Time has come for India to emerge as a hub of global outsourcing for gems and jewellery, said Bhagwatilal D Rao, an international expert on gems from East Africa.
Rao was speaking about trends in the coloured stones market at the National Institute of Jewellery Design in Ahmedabad on Thursday.
Dinesh Zaveri, chairman of NIJD, said, "NIJD has been constantly endeavouring to provide trained artisans in the jewellery industry in the country." He said more courses on diamond grading, gemology and jewellery design have been added in the institute.
"Total Indian exports of gems and jewellery for the financial year 2002-03 was $9.2 billion and it is expected to exceed $10 billion in the financial year 2003-04. Diamond alone contributed exports of over $7.1 billion and over 90 per cent of these diamonds were processed in Gujarat," said Sanjay Kothari, chairman, Gem and Jewellery Export Promotion Council.
"Gujarat gems and jewellery has the distinct advantage of strong artisan skills with versatility of manufacturing," said Rao.
"Indian jewellery industry is seen changing its trend due to strong western influence. Traditional and ethnic jewellery is becoming lighter, being an object of adornment rather than an investment. Branded Indian jewellery is striking a chord with the Indian audience maintaining a lower price point, while international brands are vying for a slice of Indian market share at higher price point," said S Santosh Kumar, chief executive officer, NIJD.
At the international level, a comparison of intrinsic strengths of various countries shows that Italy has strength in plain jewellery, Honk Kong and China in diamond studded jewellery, Bangkok and Thailand in colored-stone jewellery and India in all of the above and in silver jewellery. India's diamond cutting and polishing industry dominates the world trade.
The world jewellery market is pegged at Rs 3,52,000 crore, with India's share only 1.3 per cent, in stark contrast to 55 per cent in diamonds.
At present, the total Indian gems and jewellery market including exports is estimated at $18 billion.
About 30 per cent of the world production of agates (semi-precious stone) is in Cambay in Gujarat. It has low value but a huge potential.