However, current NDA government has taken a liberal approach towards gold. Among others, the government is taking steps to change the way Indians are holding gold. The 80:20 scheme — under which 20% of imported gold has to be exported back — has already been scrapped.
Gems and jewellery are 13% of Indian merchandise export. India processes 11 of every 13 diamonds in the world. America constitutes around 42% of world jewellery consumption and around 40 % of India's overall gem and jewellery export goes there.
Indian jewellers have taken several initiatives to promote gold and diamond ornaments. Apart from frequent bilateral meets, they've also successfully made a dent in the Latin American market, set to fetch good volume this year.