IntroductionIndian Gem And Jewellery industry –A overview
India is world’s largest gold consumer, consuming almost one fifth of total world gold demand India owns over 18,000 tonnes of above ground gold stocks, worth approx. USD 800 billion India was the first country to introduce diamonds to the world - the first to mine, cut and polish them as well as trade them In the global diamond market today, Indian diamonds account for 55 per cent share in value terms, 80 per cent share in caratage (weight) terms and 90 per cent share in volume terms. The share of gold jewellery in Indias exports of gems and jewellery increased from 9 per cent in 1994 to 22 per cent in2004, an indication of growing acceptance in the world market.
Set-up in 1966, the GJEPC has over the years effectively moulded thescattered efforts of individual exporters to make the gem and jewellery sector apowerful engine driving Indias export-led growth.This apex body of the gem & jewellery industry has played a significant role inthe evolution of the Indian gem and jewellery industry to its present stature.GJEPC is continuously working towards creating a pool of artisans anddesigners trained to international standards so as to consolidate the Indianjewellery industry and establish it as a prominent global player in the jewellerysegment.
GOLD It has always been the jewelers favorite metal. Forms the backbone of the precious Jewellery industry. The current consumption of gold in India is estimated at over 900 tonnesDIAMOND 3rd largest retail diamond market. Have always enjoyed a special place among precious gemstones. Emerged as a segment showing significant growth in some of the emerging markets. Surat is an important diamond processing Centre, which exports around 80 per cent of the production and has more than 3,500 diamond processing units.
COLOURED GEMSTONES Includes all other forms of Jewellery. . Precious gemstones and semi-precious gemstones; silver, pearls, etc.
EXPORTS India’s exports registered a growth of around India’s exports for the financial 40% during FY2011 which has come down to year 2012 stood at US$303.7 21% during FY2012, however imports growthbillion registering a growth of 21%. rate have increased from 28.3% during FY2011 to around 32% during FY2012.
Cut and polished diamonds: The export of Cut and Polished Diamonds (CPD) witnessed a decline of 17.3% with exports decreasing from US$ 28217 million in 2010-2011 to US$ 23329 million in 2011-2012. Coloured Gemstones: Coloured gemstone exports witnessed an increase of 9.10% in dollar terms with sector recording growth from US$ 314.20 million in 2010-2011 to US$ 342.80 million in 2011- 2012. Gold Jewellery: Export of Gold jewellery also grew in 2011-12,registering US$ 12885.59 million as compared to US$ 9669.10 million in 2010-11. A growth of 33.27 per cent was recorded.
Summary of Export of gems & jewellery items during April-May 12Items April-May2012 April-May 2012 % (Same ports as Growth/decline current year) over previous Year US$ in Million US$ in Million US$Cut & Pol Diamonds 2595.88 4292.02 -39.52Gold Jewellery-D.T.A 334.33 316.89 5.50SEZ/EPZ (included 2556.32 1957.23 30.61Gold Jewellery & GoldMedallions and coins) . .Total 2890.65 2274.12 27.11 … t n o C
Future ScenarioSales in the Global Market expected to grow up to US$58 billion by 2015. Diamond industry to grow over 95% between 2010 – 2015.The Gems and Jewellery Export Promotion Council (GJEPC) is looking at exploring new markets, such as Latin-American countries All India Gems & Jewellery Trade Federation (GJF) recently held the first of its kind leadership summit for the Jewellery industry in an effort to corporatize the ways of working and streamlining policies.
The outlook for the industry is bright, but how much of this amazing performance will actually translate into improved bottom lines will lie in the capability of individual businesses to harness the potential of new markets and products. Although, it is little difficult to judge the growth momentum of this sector due to the fast changing global scenario, but with the rising acceptance of brandedjewellery market will definitely boost the growth momentum. Conclusion