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Thursday, 25th September 2008 (899 views)

Gold is increasingly playing a "vital role" for India, a new report has suggested.

A study from Ireland-based firm Research and Markets has highlighted the importance of the precious metal to the Indian economy as it is a "leading foreign exchange earner" and accounts for over 15 per cent of total exports.

Entitled Indian Gems and Jewellery Market - Future Prospects to 2011, the paper describes how a highly skilled workforce, combined with strong government support and incentives, have become major drivers for the industry.

It also examines historic and upcoming aspects of the gold sector in the country and outlines its strengths and weaknesses.

Rapid growth is predicted for the gems and jewellery market, the firm adds, noting that India will account for nearly eight per cent of the total sector by 2010.

Gold is traditionally given as a wedding gift in India and demand has recently risen due to the onset of the festive season and Diwali.

 

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