Shining a light on the power of gold! 🌟
SMC participated at the #ASSOCHAM’s 15th International Gold Economic Forum held on 2nd December 2023, where our thought leader Mrs. Shruti Aggarwal shared her insightful knowledge.
She spoke about how the Comprehensive Economic Partnership Agreement (CEPA) between India and the United Arab Emirates, along with the launch of the India International Bullion Exchange (IIBX) in Gift City, is impacting the gold industry in India. The reduction in costs due to CEPA has led to a significant increase in Indian jewelry exports to the UAE, and the IIBX is expected to bring transparency and order to the gold market, potentially making India a major player in the global gold industry. Her session shared insightful analysis such as:
• CEPA making gold cheaper for Indian manufacturers, resulting in a 1% cost advantage resulting in Indian jewelry exports to the UAE being 5% cheaper compared to other competing nations, such as Malaysia and Turkey.
• Cost reduction leading to a substantial 16.5% increase in Indian jewellery exports to the UAE within a year.
• India International Bullion Exchange (IIBX) expected to being a game-changer for the Indian gold industry, with the potential to make India a price setter for gold globally with an aim to bring order and transparency to the gold market.
In conclusion, with the right vision and initiatives, India is poised to become a leading Jeweler on the global stage.
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Posted On: 12 Dec 2023 3:59 PM
