Jewelary

On a national level, jewelers in India have, for many centuries, created jewelary to be used in traditional festivals, weddings, or other special events. It has been an important part of the Indian psyche not only for its decorative qualities, but also as a store of value.

As the market and society have evolved, so has jewelary. It is now taking on the added role of being a fashion statement, letting the Indian woman of today express her individuality or lifestyle with modern and more affordable pieces.

On an export level, India jewelary industry has grown enormously, and has now moved away from the stereo typical view as being simply a manufacturing center for low-cost products, to one offering a wide range of high quality jewelary featuring diamonds, gemstones, and worked gold in a range of price points. This is due in part to the willingness of the nation’s major exporters to invest large sums of money to keep abreast of modern technology and developments in order to meet the rising demand from around the world.

India’s gem and the jewelary industry is also one of the most dynamic and fast growing sectors of the country’s economy, now accounting for 19 percent of the nation’s total foreign exchange. Among the reasons for the continuous growth of this sector is the fact that India is perhaps the world’s largest source for trained, skilled and highly adaptive manpower as well as the fact that the government has liberalized policies to provide a conducive environment for bi-lateral business.

According to sources, India’s net export of diamonds, gemstones and finished gold jewelary totaled US$15.7 billion dollars last year, an increase of 32 percent over the previous year. About 40 percent of exports are destined for the United States. It is clear that India wants to be more than just a diamond polishing center (the country now cuts and polishes 92 percent of the world’s diamonds by volume) but wants to supply the world with quality finished jewelary as well.