New Delhi, Feb 25 (KNN) The Gems and Jewellery sector is one of the fastest growing industries, contributing to considerable foreign exchange. Having earned a reputation of being a low-cost, high-quality manufacturer of diamonds, it has attracted several international giants to set up base in the country.
The industry is very important to the country, not only for the culture associated with it but also for its contribution to the economy. It has contributed 16.67 per cent to India’s total merchandise exports in the fiscal year. Gems and Jewellery market was worth USD 30.1 billion in 2011, it is expected to become USD 45 billion by 2015.
As far as exports are concerned, India is the world's preferred country for gems and jewellery export, its wares exported across continents.
Gems and jewellery exports reached Rs 156,242.15 crore in 2012-13, accounting for around 13 per cent of country’s total merchandise exports. The export of gems and jewellery has registered Rs 161.650.19 crore during April to November 2013-14 witnessing 3.46 per cent growth.
One of the biggest effects of economic liberalization and globalization has been the radical change that has come about in the gems and jewellery sector, retail in particular.
The industry provides employment to nearly 3 million people. Commerce ministry feels that and the need of the hour is to fill the gap of jewellery designing and manufacturing specialists required in the sector for its further growth.
India is the world’s largest consumer of gold, accounting for about 20 per cent of the total world gold consumption. Gold jewellery constitutes about 80 per cent of the Indian jewellery market. The third quarter of 2013 witnessed a 44.5 per cent increase in recycled gold on the corresponding period of 2012, reaching 61.3 tonne from 34 tonne, according to data from the World Gold Council (WGC). It is believed that this rise is primarily due to the increase in the price of gold which touched Rs 33,000 (USD 538) per 10 gm during the third quarter of the current year.
Today, India has the world's largest diamond cutting and polishing industry, blending modern techniques with the traditional to cater to the world market. It has a reputation of being a low-cost, high-quality manufacturer of diamonds.
The country possesses skilled workforce of over a million people, who are adept at fashioning beautiful jewellery. This has attracted several international jewellery giants to set up base in the country.