Top ten key takeaways from Santosh Kumar Sarangi

The special interactive session from DGFT at the IGJS 2024 

Key insights from the exclusive interactive session featuring Santosh Kumar Sarangi, DG, Director General of Foreign Trade (DGFT) at the Ministry of Commerce & Industry, Government of India. Here is the top ten key takeaways! 

1: India stands as one of the largest buyers of gold globally, showcasing considerable buying power that can potentially influence the streamlining of gold prices and availability. 

2: Recognising the fragmented nature of gold demand in India, spanning from small to large jewellers and varying from kilograms to tons, there's a pressing need for streamlining. 

3: India currently holds the position of the 4th largest exporter. With immense potential, the aim should be to become the foremost exporter globally.  

4: Drawing a parallel with Switzerland, we need champions in India investing in creative designs catering to Western tastes.  

5: Collaboration between the Department of Commerce, GJEPC, and leading brands is essential to formulate a robust branding strategy positioning India as a top supplier and value-added provider of gold jewellery.  

6: Challenges related to ICR rules, tariff rate quotas, and other obstacles will be addressed in tandem with the gems and jewellery division in DOC.  

7: Integration of CAD, CAM, and AI for design creation, sourcing, and virtual presentation to customers is essential for future growth.  

8: GJEPC urged to take the lead in creating a virtual exhibition centre to showcase new designs in a three-dimensional environment, thereby supporting small and medium-level jewellers, and securing international purchase orders.  

9: The potential of e-commerce in cross-border transactions is vast, with estimates predicting a rise to 2 trillion dollars by 2030. To encourage this platform, the consignment value for e-commerce exports is increased to Rs.10,00,000.  

10: GJEPC urged to organize outreach programs in interior regions to facilitate understanding and adoption of e-commerce platforms.