DESIGNS FOR A COMEBACK

GEMS AND JEWELLERY EXPORTERS WILL LOOK AT ALTERNATIVE OPTIONS LIKE VALUE-ADDED PRODUCTS, LOCAL SALES AND NEW EMERGING MARKETS

- P.B. JAYAKUMAR

Mining as well as stores closed, expos cancelled and transportation stopped. The gems and jewellery sector in India is facing a bleak future. We lost 50 per cent of our business even before the full lockdown was announced, says Colin Shah, Vice Chairman, Gems and Jewellery Export Promotion Council (GJEPC).

A lot will depend of what the global behemoth - Diamond Producers Association - does. It is an alliance of the seven largest diamond companies, which control over 75 per cent of the world's diamond production, and prices.

India accounts for only 7 per cent of global diamond consumption, so its influence is minimal. Indian businesses are, however, looking at the option of competing with value-added products like coloured gemstones, which have better margins.