TITLE - A STUDY ON EXPORTS & IMPORTS OF INDIAN GEMS & JEWELREY

TITLE - A STUDY ON EXPORTS & IMPORTS OF INDIAN GEMS & JEWELREY

Chapter-1

GEMS & JEWELRY

1.1    INTRODUCTION

The history is the witness to the fact that all the progress made by science or technology in contributing to human life is invaluable. In addition to this, the technology has been playing a tremendous role in this drastically growing world and also contributing its countless efforts in order to be adjusted in changing environment and to meet the stiff competitions. Furthermore, the  gems and jewellery is one of them which is very emerging and lucrative sector is  greatly focused  and contributed by continuous research and development and fast moving  technologies  since so many years. Traditionally, India has always excelled in the field of diamond, mining, polishing process. As in the world recorded history, the traditional approach of India’s diamond is an oldest one and go back thousands of years. Dating from the 6^th century, there was not any source of diamonds in the world until 1730s, but indeed India was the only source at that time, apart from minor supply of diamonds from the kalamantian deposits of Borneo But today, the Majhgawan pipe, a primary source near panna is the only source from where a country is producing diamonds.

One of the most important things is that the diamond has been discovered in India by the 8^th century BC. In about 600 AD, it was found in kalamantian, Borneo and is still mining and digging over there. In India, jewellery is preferred and valued as treasure from ages, be it any festival or a marriage, the celebrations are indeed incomplete without gems and jewellery, gold and silver ornaments.

A time was there when Indian traditional jewellery  market was highly dominated by  Hindu vishwakarma and goldsmith  were lonely involved  for making gold jewellery in their house-cum-work shop and now a days it is dominated 96% by family jewellers as a legacy has passed from one generation to another. These artisans used to pass on their skills to their immediate generation whereas, nowadays due to the changing demands of the consumers, public prefers to be engaged from almost all communities as its catering huge profitable opportunities in the cluster which has captured interest of new generation entrepreneur towards investing on large basis on the edge of cluster utilizing the skills of existing craftsmen. India is one of the world’s 3^rd largest cutting and polishing diamond centres after US and Japan. Also it was the first country for introducing diamond to the world, the country was the first to mine diamonds, cut and polish them as well as trade them.

In India, the future of organized retail is very lucrative and bright. The number  gold retailers in the country has been increased by 40 percent since year 2000,ith 150 domestic and over 65 internationally established  brands. It is well established country to make handmade jewellery of traditional and modern looks. Furthermore, a large number of legendry  diamonds are yielded by India which is indeed commendable including a very well known diamond “Koh-I-Noor “,the  Orlov, the Hope, and the Sancy. In India the maximum production is estimated around 100,000 carats annually during the 16^th century. Exports of gems and jewellery from India are rising at over 15 per cent year-on-year basis and are expected to cross 50 billion dollars by the end this fiscal. Demand in the sector is flowing from countries like the UAE, the United States, the European Union, Russia, Latin America Hong Kong and China.

Traditionally, the focus of the gems and jewellery manufacturers has been on the large global markets. Indeed for years, barring the last year or so, these international markets have given large and growing business to the Indian exporters and have contributed in creation of significant jobs in the country. The Indian players, duly supported by the Government of India are placed highly competitive in the market. Hopefully with the revival of the international markets, the Indian players would again stand to gain. In the last few years, on the other hand, the Indian domestic market has shown very promising signs, evident from the increasing growth and increase in penetration of the brands and organized retail across the categories namely FMCG, Durables, Apparels, and Home Improvement etc. We believe that the Indian market holds similar or even brighter potential for gems & jewellery sector. The industry can be put on accelerated growth path provided the industry, the government and other stakeholders plan and act on the initiatives required by the transforming market. In the process the industry shall continue to generate large amounts of foreign exchange and employment to the Indian socioeconomic fabric.

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