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INTRODUCTION MAJOR SEGMENT CLUSTERS IN INDIAN GEMS AND JEWELLERY INDUSTRY MAJOR EXPORT DESTINATIONS MAJOR EXPORTERS GJEPC ROLE OF GJEPC EXPORT TRENDS ISSUE AND CHALLENGES GOVERNMENT INITIATIVES FUTURE SCOPE CONCLUSION REFERENCE
Introduction
Fastest growing sector of India with annual growth rate of 15% p.a approx. Current market size of the Indian Gems and Jewellery Industry is 25 billion USD. Total export of gems and jewellery in April-march, 2010 saw a growth of 2.36% and 16.27% share in total exports. G&J Industry consumes 800 tones of world gold that accounts for 20% of world gold consumption. It gives employment to nearly 2 million people, out of which 1 million are engaged exclusively in export production
Major Segment
Gold: Comprises around 80% of Indian jewellery market. Very high level of domestic consumption Varieties include the South jewellery, Maharashtrian jewellery, Bengali art etc. Diamond: First country to mine, cut and trade diamonds. Largest diamond cutting & polishing centre in world, with 60% carat share and 82% value share.
Contd
Nearly 9 out of 10 diamonds sold worldwide are cut and polished in India. Exported cut and polished diamonds worth 14.18 billion USD in 2007-08
Major exporters
Role of GJEPC
Trade facilitator Advisory role
Core function :
Introduce Indian gems and jewellery products to international markets and promote their exports.
Other activities :
Compilation and publishing of regular statistics related to export and import of diamonds in India Arrangement of participation of its members in foreign market. Organizing meetings between its members and foreign delegates visiting India. Advertising is leading trade journal abroad to introduce India's product in those markets.
Export trends
Total export of G&J was 29081.11 million USD. export posted a modest growth of 1.45% during 2008-09 at USD 21.1 billion.
Exports data
Items 2007(in cr ) 2008 (in cr) 58649.45 2009(in cr) 45365.09
9406.49
5572.37
Coloured gemstones
Rough diamond
1111.05
2280.32
1197.55
3474.93
834.80
1992.95
Major competitors
Gold jewellery
Italy, china, Japan, Thailand, Hong Kong, France, Mexico, Turkey, Canada, UK, Israel.
Diamond
China, Belgium
Gemstones
Sri lanka , Thailand
Government Initiatives
Import duty was lowered on platinum. Import of 8 & above carat gold allowed under replenishment scheme. Setting up SEZ ( Special Economic Zone ) and gems and jewellery parks. Import duty abolished on polished diamond in may 2007.
CONCLUSION
Flexibility in the governmental policies for the Indian exporters.
Availability of cheap and skilled labour. USA, EU, Japan and Hong Kong are the leading importers of major gems and jewellery products from India.\ India is one of the fastest growing jewellery markets in the world and is the largest consumer of gold in the world
REFERENCE
www.diamond.com www.gjepc.org www.indiamart.com www.commerce.nic www.crystalinks.com www.americapearl.com