India is one of the best renowned jewellery making countries in the world. It has continued with the tradition of diamond cutting and thousands of people are involved in this skilled occupation. India accounts for nearly 50% of the international market for jewellery that includes cut and polished diamonds, coloured gemstones, gold jewellery, pearls, non-gold jewellery and fashion jewellery. With the right policy and regulatory framework, India could establish itself as a brand in the international Gems & Jewellery market, increase employment and create new breed of entrepreneurship. India has the distinction of being the world’s largest diamond processing (cutting and polishing) country with an 80% share in the world market. The burgeoning retail industry in India is instrumental in innovatively marketing and branding diamonds and traditional jewellery, making inroads in this sector and contributing to the nation’s economy.
Branded jewellery demand in India is expected to touch US$30 billion by 2015.