The Indian gems and jewellery market is estimated to be over US$30 billion annually and is growing at 10-15% per year. India and China are emerging leaders in global jewellery consumption. The industry is highly fragmented with over 15,000 players, including 450,000 goldsmiths and 100,000 jewelers. The recession in 2009-2010 slowed export demand. Silver prices increased significantly between 2008-2013. Leading brands include Tanishq, Nakshatra, and Nirvana. The sector is expected to grow at a CAGR of 16.26% from 2011-2017 due to government and private initiatives. Imitation jewellery also presents a huge untapped market opportunity in