Promising Future

The year 2019 began on an optimistic note for the Indian gem and jewellery export sector with the economic revival of the US, its largest market. A research note released by the GJEPC points out that America’s cut and polished diamond imports from India in the April to October 2018 period grew by a staggering 22% year-on-year to $5.43 billion. Another positive development was the 13% jump in gold jewellery imports from India during the same period, which stood at $981.85 million. This is a positive sign that the diamond export market is finally starting to look up.

On the domestic front, India has the highest potential for diamond jewellery retail growth, according to the eighth annual report on the global diamond industry prepared by the Antwerp World Diamond Centre (AWDC) and Bain & Company. It goes on to state that India’s dominance of the diamond manufacturing segment has come as a result of lower labour costs, a favourable regulatory environment, and relatively better access to financing.

The 15th edition of Jaipur Jewellery Show (JJS) that concluded on December 24th drew nearly 40,000 visitors and saw demand mainly for kundan-meena and jadau jewellery. According to the show organisers, the exhibition was starting to see a more business-centric focus, although it continues to remain the biggest B2C jewellery show in the country.