Gems and Jewellery edited FINAL - smallB

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G E M S & J E W E L L E R Y 14 14 into US$ 57 billion of global diamond jewellery sales annually. India’s share in the global market is highest in diamond processing. Both value addition and margins increase as the firms move up the value chain, adding to the profits of the companies in the sector. The opportunity for Indian players in the diamond processing segment is to move up the value chain into jewellery manufacturing, where India has a minimal share at present. Equally new players can enter the diamond jewellery manufacturing space, leveraging the diamond processing capabilities that already exist in the country.
Competitive Advantage The factors leading to the Indian gems and jewellery industry’s growth are many. A near dominance in diamonds and coloured stones, manufacturing excellence, forward looking entrepreneurs, liberalised government policies and an extensive international marketing network has helped India establish itself as one of the leading jewellery centres in the world. Moreover, its high consumption of gold, steady inflow of silver and growing interest in platinum enable India to develop the entire range of jewellery, in plain metal and studded, that caters to the desires of every market. India’s competitiveness in gems and jewellery industry can be assessed as follows � Highly skilled workforce � India’s comparatively cheaper and skilled workforce can be effectively utilized to setup large low cost production bases for domestic and export markets. Porter Diamond Analysis Indian Gems & Jewellery Industry Firm strategy, structure and rivalry � A large number of domestic as well as multi-national players. � Highly copetitive industry Factor conditions Demand conditions Government � Liberalized overall policy regime � The EXIM Policy for 2002-07 contains a special focus on xports of gems and jewellery through market access initiative schemes duty free imports and appropriate adjustments in value addition norms. Availability of factor conditions Related and supporting industries � India has a large number of institutions to support the designing and development of gems and jewellery in India � High market awarenes. � Rapid urbarization, increases literacy and rising per capita income, have all caused rapid growth and changes in demand patterns Availability of skilled manpower is a key strength that has enabled growth in India’s gem and jewellery sector. India has a large pool of skilled artisans with vast traditional knowledge and expertise in jewellery making. It also has the largest resource pool in diamond cutting and processing. India also has a good blend of technically trained designers who are well-versed in latest 2D and 3D design software. US$ million Cost of cutting a diamond-2004 (US$/Carat) 10 150 100 India Belgium Israel China 17 Source: Cygnus Industry Monitor, August 2005
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