.indiatimes.com:

Budget expectations: According to a report by the World Gold Council, India is the second largest consumer of gold jewellery in the world and the interim Budget with strategic moves can give the industry a shot in the arm.

The World Gold Council report said much of the Indian gold market was very traditional, reflecting important cultural and religious ties. This can be seen in the long-standing preference for 22-carat jewellery and the dominance of bridal jewellery. But the gold market is evolving, with changing tastes and designs. In recent years, for example, demand has grown for lightweight and studded jewellery. These stones and jewellery are considered as the power, success, and reputation for the Indian women thus providing them social and economic security, the value of which can never be undermined.

Also Read: A bold Budget can pave way for India to be Global South's voice

Budget boost for India — a jewellery factory of the world
India today is the factory for the world in jewellery segment and has potential to become the market for the world. The Gems and Jewellery industry has become one of the largest businesses in India, playing an important role in the Indian economy. If we consider the statistical data, it is seen that it contributes to almost 7% of the country’s total GDP, and 15.71% of India's total merchandise exports.

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