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Post By : IJ News Service On 12 August 2011 12:24 PM
Gold has been receiving a lot of attention with its price volatility, affecting its sale and purchase in the past months for one of its greatest consumers –India. Industry bodies Federation of Indian Chambers of Commerce and Industry (FICCI), and the World Gold Council have signed an MoU to devise ways to promote gold jewellery in India, as reported by the Financial Express. FICCI is an association of business organisations in India. %% India accounts for around 20 percent of the world’s gold consumption. Of this almost 75 percent is absorbed in jewellery manufacturing. Given the scope of demand for gold jewellery in India, the FICCI and the World Gold Council will look into those issues of the gold jewellery market which need to be taken up with the government. The MoU also mandates for the two bodies to monitor the industry, to scout for opportunities and resolve difficulties. %% Taking initial steps, FICCI and WGC had sent a high-powered business delegation to represent India’s gold and jewellery sector at the Istanbul Jewellery Show being held in Turkey from March 26-31, 2008. This 40 member participation comprised of branded companies, wholesalers, manufacturers, large retailers of India’s gold and jewellery sector. A pilot research study on gold consumption patterns in India is likely to soon be taken up by the two entities.

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