The US$ 27 billion Indian gems and jewellery industry is the fastest growing jewellery market in the world. Recognised as the diamond polishing capital of the world, the country is gaining prominence as an international sourcing destination for high quality designer jewellery with global retail majors such as Wal-Mart and JC Penney procuring jewellery from India. The presence of highly skilled, low-cost labour enables India to design and make high volumes of exquisite jewellery at relatively low cost. The domestic jewellery market is pegged at US$ 16 billion, which includes gold, diamond, platinum and others. The gems and jewellery industry in India is highly fragmented with a large number of domestic private sector players. The country has around 450000 goldsmiths, 100000 gold jewellers, 6000 diamond processors and 8000 diamond jewellers. However, with consumer consciousness increasing, the future of organised retail in India is very bright. The organised sector of the gems and jewellery industry in India is estimated to grow at 40 per cent per annum to US$ 2.2 billion by 2010. The increasingly savvy Indian consumer is becoming partial to branded jewellery which is associated with better services, premium quality products and attractive exchange policy. The growing popularity of machine-made jewellery over traditional handcrafted jewellery is also spurring the growth of the organised retail segment. The number of gold retailers in the country has increased by 40 per cent

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