Why the bullion industry needs a national skilling framework for artisans, traders and investment professionals

India, historically known as Sone Ki Chidiya (the Golden Bird), continues to have a deep cultural and economic connection with gold. The bullion and jewellery sector remains one of the economy’s strongest pillars, contributing ~7.5 per cent to GDP and supporting over 5 million livelihoods (Ministry of Commerce & Industry; IBEF).

As the nation enters a demographic sweet spot—65 per cent of its population under 35—it has a rare chance to reimagine the bullion sector. A dedicated National Skilling Framework is no longer optional; it is essential to unlock economic potential, create quality jobs and position India as a global leader in value-added gold and jewellery services.

Learning from global leaders

Countries like Switzerland, China and Turkey have transformed their bullion and jewellery sectors through targeted skilling, innovation and regulation.

• Switzerland refines 70 per cent of the world’s gold without having mines, thanks to advanced technology and skilled labour.
• China integrates jewellery design and gemology into its universities, producing a steady flow of qualified professionals.
• Turkey’s investments in artisan training and export infrastructure helped it reach $6.5 billion in jewellery exports in 2023, surpassing India’s $4.8 billion in plain gold jewellery exports.

India, in contrast, still relies largely on informal skilling and traditional practices—valuable but insufficient for scalability, technological adoption and global competitiveness.

Gaps across the value chain

Mining & refining: India holds an estimated 650 tonne of gold reserves but produces less than 2 tonne annually. A shortage of trained geologists, metallurgists and sustainable mining experts hinders growth. Refining still uses outdated techniques. Modern skilling can improve efficiency, environmental compliance and ethical sourcing.

Jewellery manufacturing: India accounts for 29 per cent of global gold jewellery demand, yet 60–65 per cent of production remains handmade, with few organised manufacturing units. Many artisans lack access to training, modern tools and safe workspaces. Cluster-based skilling and shared infrastructure—like those in the leather and textile industries—can enhance livelihoods, product quality and innovation.

Standardisation: The Bureau of Indian Standards’ 2021 hallmarking mandate exposed bottlenecks—516 assaying centres serve over 4,00,000 jewellers. Skilled quality assurance professionals are critical to meet standards and build consumer trust.

Investment products: Retail participation in Sovereign Gold Bonds (SGBs) and Gold ETFs is rising—ETF assets under management grew ~30 per cent in 2023. This demands bullion professionals who are financially literate, digitally fluent and regulatory aware.

Changing perceptions to attract talent

Despite its heritage, the bullion industry is often viewed as labour-intensive, low-paying and lacking career mobility. Poor working conditions and limited recognition make it hard to attract young talent, especially compared to tech and fintech sectors.

The industry must spotlight emerging opportunities—digital jewellery design, luxury brand management, AI-powered manufacturing, blockchain traceability and global trade strategy. Coupled with professional certifications, safer workplaces and clear career paths, the sector can become attractive for skilled youth.

Five strategic pillars

1. Standardisedcurriculum: Blend traditional craftsmanship with modern skills like CAD design, sustainability modules and global design trends.
2. Public-private partnerships: Government, industry and global institutions should co-develop advanced skilling centres, mobile training platforms and international knowledge-sharing networks.
3. Formal certification & career mobility: Accredited programs (NSDC or international) enabling progression to managerial, entrepreneurial and export roles.
4. Inclusive access: Special outreach to women, rural youth and marginalised communities to ensure diversity and equitable opportunities.

Recognising the urgent need, Aspect Bullion has launched a flagship skilling program that blends traditional know-how with modern techniques. The focus areas include:

• Digital jewellery design
• Ethical sourcing practices
• Investment literacy
• Supply chain transparency

The time to act is now

India’s bullion industry is culturally revered and economically promising. But without a skilled, future-ready workforce, it risks stagnation. A National Skilling Framework rooted in modernity, inclusivity and global benchmarks can empower artisans, traders and investment professionals, transforming the sector into a key pillar of India@100.

By investing boldly in people, processes and perception, India can ensure the legacy of the Golden Bird becomes a golden future resilient, respected and globally relevant.

The author is Executive Chairperson of Aspect Global Ventures and VP of India Bullion and Jewellers Association (IBJA)

Published on August 9, 2025

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