India Now - page 42

S EC TORAL UPDAT E
D I A MO N D & D I A MO N D E X P O R T S
46
APRIL-MAY 2015
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A Cut Above
Rough cut or polished, in jewellery or solitaire,
India’s diamonds are a class apart and dominate
the world market. The industry is busy polishing its
skills to keep abreast with trends and demands.
BY SANGITA THAKUR VARMA
DIAMOND & DIAMOND EXPORTS
D
iamonds are forever. It’s a
belief that is being fuelled
in India and abroad
through aggressive mar-
keting and a rapidly grow-
ing wealthy middle class for whom the
quiet elegance of diamonds bespeaks
class associations. A look at the market
statistics confirms the growing fasci-
nation for the sparkling stones in the
country. According to data released
by Gems & Jewellery Export Promo-
tion Council (GJEPC), India, the total
exports of gems and jewellery in 2014-
15 from India accounted for US$ 39.9
billion. The gross exports of cut and
polished diamonds stood at US$ 23.16
billion. Vipul Shah, Chairman, GJEPC,
though accedes, “India is considered
as a yellow metal country even today.
But we have seen a change in trend as
the new generation is willing to experi-
ment and also because of the increasing
disposable income among the middle
class.” GJEPC is the apex body of the
gems and jewellery industry with the
primary focus on promoting exports of
gems and jewellery, including all pre-
cious metals and gems.
A McKinsey & Company white paper
titled
Perspectives on Diamond Industry
published in September 2014 stated
that the diamond industry will remain
attractive to investors with the funda-
mentals of the industry likely to stay
positive as the demand will outpace
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