The US$ 27 billion Indian gems and jewellery industry is the fastest growing jewellery market in the world. Recognised as the diamond polishing capital of the world, the country is gaining prominence as an international sourcing destination for high quality designer jewellery with global retail majors such as Wal-Mart and JC Penney procuring jewellery from India. The presence of highly skilled, low-cost labour enables India to design and make high volumes of exquisite jewellery at relatively low cost. The domestic jewellery market is pegged at US$ 16 billion, which includes gold, diamond, platinum and others.
- • India is the largest consumer of gold jewellery in the world, accounting for about 20 per cent of global gold consumption.
- • India bought 200 metric tonnes of gold worth US$ 6.7 billion from the International Monetary Fund.
- • Currently, UAE is the largest destination for gems and jewellery, accounting for 31 per cent of the total exports, followed by Hong Kong (25 per cent) and the US (20 per cent).
- • India is the largest diamond cutting and polishing centre in the world
- • India accounts for 60 per cent value share, 82 per cent by carats and 95 per cent share of the world market by number of diamond pieces
- • India is the third largest consumer of polished diamonds after the US and Japan
Source: IBEF
