The Gem & Jewelry export promotion council (GJEPC) has announced the performance figures for the Indian Gems & Jewelry sector for 2006-07, according to which, according to which Indian Gems & Jewelry industry has witnessed a growth of 2.74% with total gems & Jewelry exports reaching US $ 17.10 billion ( Rs 77,180.28 crore) as compared to US $ 16.60 billion in the same period last year.

Diamonds

India is already one of the major manufacturing centers for diamonds and diamond Jewelry and is set to become one of the largest trading centers as well as a very important and growing market for diamond Jewelry consumption.

There is no other country that can compete with India in this field. In effect we can proudly say that India is on its way to be a diamond Super power.

Diamond merchandise exports marked a growth of 3.37 % with exports touching US $ 9.77 billion as compared to US $ 9.45 billion in the same period last year.

Zero import duty on cut & polished diamonds will boost trade and enhance growth.

• India will also be positioned as a trading hub rather than only a manufacturing hub.
• India can now also compete with Antwerp London & Dubai.
• The international diamond business would benefit by an additional US $ 2 billion worth of trade.
• Export would rise by 15-20% approximately.
• India will have wide surge of diamond of varied shapes & sizes required for Jewelry fabrication.

The business of bigger stones would also come to India.

Gold Jewelry

Currently, India is the world’s largest consumer of gold. There is a huge and growing middle class of 300-350 million people with disposable income for consumer goods. As a comparison, this dwarfs the entire population of the US. India as a consuming nation creates a tremendous opportunity for companies in India and abroad.

Gold Jewelry exports witnessed a remarkable increase of 34.55% from US $ 3.87 billion to US $ 5.21 billion in FY 2006-07.

Colored Gems

Exports of colored gem stones at US $ 246.48 million in 2006-07 showed a growth of 6.08% as compared to US $ 232.25 million in 2005-06.

Luxury

Luxury is the means of catering to an individual’s dreams & aspirations. And luxury may well be the changing nature of an individual’s expectations. There is a super premium brand in every category and it caters to the needs of this ever growing society of affluent consumers, like Evian in water, Bentley’s & Ferrari’s in cars, Chopard & Tiffany’s in Jewellery.

The new customer of luxury products & services desires a personal touch & therefore customization and/or personalization has become an important requisite in the luxury marketing agenda.