Indian Jewelry » Jaipur Jewelry

Proverbially, two of a trade seldom agree; but for once, so many of them have unanimously predicted that precious future belongs to Jewellery - not the run of the mill common product but the special branded variety. I was in Dubai, popularly called the Gold Capital of the World when its third International Conference on the subject was convened in February 2005. Acknowledged experts and business notables converged on the Gold Capital to debate and decide the future of the gems and jewellery sector, the producer of fascinating, adorable jewels, yet which it seems is fighting a losing battle in the luxury goods segment.

While other luxuries such as perfumes and watches are claiming nearly a 10% slice of the cake, jewellery is lagging far behind. However, far sighted observers of the precious sector, could foresee the silver lining. Yes, jewellery, the latest branded variety can put in a far larger claim of sharing the luxury market, but not with the prevailing complacency. It has to be aggressively publicized and promoted to catch the fancy of the younger generation that is being enticed by so many other attractions that are being pushed across by vigorous advertising. Let me add here jewellery as a means of salting away surplus funds is losing interest even in traditional India; because so many other instruments for gainful investment are readily available now, that guarantee safety of invested money as well as reasonable liquidity.

But a newly unfolding trend that has become evident in recent times is jewellery for fashion. Latest trendy jewellery is being patronized by fashionable society and it is also being purchased repeatedly with changing fashions. In this scenario enters branded jewellery - produced mainly by the Diamond Trading Company (DTC) Sight holders who are the top most Suppliers of Choice, and strongly promoted by the De Beers. Since this branded jewellery contains beautiful diamonds and selected colored gemstones that transform it to dreamy jewels, polished gemstones, exported loose earlier, have started playing a second innings as studding in sparkling branded jewellery that is not only captivating to look at, but is guaranteed value wise as it comes from renowned jewellery houses and has the additional backing of a global giant like De Beers. Still, it was felt and stated by shrewd trade leaders at Dubai that branded jewellery needs much more promotional and publicity support to push it up in the luxuries segment. Acceptance of this realization resulted in a substantial offer of US$ 1 million by the Dubai Gold Group for a publicity pool to be got together with cooperation of the biggest operators of the precious world for vigorous promotion of jewellery sales.

Besides fast track progress in jewellery exports and inland sales, India is the top notcher in diamonds. Its latest tally of 60% by carat weight, 80% by volume and 90% in terms of polished pieces, it has virtually become the uncrowned diamond king. It is a meteoric leap from a very modest beginning some 40 years ago. It is no more a floor- squatting, hand wheel pulling cottage industry. Over the years of phenomenal prowess and progress, India has given a modern, scientific infrastructure to the gems and jewellery sectors with huge processing factories equipped with state-of-the-art laser technology, automatic machinery and computerization. Besides these essentials, world-class testing and certification Labs 'as well as latest training facilities have been provided for the huge workforce. Several Export Processing Zones have been established at various places for exclusive production for exports. Even the retail inland sales network is undergoing transformation from traditional jewellery shops to modern Malls providing a variety of selected goods and services under one roof. One more multi-pronged initiative taken by the Indian gems and jewellery sector is much needed promotional exercises. While dynamic Indian gems men are regularly attending international fairs and expos abroad, several inland exhibitions are also being organized that offer exposure to the latest Indian innovations and choicest goods being produced here. A number of promotional contests are also being held, in the country with the help of De Beers, World Gold Council and private organizations. Rio Tinto also helped India in getting a foot hold in USA through its Indo-Argyle Diamond Corporation.

Looking inwards a DTC study recorded that only 10 percent of Indian women preferred diamond-studded jewels as their preferred items of jewellery. A decade later this figure has grown to 43 per cent! No wonder Antwerp based observers have commented recently that "India now attracts diamond industry's attention as a growing diamond jewellery market."

With so much production of polished diamonds and a rapidly developing diamond jewellery industry, the world wide shortage of diamond rough is also being felt by India and prices are going up. Even the DTC has revised its rough prices upwards by 3% for Sight goods in 2005. To consider the vitally important matter of rough shortage and various other burning problems, the Gems & Jewellery Export Promotion Council (GJEPC) is organizing its second 'Mines to Markets' Global Diamond Conference at Mumbai in May, 2005.

Quite interestingly, there are independent observers who hold the view that if this dear old earth could cough up more diamonds and the mining, marketing giants channalize more roughs to India, this country is capable of producing more wonders, after its historic revolution of democratizing diamonds in the second half of the last century.

After this brief update on the latest developments, let us glance back for the sake of retrospection, which gives the correct perspective to all that India has been able to achieve in its historical first innings as well as the current, post-renaissance second work out.