The Hindu : Tamil Nadu News : Centre willing to back SEZ plan for jewellers: Chidambaram

Online edition of India's National Newspaper
Sunday, May 22, 2005

Tamil Nadu

Tamil Nadu

Centre willing to back SEZ plan for jewellers: Chidambaram

Staff Reporter

Proposal on relaxing excise duty on gold imports

CHENNAI: Following the passing of a Bill on Special Economic Zones in Parliament, the Central Government would be willing to support jewellers and the State Government to set up a Special Economic Zone, said P. Chidambaram, Union Finance Minister.

Addressing delegates at the Gold Jewellery India International Exhibition (GJIIE) at Chennai Trade Centre on Saturday, Mr. Chidambaram it was ironic that despite India's huge consumption of gold, among the highest in the world, it was still known as a poor country.

He expressed doubt about whether new technologies coming into the gold industry could match the quality of handmade designs that rightly command a higher price. He encouraged jewellers to experiment with designs and stressed the need for jewellery design courses. He said that the Government was considering relaxing the excise duty on gold imports.

Meeting place

Forty five per cent of the country's gold demand was from South India, said Uday Kumar Vummidi, chairman of the GJIIE. The trade fair was a platform for jewellers to meet, improve their merchandise and learn the latest techniques.

The first business-to-business gold and jewellery trade fair, featuring delegates from Italy, Dubai and Myanmar, received more than 3,500 visitors in two days, he said.

K. Shivram, vice president, World Gold Council, pointed out that the largely unorganised gold jewellery industry required a platform to come together and fine-tune their capabilities.

The evening's programme was followed by a fashion show. The exhibition, organised by the Madras Jewellers and Diamond Merchants Association, World Gold Council, Expo World and Indo-Italian Chamber of Commerce and Industry, will conclude on Sunday.

Printer friendly page
Send this article to Friends by E-Mail

Tamil Nadu