Indian diamond industry works by importing rough diamonds from international mining agencies, such as Rio Tinto, De Beers, Dominion Diamond Corp, etc., and exporting after cutting and polishing them into finished jewelry. Around 85% of diamonds that are sold globally are polished in India. With the establishment of Special Notified Zone (SNZ) at Bharat Diamond Bourse, diamond traders in India are looking forward to profitable exposure to international miners.
Increasing growth and demand of gems and jewelry industry
Gems and jewelry sector in India is a consistent earner of foreign exchange for the country. There are a number of jewelry wholesalers in India, who not only meet the demand of domestic buyers but export their products in the global arena. In recent times, fashion jewelry made from semi-precious stones, wood, sea shell; bones etc. have also created a demand not just in the domestic, but also in the international arena.
Diamond trading on its verge of expansion
Digitalization has led retailers and traders in the diamond industry come together on the online platform. Online exposure helps in maximizing their visibility and enhances the chance of getting business leads from clients spread in all corners. It also helps in generating business leads from prospective clients placed distant geographically.
Rise of online platforms
With online platforms offering a chance to bring manufacturers, retailers, traders and jewellery wholesalers in India on a single stage, better business solutions and global partnerships are easy to formalize. Digital visibility has led to increased business prospects with overseas clients, which indirectly contributes to the country’s economy.
Although still in its nascent stage, online transaction in the jewelry sector is expected to grow with the proliferation of credit cards among the Indian population.
Enriched with skilled craftsmen, India has occupied a niche position in the global market for gems and jewelry. With the application of modern tools and techniques, it has also been possible to create unique designs, without forfeiting the traditional touch. Technological advancements have created brighter opportunities for young designers and entrepreneurs to experiment with designs and meet the global demand.