India is considered the hub of the global jewellery market because of its low costs and availability of high-skilled labour and is the global leader in the cutting and polishing of diamonds. India accounts for 75 per cent of the worldâs polished diamonds. India's Gems and Jewellery sector has been a major foreign exchange generator for the country. The Government of India has viewed the sector as a thrust area for export promotion. The Gems and Jewellery sector plays a crucial role in the economy of India. It contributes about 15 per cent of Indiaâs total merchandise exports and 7 per cent of the countryâs GDP. Moreover, it provides job opportunities to over 4.64 million workers and will be employing around 8.23 million people by 2022. This is a labour intensive, export-oriented and one of the fastest growing sector of India.
Indian Government has undertaken multiple initiatives to enhance skills and technology and to promote investments in this sector in order to promote âBrand Indiaâ in the international market.
Jewellery had always been a status symbol in India it is considered both auspicious and a good investment. The Gem and Jewelry industry is divided into sub-sectors according to the stone and type of manufacture. Some of the more common areas of specialty include caste and diamonds Jewellery, Diamond Processing, Gemstone Processing, Handmade Gold and Gems-set Jewellery Manufacturing, Jewellery Retailing, etc. Earlier the Indian economy was dominated by the unorganized market, but nowadays the consumers are demanding new designs and varieties in jewellery, and the branded jewellers are able to fulfill the changing demands better than the local unorganized players. It is estimated that in the coming years, growth in this sub-sector would be high, along with development of large retailer brands.
The Handmade Gold & Gems-set Jewellery manufacturing sub-sector generally comprises with non-branded, local jewellers and fine jewellery. Gold is considered auspicious in Indian society with gold and other jewellery buying necessary on every special occasion, with immense trust put in the local jeweler. This trend, along with growth opportunities globally has ensured that the sub-sector has huge growth potential.
The Gemstone Processing sub-sector is recognized worldwide. It has gained global popularity because of talented craftsmen, superior practices in cutting and polishing precious stones and its cost-effectiveness. Due to its global growth, more companies are targeting the Indian marketing, increasing the scope for people involved in this sector.
The Diamond Processing sub-sector is the building block of diamond jewellery. This sub-sector deals with cutting, grinding, and polishing etc of the rough diamonds, giving them the perfect cut and brilliance. This segment has experienced fast growth in the last few years as diamonds are now being seen as affordable jewellery.
Handmade Gold & Gems set Jewellery Manufacturing
Cast & Diamond Set Jewellery