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Wednesday, February 29, 2012

India’s Diamond Growth to Slow Due to Lack of Rough

Photo credit: De Beers Group

Exports of gems and jewelry from India are expected to rise 5 to 7 percent in 2012/13, a slower pace than the prior year than the estimated 9 percent growth in 2011/12 that ends in March, as sourcing of rough diamonds and color stones is the "biggest constraint," Rajiv Jain, chairman of Gems and Jewellery Export Promotion Council, reportedly said.

Jain expects gems and jewelry exports from India to rise to $47 billion in the 2012 fiscal year, Reuters reports.

India, the largest diamond manufacturing center in the world, does not mine diamonds of its own. It depends on raw materials from Botswana, Zambia and South Africa among others for supply.

"Every mining country wants to process diamonds and color stones in their home country and increase employment there," Jain reportedly said.

Gems and jewelry amounts to 17 percent of India's total exports, and employs 1.5 million workers.

Jain reportedly said the council was focusing on Latin American countries and Commonwealth of Independent States, along with China, to promote jewelry from India, but will take time for substantial increase in the market share, Reuters reports.

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