Indian Gems & Jewellery Industry Needs Urgent Government Intervention

Contributing 13.41% in the country’s total merchandise exports in 2007-08, the Indian gems and jewellery market recorded positive growth, says new research report by RNCOS, “Indian Gems and Jewellery Market – Future Prospects to 2011”. India has emerged as one of the leading players in the global gems and jewellery industry on the back of its big pool of skilled manpower.

Although the local manufacturing activities are severely hit due to difficulties in availability of raw material, recessionary fear in the US, which makes up for nearly 50% of the global jewellery sales, and weak international demand further compounded the situation, said a RNCOS analyst. Thus, the financial fiasco in the US has hampered the Indian jewellery industry too.

RNCOS analyst has suggested that the ongoing crisis in the industry could be addressed provided the government takes necessary steps like permitting status holders to directly import and sell gold to exporters, rise in rupee subvention from 2% to 4%, releasing dollars from the government’s reserves and making adequate dollar credit lines available by RBI.

The analyst is optimistic that if the government takes the suggested steps, the Indian gems and jewellery industry will recover from this unprecedented crisis in the next six months.

“Indian Gems and Jewellery Market – Future Prospects to 2011” provides comprehensive information on gems and jewellery market in India, with focus on past and future market scenario. The report studies the past and present market trends to highlight the potential growth area in future. It also gives an overview of the organized and unorganized market for gems and jewellery in the country. The report also takes into account the weaknesses and strengths of existing players in the market to facilitate new players to devise their strategies accordingly to gain competitive advantage.

The research also includes forecast on various segments of the industry like gems & jewellery sales, share in world gold jewellery sales, organized gems & jewellery market and share of family jewellers in gems & jewellery industry.

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About RNCOS:

RNCOS, incorporated in the year 2002, is an industry research firm. We are a team of industry experts who analyze data collected from credible sources. We provide industry insights and analysis that helps corporations to take timely and accurate business decision in today's globally competitive environment.