Bharatbook added a new report on "Indian Gems and Jewellery Industry" which elucidates facts, Evolution and the current state of the Gems and Jewellery Industry in India.
Online PR News – 12-July-2010 – – Indian Gems and Jewellery Industry
Precious metals and gemstones have been an integral part of the Indian civilisation since its recorded history. Gems and Jewellery (G&J) has been consumed by Indians for ages for both its aesthetic as well as investment value. India has the distinction of being the first country to introduce diamonds to the world. The country was also the first to mine, cut & polish and trade in diamonds. ( http://www.bharatbook.com/detail.asp?id=86041&rt=Indian-Gems-and-Jewellery-Industry.html )
The Indian G&J industry can be classified into various sub segments like diamonds, coloured stones, gold and silver jewellery, pearls, etc. However, the two major segments in India are gold and diamonds. India dominates the diamond processing trade with 11 out of 12 diamonds being cut and polished in India. India also dominates the gold and silver consumption globally with consumption of approximately 700 tonnes (gold) p.a. A major foreign exchange earner, the industry is also notable in providing employment to 1.5 mn people directly and indirectly.
The industry is characterised by a significantly large unorganised sector, labour-intensive operations, high working capital & raw material intensiveness, gold price volatility and export orientation. The demand for gold and diamond jewellery is driven by festivals, weddings and gifts, the increasing affluence of the middle class population and the increase in per capita spent on luxury items.
Though India plays a dominant role in the G&J industry in terms of processing and consumption, mining of gold and diamond is amongst the lowest in the world. India imports gold and rough diamonds along with other precious metals. Gold is purchased from countries like Switzerland, South Africa, Australia and UAE, and rough diamonds are sourced from Belgium, UK, Israel and UAE. There is an impact on the demand for gold given the record high price of gold in the last couple of years, but consumers have remained bullish on the precious metal and there is an increased investment-related demand for gold.
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Related Reports :
Gems and Jewellery Market in India 2010
Indian Gems and Jewellery Market - Future Prospects to 2011
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