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GEMS AND JEWELLERY SECTOR

HS CODE 71

BY

SAGAR GARG

MANSI CHUGH

MEHAK BATLA

ROMIL SINGHVISWAROOP

NIKHIL SURI

ABHISHEK GUPTA

ANSHU CHABRA



The Indian gems and jewellery sector is largely unorganised at present There are over

15000 players across the country in the gold processing industry

The industry is dominated by family jewellers who constitute nearly 96 percent of the

market Organised players such as Tata with its Tanishq brand have however been

growing steadily As India‟s jewellery market matures it is expected to get more

organised and the share of family jewellers is expected to decline The braded jewellery

sector is estimated to reach US$ 22 billion by 2010 on the back of quality

consciousness among target consumers

Statistics

bull Total No of Units in Gems And Jewellery - 11136

bull No of Units in Organized sector - 817

bull No of Units in Small Scale sector - 10319



SIZE bullLarge market for Gems amp Jewellery with domestic sales of over $22billionbull4 of the global Gems and Jewellery market

bullOne of India‟s leading foreign exchange earning sectors over the year has witnessed a considerable growth in the volume of exports from

export figures of US$ 2935849 million in the FY 2009-2010 to US$4313924 million in FY 2010-2011 thus indicating a net increaseof 4689 in the total Gem amp Jewellery exports The performance of this industry is critical as it contributes 1667 to India‟s totalmerchandise exports

bull

India is the largest consumer of gold jewellery in the worldbullAccounts for about 20 of world consumption

bullIndia is the largest diamond cutting and polishing center in the world

bull60 value share 85 volume share and 92 share of the worldmarket by number of pieces

bullThird largest consumer of polished diamonds after USA and Japan





STRUCTURE

bull The Indian Gems amp Jewellery industry is highly fragmented with a large number of

domestic private sector companiesbull A large portion of the market is in the unorganized sector

bull India is gaining prominence as an international sourcing destination for high quality

designer jewellery

bull Walmart JC Penney etc procure jewellery from India

Sourcing

Processing

Manufacturing

Selling

G amp J Industry comprisesof

SEZ ( SpecialEconomic Zones)

EPZ ( ExportProcessing Zones)

SEEPZ ( ElectronicExports Processing

Zone)

EXPORT comprises of

GOLD

DIAMOND

PLATINUM

COSTUMEJEWELLERY

Main Products



POLICY

bull100 FD is permitted in the Gems amp Jewellery sector through the

automatic routebullSEZs and Gems and Jewellery Parks have been set up to promoteinvestments in the sector

OPPORTUNITY

bullIndia is one of the largest exporters of gems and jewellery India is thediamond polishing capital of the world

OUTLOOKbullIndia is the fastest-growing jewellery market in the world

bullBranded jewellery likely to be the fastest-growing segment in domesticsales



POTENCIAL

bull India has several well recognized strengths which have made it a

significant force in the global Gems and Jewellery businessbull Highly skilled yet low-cost labor

bull Established manufacturing excellence in jewellery and diamondpolishing

bull India is the most technologically advanced diamond cutting center inthe world

bull Opportunity to address one of the world‟s largest and fastest-growingGems and Jewellery markets

bull Opportunity to leverage India‟s strengths to address the global market



bull The products in the sector can be categorized as gemstones

jewellery and pearls which can be further segmented intodiamonds colored stones (precious semi-precious and synthetic)

studded jewellery costume jewellery gold and silver

bull Diamond and gold being the two most important segments of the

Indian gems and jewellery sector



IMPORT OF RAW MATERIAL



VALUE CHAIN OF GEMS AND JEWELLEY



Key Brands in the Indian Jewellery SegmentGILI

bull Established by Gitanjali in 1984 after Gold Control Act by Govt

TANISHQ

bull Established in 1984bull A tata group Company

CARBON

bull Established in 1996 within the Peakok Foldbull In 1991 Bangalore based Peakok Jewellery was incorporated

OYZTERBAYbull Began in March 2001bull Seeks to build a National Brand and aspires to be the largest

branded company in the country

TRENDSMITH

bull By Tribhovandas Bhimji Zaveri

bull Concept store



ANDHRA PRADESH Mining major including De beers are exploring areas forminerals and diamond Alexandrite cat‟s eye and rubies are also found here

CHHATTISGARH De Beers has invested several million dollars in exploration thatsuggests a huge diamond reserve (the Indian Bureau of mines estimated a reserve of 1300400 carats

JAMMU amp KASHMIR JampK is known for blue Sapphires The state miningcorporation is currently exploring various stones in the padar area

KARNATAKA has been known a continuous supply of star rubies over the yearsDiamond prospecting is also carried out here



KERALA Mainly chrysoberyl as well as some fine qualities of cat‟s eyeand alexandrite

MADHYA PRADESH known for the panna diamond mines- the onlyactive diamond producing centers in India

ORISSA is known as the ldquoBrazil of Indiardquo and consist of majorgemstones and a diamond belt Everything from corundum rubiessapphires emeralds star and cat‟s eye are found here

RAJASTHAN best known for emeralds but there are other gemstonesconcentrated

TAMIL NADU sapphires corundum rubies cat‟s eye feldspar and brownsunstone with a cat‟s eye effect are found here

MANUFACTURING amp PROCESSING



MANUFACTURING amp PROCESSINGCENTRES

SURAT is an important diamond processing center which exports around 80of the production and has more than 3500 diamond processingunits

MUMBAI is the centre for machine-made jewellery The city is also India‟slargest wholesale market in terms of volume

HYDERABAD is the centre for precious and semi-precious studded jewelleryand pearls called Hyderabad rice pearls

NELLORE Nellore (Andhra Pradesh)is a source for handmade jewellery and

has been supplying to the Chennai market for quite a few decades Belgaumin Karnataka and Nellore together specialize in studded jewellery usingsynthetic stones

COIMBATORE specialize in casting jewellery



TRICHUR Trichur in Kerala is another source for lightweight gold

jewellery and Diamond cutting

KOLKATA is popular for its lightwight plain gold jewellery

This categories of jewellery finds a large market in Tamil Nadu

JAIPUR is a key centre for polishing precious and semiprecious

gemstones The city is particular famous for cutting and polishing of emeralds along with topaz and diamonds

DELHI is famous for manufacturing silver jewellery and articles







bull Exports from this sector constituted around 17 of the total exports from India during FY00 to FY09

bull

India has been one of the largest importers of gemstones rough diamonds and precious metals overthe years and most of these imports were used forvalue addition and exports

bull India is also one of the largest consumers of gold inthe world as it accounts for more than 20 of theworld gold consumption



Exporting trends in the gems and jewellery sector

The Gems amp Jewellery sector has experienced high growth over the years on the back

of a buoyant performance in its exports Total exports of Gems and Jewellery hasregistered an impressive growth from US$ 299 bn in FY91 to 2112 bn in FY09 which

translates into a CAGR of around 1147

However during FY01-FY02 the slowdown in the US which is the largest importer of Indias gems and jewellery and some other importer countries led to a demand

contraction and a subsequent decline in the export growth rate for the sector while

the decline was mainly in exports of cut and polished diamonds (CPD) gold jewellery

exports had remained resilient as it registered a positive growth

Net exports during FY01 and FY02 fell to US$ 78 bn and US$ 76 bn respectively ascompared with US$ 81 bn during FY00

The government took important policy initiatives including de-licensing of the import

of rough diamonds (with effect from April 1 2002) which was a long standing need to

give a boost to this sector This was reflected in the growth in the exports during FY03Exports during FY03 grew by 2136 as compared to a decline of around 3 during

the previous financial year

during FY06 and FY07 the sector witnessed a deceleration in the rate of growth (65

during FY06 and 27 during FY07) in net exports due to the dismal performance in

the cut and polished diamonds segment



Sluggish demand from the US continued during FY07 as well The exporters also faced

delay in payments especially from the US Moreover there was a decrease in the

diamond trading activities of bonded warehouses In FY08 the gems and jewellery sector showed resilience amid turbulent market

conditions The facility of duty-free treatment under the General Scheme of

Preferences (GSP) for precious metals (other than silver) and articles of jewellery

enjoyed by the Indian exporters was terminated by the US from July 1 2007 However during FY08 Indiarsquos exports of gold jewellery recorded a significant

moderation Due to the volatility in gold prices in FY08 and global economic downturn

a slowdown in demand for gold jewellery was witnessed worldwide Growth in the

exports of gold jewellery moderated to 667 during FY08 as compared with a high

growth rate of 3418 during FY07 During FY09 the global economic slowdown which manifested during the second half

of FY09 severely hindered the purchasing power of the jewellery customers bothexternal as well as domestic In spite of this the growth in the net exports during

FY09 remained in the positive territory mainly due to the robust performance duringthe first half of the year

Despite the slump in exports of CPD segment (the CPD segment witnessed a decline of

around 8 in exports in dollar terms) the sector was able to achieve a marginal

growth rate of 132 in dollar terms on account of gold jewellery export sales whichclocked a high growth rate of 2329 during FY09

The overseas demand erosion mainly from US led to postponement or cancellation of orders

resulting in inventory build up erosion of profit margins shutting down of manufacturing unitsand retrenchment in the sector However the March 09 export figures point out to the fact that

the pace at which the exports were declining has been arrested to some extent Exports during

March 2009 registered a decline of 1675 on a y-o-y basis while they were down by about3394 (y-o-y) during January 2009



MAJOR ITEMS EXPORTED

As one of the largest cutting and polishing centre of diamonds in the world the Indian CPD

segment has always held the largest share in the total exports of gems and jewellery Indiaprimarily focussed on exports in cut and polished diamonds owing to its traditional expertise indiamond cutting and polishing Growing by around an annual average growth rate of 9 this

segment held an average share of around 83 in the net exports of gems and jewellery during

FY92 to FY02 CPD exports grew from US$ 711 bn in FY03 to US$ 1302 bn in FY09 however

over the years the fall in the share of CPD exports has been increasingly replaced by the

growth in exports of gold jewellery



The share of gold jewellery in Indias net exports of gems and jewellery increased from merely

680 in 1990-91 to 1650 in FY03 and to 3247 in FY09 Exports of gold jewellery (as

shown in the graph below) also witnessed an increase from US$ 151 bn in FY03 to US$ 686bn in FY09 at a CAGR of 2869



Recognising the growing acceptance of Indian gold jewellery in the world market the

government had initiated several measures including a medium term strategy in FY06

The following measures were a part of this medium-term strategy

a Hallmarking and certification of gold to aid the development of Indian brands in the jewellery market

b Integration throughout the jewellery supply chain from mining of raw materials to

retailing of end products as well as joint venture manufacturing with the leading

suppliers of the world

c Developing market intelligence with a focus on key markets including NRIs

Measures such as gradual liberalisation of gold import in the country and opening of gold

trading in exchanges had also provided a boost to the gold segment

The sustained buoyancy in exports of gems and jewellery over the years reflects the effects of

continuing policy initiatives taken by the government over the years As raw mater ials for the

sector are largely imported the government has focussed on reducing the barriers to importraw materials Identified as a thrust sector which has prospects for export expansion and for

employment generation under the Foreign Trade Policy of 2004-09 special policy initiatives

had been announced to increase the competitiveness of the Gems and Jewellery sector



The share of exports of coloured gemstones in Indiarsquos net exports is very small Moreover

India is a net importer of pearls and synthetic stones In fact rough coloured gemstones

synthetic stones and raw pearls are largely imported for value addition and for preparation of final products which are then sold either in the domestic or international market India has a

rich resource of highly skilled and low cost labourers which is effectively utilised by the Indian

manufacturers in this sector for creation of highly value added goods

Even though platinum jewellery is highly sought-after in the international markets India does

not export the same because it lacks natural resources for platinum however platinum bars

are imported into India though in very low quantities as the demand for platinum jewellery is

restricted to high-end customers and is not very robust



Export from India for last five years ndash

Year Total Exports of Gems and Jewellery

( US $ Million)

Share to Total Exports

2010 - 2011 40058 1595

2009 - 2010 29203 1633

2008-2009 28466 1536

2007-2008 19824 1215

2006-2007 16091 1279



Export Trend ndash Graphical



PRODUCT WISE EXPORT

PEARLS 2010-11 2009-10 2008-09



NATURAL PEARLS 048 328 143

CULTURED PEARLS UNWORKED 020 009 165

CULTURED PEARLS WORKED 036 021 031

104 358 339

DIAMONDS

SORTED INDUSTRIAL DIAMONDS 229 1841 747

UNSORTED INDUSTRIAL DIAMONDS 009 362 016

NON-INDUSTRIAL DIAMONDS UNWORKED 0248 47427 63284

DIAMOND CUT (OTHR THN INDSTRL DIAMOND) 2509009 1752733 1519932

OTHERS 11083 1428 2366

2582888 1804220 1588375

PRECIOUS amp SEMI PRECIOUS STONES

EMERALSUNCUT 113 663 083

RUBY AND SAPPHIREUNCUT 103 018 003

OTHR PRCS STONE

(EGAQUAMARINE CHRISOBARYLE-TOPAZ ETC) UNCUT 872 298 082

FELSPAR (MOON STONE)UNCUT 001 000 009

GARNET UNCUT 003 002 000

AGATE UNCUT 034 018 019

GREEN AVENTURINEUNCUT 000 001 052

OTHER SEMI PRECIOUS STONE UNCUT 2031 692 652

OTHERWISE WRKD RUBIES SAPPHIRES amp EMERALS 8139 9481 10331

FELSPAR (MOON STONE) CUT 027 108 386

GARNET CUT 038 292 166

AGATE CUT 113 041 130

CHALOIDONY CUT 002 000 005

OTHER STONE CUT(TOPAZ AQUAMARINE ETC) 21138 19309 16325

32611 30924 28191

SILVER 2010-11 2009-10 2008-09



SILVER IN POWDER FORM 492 007 002

UNWROUGHT SILVER 013 005 206

STEEL PLATES amp PIPES OF SILVER 058 068 107

ALL OTHER SEMI MANUFACTURED FORM 1958 8820 1174

2520 8900 1488

IMITATION JEWELLERY

CUFF LINKS amp STUDS OF BASE METAL 063 112 154

BANGLES 3327 2366 1520

GERMAN SILVER JEWELLERY 022 007 055

OTHER 4390 4089 3366

JEWELLERY SET WITH IMITATION PEARLS 973 3105 2251

OTHER IMITATION JEWELLERY FOR PERSONAL USE 8496 8496 7987

17142 18175 15334

ARTCLES OF JEWELLERY

SILVER FILLIGREE WORK 2277 2486 2158

SILVER JEWELLERY SET WITH GEMS 36169 12734 11420

OTHR ARTCLS OF SILVER JWELLERY 7541 7452 5957

PARTS 642 1076 258

JEWELLERY OF GOLD UNSET 282696 227883 232177

JEWELLERY OF GOLD SET WITH PEARLS 9639 8654 47934

JEWELLERY OF GOLD SET WITH DIAMOND 340753 322978 325323

JEWELLERY OF GOLD SET WITH STONES 41159 37042 43065

JEWELLERY OF PLATINUM GROUP METALS UNSET 242 036 36035

892878 886361 800881

INDIArsquoS TOTAL EXPORT 25113589 17875143 18529536



DESTINATION WISE EXPORT



Indian handmade jewellery enjoys immense popularity among the Indian emigrant population

Over the years the US Hong Kong UAE Belgium Israel Japan Thailand UK and Singapore

have been the major export markets for the Indian gems and jewellery sector The US is thelargest importer of Indian gems and jewellery as it accounted for more than 29 of the total

exports during FY06 to FY07 However when the US economy was engulfed in recession its

share in Indiarsquos total gems and jewellery exports fell to 2610 in FY08 from 3147 in FY07

Also the 550 basic import duty imposed by US with effect from July 1 2007 on the jewelleryimported from India that ended the US-GSP benefit on Indian jewellery affected Indiarsquos export

to the US over the last 2 years exports to Hong Kong and UAE have grown rapidly Exports of gems

ewellery and precious stones to UAE have grown steeply during the last three years Indiarsquosex ort to UAE re istered a rowth of 3494 durin FY07 and 3063 in FY08



1 ITALY

bull

Its one is the largest producer of fine Jewellerybull 8200 factories which produce annually approx 64 billion USD

bull Its strength lies in PLAIN gold jewellery

2 HONG KONG

bull

Produces a substantial portion of the world jewellery marketbull China and Hong Kong are strong In both gold and studded jewellery

3 THAILAND

bull Major global supplier of quality jewellery over the last two decades

bull Thailand‟s strength is in gemstone jewellery

4 UNITED STATES

bull While a growing number of American manufacturers export their goods around theworld the sheer size of the domestic market keeps a large portion of the goods at home



The Government has extended the following facilities to this sector

Import of gold of 8 carat and above has been allowed under the replenishment scheme subject

to the import being accompanied by an Assay Certificate specifying the purity weight andalloy content

Duty-free import entitlement of consumables for metals other than gold and platinum at 2 per

cent of FOB value of exports during the previous financial year

Duty-free import entitlement of commercial samples fixed at US$ 686

Duty-free re-import entitlement for rejected jewellery fixed at 2 per cent of FOB value of

exports

Cutting and polishing of gems and jewellery to be treated as manufacturing for the purpose of

exemption under Section 10A of the Income Tax Act

Import of precious metal scrapused jewellery has been allowed for melting refining and re-

export of jewellery However such imports will not be allowed through hand baggage

Exporters of gems and jewellery have been allowed to export jewellery on consignment basis

and export cut and polished precious and semiprecious stones for treatment and re-import as

per rules

Value additions norms for different categories of gems and jewellery products have been

reduced from 7 to 3

GEM AND JEWELLERY EXPORT PROMOTION COUNCIL OF INDIA



J

Set-up in 1966 the GJEPC has over the years effectively moulded the scattered efforts of

individual exporters to make the gem and jewellery sector a powerful engine driving Indias

export-led growth This apex body of the gem amp jewellery industry has played a significant role

in the evolution of the Indian gem and jewellery industry to its present stature GJEPC iscontinuously working towards creating a pool of artisans and designers trained to international

standards so as to consolidate the Indian jewellery industry and establish it as a prominent global

player in the jewellery segment With strength of 6500 members spread all over the country

the Council is primarily involved in introducing the Indian gem amp jewellery products to the

international market and promotes their exports To achieve this the Council provides market

information to its members regarding foreign trade inquiries trade and tariff regulations rates of

import duties and information about jewellery fairs and exhibitions

ROLE OF GJEPC-

Trade Facilitator

Advisory Role

Nodal Agency for Kimberley Process Certification Scheme

Training and Research

Varied Interests

INITIATIVE BY GJEPC TO INCREASE THE EXPORT



The Gem and Jewellery Export Promotion Council (GJEPC) a representative body

of the trade have taken several steps to improve exports of gems and jewellery and

enhance competitiveness

A medium-term export strategy for various sectors including gems and jewellery

prepared by Ministry of Commerce and IndustryGJEPC and Government constantly exploring the possibility of direct procurement of

rough diamonds from mining countries

Promotion of the image of Indian diamonds and jewellery by GJEPC abroad through

advertisements publicity and participation in international fairs buyer-seller meets

and direct approach to market retailers

Market study by GJEPC through experts in the field to identify new markets

Deployment by GJEPC of Indian designers to various international trade fairs and

exhibitions to study the latest trend in designs

Promotion of export of hallmark jewellery from India to assure foreign customers of

ualit and urit of eweller made in India


OF GEM AND JEWELLERY IN INDIA



bull Provision of infrastructure facilities for training to enhance the quality design and

global competitiveness of Indian jewellery A training institute of international level -

Indian Institute of Gem and Jewellery-has been set up The Government plans toorganize buyer-seller meets abroad to showcase the quality and variety of Indian

products under the Market Development Assistance and Market Access Initiative

scheme of the Government



bull All India Gems amp Jewellery Trade Federation (GJF) is both a center of knowledge for

the Indian Gems amp Jewellery Industry and an advocate for professionalism

bull Keeping this in mind GJF has created a brand ldquoTRUST MARKrdquo based on high

standards

ldquoTRUST MARK - is an assurance to a customer of the commitment of the jeweller for

his quality amp best business practicesrdquo

Must be registered with BIS

Must sell only certified precious stone jewellery

Must be experienced amp reputed (Minimum 15 yrs)

The Bureau of Indian Standards



The Bureau of Indian Standards (BIS) the National Standards Body of India is a statutory body set up underthe Bureau of Indian Standards Act 1986 and is responsible for hallmarking gold jewellery in India

HALLMARKING QUALITY STANDARDS FOR GOLD JEWELLERY

CARATS PERCENTAGE24 Carat 100

22 Carat 9167

18 Carat 7500

STANDARDS FOR SILVER JEWELLERY

Fine Silver 999Jewellery 925 of silver and 75 of copper

STANDARDS FOR DIAMOND JEWELLERY

CLARITY

IF

VVS 1VVS

VS 1

VS 2

SI 1

SI 2

I 1

I 2I3



GEMS amp JEWELLERY UNDER FTP 2009-2014

The following measures have been announced for gem amp jewellery sector

a) To neutralize duty incidence on gold jewellery exports it has now been decided to allowDuty Drawback on such exports

b) Import of Diamonds on consignment basis for CertificationGrading amp re-export by theauthorized officesagencies of Gemological Institute of America (GIA) in India or otherapproved agencies will be permitted

c) To promote export of Gems amp Jewellery products the value limit of personal carriagehave been increased from US$ 2 million to US$ 5 million in case of participation inoverseas exhibitions The limit in case of personal carriage as samples for export promotiontours has also been increased from US$ 01 million to US$ 1 million

d) The number of days for re-import of unsold items in case of participation in an exhibitionin USA has been increased to 90 days

e) In an endeavour to make India a Diamond International Diamond Trading Hub it is planned to establish ldquoDiamond Boursesrdquo

f) With an objective to meet the Dollar Credit needs of exporters a Committee has been

constituted with Finance Secretary Commerce Secretary and Chairman IBA



A new scheme under paragraph 4A2 has been introduced in the Foreign Trade

Policy 2009-2014 (FTP) for import of diamonds for certification and grading and

re-export thereof

(i) This scheme is presently allowed to the authorized officesagencies in India of Gemological Institute of America (GIA) in India only

(ii) GIA shall furnish a general bond to the satisfaction of the AssttDy

Commissioner of Customs at the port of import undertaking to properly account

for the diamonds to follow the specified procedure and to re-export diamonds

within the prescribed period(iii) The import shall be allowed under bill of entry having the detailed description

of the diamonds including inter alia the dimensions weight colour caratage

specification approximate value etc of each piece of diamonds

(iv)The bill of entry should carry the endorsement ldquoonly for certification and

gradingrdquo(v) GIA while taking the diamonds in their unit shall allot a unique bdquocontrol

number‟ for identification purposes and maintain a separate account for such

diamonds

(vi)After the gradingcertification the diamonds shall be re-exported under a

shipping bill containing the detailed description as was mentioned at the time of

import



Duty Free Import Entitlement (based on FOB value of exports during previousfinancial year)of Consumables Tools and additional items allowed for

bullJewellery made out ofPrecious metals(Other than Gold amp Platinum) ndash 2Gold and Platinum ndash 1Rhodium finished Silver ndash 3

bullCut and Polished Diamonds ndash 1

Personal carriage of Gems amp Jewellery products in case of holding participatingin overseas exhibitions increased to US$ 5 million and to US$ 1 million in case of export promotion tours

In an Endeavour to make India a diamond international trading hub it is plannedto establish ldquoDiamond Bourse(s)rdquo

Th d B f i k b d di i h i il h



The word Bourse refers to a private stock bond or commodities exchange similar to the

NYSE Diamond Bourses are basically trading exchanges for loose cut and uncut

diamonds The largest diamond trading center in the world is located in Antwerp Belgium

but there are also Diamond Bourses in Israel Hong Kong London Moscow and Shanghai

Almost 85 of the worlds rough diamonds and about half of the polished diamonds are

sold in Antwerp every year and the city is the hub of the global diamond trading industry

Two of the oldest Diamond Bourse in Antwerp were the Diamond Club of Antwerpmdashand

the Beurs voor Diamanthande

Bharat Diamond Bourse (BDB) is world largest diamond bourse(exchange) based

in Mumbai Maharashtra India Spread over 20 acre plot the Complex is designed to

house around 2500 small and large Diamond Traders in addition to Custom House Banks

and other service providers who will cater to the Gem and Jewellery Trade

The facilities at BDB will include

bull offices of diamond traders

bull

four walk-in vaultsbull 24500 safe deposit boxes

bull a 6200-square-foot (580 m2) trading floor

bull strong rooms

bull lockers customs clearance facilities with all the modern facilities required to carry day

to day business





BLOOD DIAMONDS

There are a lot of organizations around the world that strive to stop the manufacturing

of blood diamonds They say that human life is far more important than a simple

jewel Blood diamonds or conflict diamonds (as some people call them) originate in

Africa where rebels force workers to mine them Since they donrsquot mine the diamonds

themselves but rather use the African population by forcing them to work in the minesthese diamonds got their reputation as blood diamonds

Because diamonds are so rare and in such high demand their prices are exorbitant The

money accumulated for these diamonds are used to sustain and fund the wars between

different countries from the same area



KIMBERLEY PROCESS (KP)

The Kimberley Process came into force when the South African diamond producing

nations met at Kimberley in South Africa in May 2000 The Kimberly Process was set upto discuss ways to stop the trade in bdquoconflict diamonds‟ and to ensure that diamond

purchases did not fund violence As of November 2008 the KP had 49 members

representing 75 countries The Kimberley Process Certification Scheme (KPCS) was

implemented in India on January 1 2003 to verify the legitimacy of the import export of

rough diamonds as per the UN resolution and to curb the entry of conflict diamonds into

the global trade flow The system of verification and issuance of KPC is administeredfrom the Mumbai and Surat offices of GJEPC In India‟s Foreign Trade Policy 2009-14

the following measures related to the Kimberley Process Certification Scheme (KPCS)

have been adopted

No import or export of rough diamonds shall be permitted unless accompanied by the KP

certificate as specified by the GJEPC

The export and import of rough diamonds to and from Venezuela has been prohibited by

the Indian government owing to the voluntary separation of Venezuela from the KPCS



bullUnorganized Sector

Around 90 of the players operate in the unorganized sector mostly in family-run operations Alsobeing largely unorganized the sector mainly uses labor-intensive and indigenous technology thataffects their growth prospects

bullThreat from China

China is the second-largest diamond processing centre in the world after India however it is slowlycatching up and is threatening to displace the Indian gems and jewellery sector from its dominantposition in the world

India also faces threat from China in terms of technology adoption which allows China to processdiamonds at a more competitive price

bullPredominance of the US market and Exchange RateCurrency Risk

The Indian gems and jewellery sector is pre-dominently dependent on the US markets which is its topexport destination The growth of gems and jewellery sector is heavily dependent on the growth of demand in the US market However the recent appreciation of the rupee vis-agrave-vis the US dollar and a

slowdown of the US economy have aggravated the concerns for the sector



bullDecreasing Diamond Reserves

The supply of rough diamonds is expected to fall in the near future as the diamond reserves are

decreasing There has been no major diamond reserve discovery since 2003 when reserves werelast discovered in the Diavik Diamond Mine in Canada The reduced supply will push up the

prices of rough diamonds which will further put pressure on margins

bullIssue of Conflict Diamonds

India is the largest importer of rough diamonds and a leading player in cutting and polishing of

the same therefore it runs the risk of dealing with conflict diamonds Conflict diamonds are

those that are mined illegally in African countries such as Angola Liberia Sierra Leone and the

Democratic Republic of Congo to fund illegal military wars In spite of the KP certification there

are issues related to fake KP certificate These fake certificates put diamond importing countries

at a risk of dealing in conflict diamonds

The issues that need to be addressed by the




Government of India immediately are as follows

bull Exclusion from the powers of the Authorized Officer the power to seize any bullion

precious or semiprecious stones or jewellery which is held as stock in- trade of the

business under the proposed Direct Tax Code (DTC)

bull Continuation of all measures announced under Fiscal Stimulus packages for the

Industry till end of 2011

bull Creation of a Diamond Gem amp Jewellery Dollar Fund to cater to the dollar credit

needs of the exporters from the sector

bull Credit limits sanctioned to the exporters by banks as on 31032009 may be

continued to exporters of good track record (except for those whose accounts have

been declared as NPA) till 31032011 without putting additional conditions

bull Government should help in sourcing of rough diamonds from countries like Africa

Russia Canada South America amp etc

bull Allowance of consignment import of rough diamonds for trading assortment auction

etc to make India an ldquoInternational Diamond Trading Hubrdquo



Entering New Markets

The US has been the major market for Indian gems and jewellery sector over the years Howeverwith the current global slowdown the dependence on the US market has affected the Indian gems

and jewellery sector tremendously The sector is exploring new locations to diversify business

and to minimize the risk Russia Middle East and China are few of the emerging destinations that

are witnessing an increase in jewellery demand The Indian gems and jewellery players can tap

these countries to diversify and increase their business

Cutting and Polishing of Large-Sized Diamonds

India is one of the leading diamond processing centers of the world India‟s vast low cost and

extremely skilled workforce provides it with a competitive edge over other countries However itis predominantly involved in cutting and polishing of small-sized diamonds which weigh less

than one carat Indias cut and polished diamond exports have a high global share in terms of

number of pieces however in terms of value the share is much lower By moving up the value

chain and processing larger stones India can further increase its value share in total exports Large

diamonds are less commonly found in nature therefore the price of a diamond rises

exponentially with its size

Value Addition



Value Addition

There exists a huge opportunity for Indian players to do value addition to the processed diamonds

and to export diamondstudded jewellery India is already a leader in processing small-sized

diamonds and it also has inherent capabilities of manufacturing hand-crafted jewellery

Jewellery Retail

The Indian retail sector is growing rapidly This provides an excellent opportunity for the Indian

players to manufacture and sell their jewellery through the retail channels that are fast catching up

in the Indian markets Further this move will also provide an organized structure to the largely

unorganized gems and jewellery sector and lead to further growth of the sector



Outlook

The outlook for the gem and jewellery sector is positive

On account of the global recovery the Indian gems and jewellery sector is also on a

recovery mode In December 2009 the exports from the sector grew by 4535 as

compared with the same period in 2008

According to GJEPC the players received good orders for Christmas in 2009

which indicates a gradual recovery for the sector The positive trend is expected tocontinue as major economies are showing signs of recovery which is resulting in

fresh orders for the sector

bullFurther the gems and jewellery sector is also expected to grow in the domestic

market going forward As the per capita consumption of jewellery is low in India

there exists an attractive opportunity to tap the domestic marketbullHigh interest rate being charged by the banks on export credit

bullScarcity of dollar credit for sourcing of rough diamonds

bullReduction in sanction on extension of credit limits to gem and jewellery exporters

bullBiased rating of gem ampjewellery firms by Credit rating agencies in India



Potential growth areas are in diamond studded jewellery amp silver jewellery Exports to

non traditional markets like China Russia and CIS will grow if they come up with trade

friendly norms 2009-10 will see around 5 growth from previous year‟s exports and the

same growth rate may continue in 2010-11

Sales in the Global Market expected to grow up to US$37 billion by2015

Diamond industry to grow over 95 between 2010 ndash 2015

GJEPC initiated IIJS Signature to promote India as the preferred sourcefor jewellery and eventually build brand lsquoIndia

All India Gems amp Jewellery Trade Federation (GJF) recently held thefirst of its kind leadership summit for the jewellery industry in aneffort to corporatize the ways of working and streamlining policies



GEMS AND JEWELLERY SECTOR

HS CODE 71

BY

SAGAR GARG

MANSI CHUGH

MEHAK BATLA

ROMIL SINGHVISWAROOP

NIKHIL SURI

ABHISHEK GUPTA

ANSHU CHABRA











Statistics









bull









STRUCTURE




designer jewellery


Sourcing

Processing

Manufacturing

Selling





Zone)

EXPORT comprises of

GOLD

DIAMOND

PLATINUM

COSTUMEJEWELLERY

Main Products



POLICY



OPPORTUNITY






POTENCIAL
























TANISHQ


CARBON




TRENDSMITH


bull Concept store








































bull
























































































( US $ Million)


2010 - 2011 40058 1595

2009 - 2010 29203 1633

2008-2009 28466 1536

2007-2008 19824 1215

2006-2007 16091 1279






PRODUCT WISE EXPORT

PEARLS 2010-11 2009-10 2008-09






104 358 339

DIAMONDS





OTHERS 11083 1428 2366

2582888 1804220 1588375




OTHR PRCS STONE










AGATE CUT 113 041 130



32611 30924 28191

SILVER 2010-11 2009-10 2008-09







2520 8900 1488

IMITATION JEWELLERY


BANGLES 3327 2366 1520


OTHER 4390 4089 3366



17142 18175 15334





PARTS 642 1076 258






892878 886361 800881

















1 ITALY

bull



2 HONG KONG

bull


3 THAILAND



4 UNITED STATES











exports







per rules


reduced from 7 to 3




J











ROLE OF GJEPC-

Trade Facilitator

Advisory Role



Varied Interests
































standards












22 Carat 9167

18 Carat 7500




CLARITY

IF

VVS 1VVS

VS 1

VS 2

SI 1

SI 2

I 1

I 2I3
















re-export thereof











diamonds



import

























bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook


































Statistics









bull









STRUCTURE




designer jewellery


Sourcing

Processing

Manufacturing

Selling





Zone)

EXPORT comprises of

GOLD

DIAMOND

PLATINUM

COSTUMEJEWELLERY

Main Products



POLICY



OPPORTUNITY






POTENCIAL
























TANISHQ


CARBON




TRENDSMITH


bull Concept store








































bull
























































































( US $ Million)


2010 - 2011 40058 1595

2009 - 2010 29203 1633

2008-2009 28466 1536

2007-2008 19824 1215

2006-2007 16091 1279






PRODUCT WISE EXPORT

PEARLS 2010-11 2009-10 2008-09






104 358 339

DIAMONDS





OTHERS 11083 1428 2366

2582888 1804220 1588375




OTHR PRCS STONE










AGATE CUT 113 041 130



32611 30924 28191

SILVER 2010-11 2009-10 2008-09







2520 8900 1488

IMITATION JEWELLERY


BANGLES 3327 2366 1520


OTHER 4390 4089 3366



17142 18175 15334





PARTS 642 1076 258






892878 886361 800881

















1 ITALY

bull



2 HONG KONG

bull


3 THAILAND



4 UNITED STATES











exports







per rules


reduced from 7 to 3




J











ROLE OF GJEPC-

Trade Facilitator

Advisory Role



Varied Interests
































standards












22 Carat 9167

18 Carat 7500




CLARITY

IF

VVS 1VVS

VS 1

VS 2

SI 1

SI 2

I 1

I 2I3
















re-export thereof











diamonds



import

























bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook





























bull









STRUCTURE




designer jewellery


Sourcing

Processing

Manufacturing

Selling





Zone)

EXPORT comprises of

GOLD

DIAMOND

PLATINUM

COSTUMEJEWELLERY

Main Products



POLICY



OPPORTUNITY






POTENCIAL
























TANISHQ


CARBON




TRENDSMITH


bull Concept store








































bull
























































































( US $ Million)


2010 - 2011 40058 1595

2009 - 2010 29203 1633

2008-2009 28466 1536

2007-2008 19824 1215

2006-2007 16091 1279






PRODUCT WISE EXPORT

PEARLS 2010-11 2009-10 2008-09






104 358 339

DIAMONDS





OTHERS 11083 1428 2366

2582888 1804220 1588375




OTHR PRCS STONE










AGATE CUT 113 041 130



32611 30924 28191

SILVER 2010-11 2009-10 2008-09







2520 8900 1488

IMITATION JEWELLERY


BANGLES 3327 2366 1520


OTHER 4390 4089 3366



17142 18175 15334





PARTS 642 1076 258






892878 886361 800881

















1 ITALY

bull



2 HONG KONG

bull


3 THAILAND



4 UNITED STATES











exports







per rules


reduced from 7 to 3




J











ROLE OF GJEPC-

Trade Facilitator

Advisory Role



Varied Interests
































standards












22 Carat 9167

18 Carat 7500




CLARITY

IF

VVS 1VVS

VS 1

VS 2

SI 1

SI 2

I 1

I 2I3
















re-export thereof











diamonds



import

























bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook




























STRUCTURE




designer jewellery


Sourcing

Processing

Manufacturing

Selling





Zone)

EXPORT comprises of

GOLD

DIAMOND

PLATINUM

COSTUMEJEWELLERY

Main Products



POLICY



OPPORTUNITY






POTENCIAL
























TANISHQ


CARBON




TRENDSMITH


bull Concept store








































bull
























































































( US $ Million)


2010 - 2011 40058 1595

2009 - 2010 29203 1633

2008-2009 28466 1536

2007-2008 19824 1215

2006-2007 16091 1279






PRODUCT WISE EXPORT

PEARLS 2010-11 2009-10 2008-09






104 358 339

DIAMONDS





OTHERS 11083 1428 2366

2582888 1804220 1588375




OTHR PRCS STONE










AGATE CUT 113 041 130



32611 30924 28191

SILVER 2010-11 2009-10 2008-09







2520 8900 1488

IMITATION JEWELLERY


BANGLES 3327 2366 1520


OTHER 4390 4089 3366



17142 18175 15334





PARTS 642 1076 258






892878 886361 800881

















1 ITALY

bull



2 HONG KONG

bull


3 THAILAND



4 UNITED STATES











exports







per rules


reduced from 7 to 3




J











ROLE OF GJEPC-

Trade Facilitator

Advisory Role



Varied Interests
































standards












22 Carat 9167

18 Carat 7500




CLARITY

IF

VVS 1VVS

VS 1

VS 2

SI 1

SI 2

I 1

I 2I3
















re-export thereof











diamonds



import

























bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook


























STRUCTURE




designer jewellery


Sourcing

Processing

Manufacturing

Selling





Zone)

EXPORT comprises of

GOLD

DIAMOND

PLATINUM

COSTUMEJEWELLERY

Main Products



POLICY



OPPORTUNITY






POTENCIAL
























TANISHQ


CARBON




TRENDSMITH


bull Concept store








































bull
























































































( US $ Million)


2010 - 2011 40058 1595

2009 - 2010 29203 1633

2008-2009 28466 1536

2007-2008 19824 1215

2006-2007 16091 1279






PRODUCT WISE EXPORT

PEARLS 2010-11 2009-10 2008-09






104 358 339

DIAMONDS





OTHERS 11083 1428 2366

2582888 1804220 1588375




OTHR PRCS STONE










AGATE CUT 113 041 130



32611 30924 28191

SILVER 2010-11 2009-10 2008-09







2520 8900 1488

IMITATION JEWELLERY


BANGLES 3327 2366 1520


OTHER 4390 4089 3366



17142 18175 15334





PARTS 642 1076 258






892878 886361 800881

















1 ITALY

bull



2 HONG KONG

bull


3 THAILAND



4 UNITED STATES











exports







per rules


reduced from 7 to 3




J











ROLE OF GJEPC-

Trade Facilitator

Advisory Role



Varied Interests
































standards












22 Carat 9167

18 Carat 7500




CLARITY

IF

VVS 1VVS

VS 1

VS 2

SI 1

SI 2

I 1

I 2I3
















re-export thereof











diamonds



import

























bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook


























POLICY



OPPORTUNITY






POTENCIAL
























TANISHQ


CARBON




TRENDSMITH


bull Concept store








































bull
























































































( US $ Million)


2010 - 2011 40058 1595

2009 - 2010 29203 1633

2008-2009 28466 1536

2007-2008 19824 1215

2006-2007 16091 1279






PRODUCT WISE EXPORT

PEARLS 2010-11 2009-10 2008-09






104 358 339

DIAMONDS





OTHERS 11083 1428 2366

2582888 1804220 1588375




OTHR PRCS STONE










AGATE CUT 113 041 130



32611 30924 28191

SILVER 2010-11 2009-10 2008-09







2520 8900 1488

IMITATION JEWELLERY


BANGLES 3327 2366 1520


OTHER 4390 4089 3366



17142 18175 15334





PARTS 642 1076 258






892878 886361 800881

















1 ITALY

bull



2 HONG KONG

bull


3 THAILAND



4 UNITED STATES











exports







per rules


reduced from 7 to 3




J











ROLE OF GJEPC-

Trade Facilitator

Advisory Role



Varied Interests
































standards












22 Carat 9167

18 Carat 7500




CLARITY

IF

VVS 1VVS

VS 1

VS 2

SI 1

SI 2

I 1

I 2I3
















re-export thereof











diamonds



import

























bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook


























POTENCIAL
























TANISHQ


CARBON




TRENDSMITH


bull Concept store








































bull
























































































( US $ Million)


2010 - 2011 40058 1595

2009 - 2010 29203 1633

2008-2009 28466 1536

2007-2008 19824 1215

2006-2007 16091 1279






PRODUCT WISE EXPORT

PEARLS 2010-11 2009-10 2008-09






104 358 339

DIAMONDS





OTHERS 11083 1428 2366

2582888 1804220 1588375




OTHR PRCS STONE










AGATE CUT 113 041 130



32611 30924 28191

SILVER 2010-11 2009-10 2008-09







2520 8900 1488

IMITATION JEWELLERY


BANGLES 3327 2366 1520


OTHER 4390 4089 3366



17142 18175 15334





PARTS 642 1076 258






892878 886361 800881

















1 ITALY

bull



2 HONG KONG

bull


3 THAILAND



4 UNITED STATES











exports







per rules


reduced from 7 to 3




J











ROLE OF GJEPC-

Trade Facilitator

Advisory Role



Varied Interests
































standards












22 Carat 9167

18 Carat 7500




CLARITY

IF

VVS 1VVS

VS 1

VS 2

SI 1

SI 2

I 1

I 2I3
















re-export thereof











diamonds



import

























bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook









































TANISHQ


CARBON




TRENDSMITH


bull Concept store








































bull
























































































( US $ Million)


2010 - 2011 40058 1595

2009 - 2010 29203 1633

2008-2009 28466 1536

2007-2008 19824 1215

2006-2007 16091 1279






PRODUCT WISE EXPORT

PEARLS 2010-11 2009-10 2008-09






104 358 339

DIAMONDS





OTHERS 11083 1428 2366

2582888 1804220 1588375




OTHR PRCS STONE










AGATE CUT 113 041 130



32611 30924 28191

SILVER 2010-11 2009-10 2008-09







2520 8900 1488

IMITATION JEWELLERY


BANGLES 3327 2366 1520


OTHER 4390 4089 3366



17142 18175 15334





PARTS 642 1076 258






892878 886361 800881

















1 ITALY

bull



2 HONG KONG

bull


3 THAILAND



4 UNITED STATES











exports







per rules


reduced from 7 to 3




J











ROLE OF GJEPC-

Trade Facilitator

Advisory Role



Varied Interests
































standards












22 Carat 9167

18 Carat 7500




CLARITY

IF

VVS 1VVS

VS 1

VS 2

SI 1

SI 2

I 1

I 2I3
















re-export thereof











diamonds



import

























bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook


































TANISHQ


CARBON




TRENDSMITH


bull Concept store








































bull
























































































( US $ Million)


2010 - 2011 40058 1595

2009 - 2010 29203 1633

2008-2009 28466 1536

2007-2008 19824 1215

2006-2007 16091 1279






PRODUCT WISE EXPORT

PEARLS 2010-11 2009-10 2008-09






104 358 339

DIAMONDS





OTHERS 11083 1428 2366

2582888 1804220 1588375




OTHR PRCS STONE










AGATE CUT 113 041 130



32611 30924 28191

SILVER 2010-11 2009-10 2008-09







2520 8900 1488

IMITATION JEWELLERY


BANGLES 3327 2366 1520


OTHER 4390 4089 3366



17142 18175 15334





PARTS 642 1076 258






892878 886361 800881

















1 ITALY

bull



2 HONG KONG

bull


3 THAILAND



4 UNITED STATES











exports







per rules


reduced from 7 to 3




J











ROLE OF GJEPC-

Trade Facilitator

Advisory Role



Varied Interests
































standards












22 Carat 9167

18 Carat 7500




CLARITY

IF

VVS 1VVS

VS 1

VS 2

SI 1

SI 2

I 1

I 2I3
















re-export thereof











diamonds



import

























bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook































TANISHQ


CARBON




TRENDSMITH


bull Concept store








































bull
























































































( US $ Million)


2010 - 2011 40058 1595

2009 - 2010 29203 1633

2008-2009 28466 1536

2007-2008 19824 1215

2006-2007 16091 1279






PRODUCT WISE EXPORT

PEARLS 2010-11 2009-10 2008-09






104 358 339

DIAMONDS





OTHERS 11083 1428 2366

2582888 1804220 1588375




OTHR PRCS STONE










AGATE CUT 113 041 130



32611 30924 28191

SILVER 2010-11 2009-10 2008-09







2520 8900 1488

IMITATION JEWELLERY


BANGLES 3327 2366 1520


OTHER 4390 4089 3366



17142 18175 15334





PARTS 642 1076 258






892878 886361 800881

















1 ITALY

bull



2 HONG KONG

bull


3 THAILAND



4 UNITED STATES











exports







per rules


reduced from 7 to 3




J











ROLE OF GJEPC-

Trade Facilitator

Advisory Role



Varied Interests
































standards












22 Carat 9167

18 Carat 7500




CLARITY

IF

VVS 1VVS

VS 1

VS 2

SI 1

SI 2

I 1

I 2I3
















re-export thereof











diamonds



import

























bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook




























TANISHQ


CARBON




TRENDSMITH


bull Concept store








































bull
























































































( US $ Million)


2010 - 2011 40058 1595

2009 - 2010 29203 1633

2008-2009 28466 1536

2007-2008 19824 1215

2006-2007 16091 1279






PRODUCT WISE EXPORT

PEARLS 2010-11 2009-10 2008-09






104 358 339

DIAMONDS





OTHERS 11083 1428 2366

2582888 1804220 1588375




OTHR PRCS STONE










AGATE CUT 113 041 130



32611 30924 28191

SILVER 2010-11 2009-10 2008-09







2520 8900 1488

IMITATION JEWELLERY


BANGLES 3327 2366 1520


OTHER 4390 4089 3366



17142 18175 15334





PARTS 642 1076 258






892878 886361 800881

















1 ITALY

bull



2 HONG KONG

bull


3 THAILAND



4 UNITED STATES











exports







per rules


reduced from 7 to 3




J











ROLE OF GJEPC-

Trade Facilitator

Advisory Role



Varied Interests
































standards












22 Carat 9167

18 Carat 7500




CLARITY

IF

VVS 1VVS

VS 1

VS 2

SI 1

SI 2

I 1

I 2I3
















re-export thereof











diamonds



import

























bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook































































bull
























































































( US $ Million)


2010 - 2011 40058 1595

2009 - 2010 29203 1633

2008-2009 28466 1536

2007-2008 19824 1215

2006-2007 16091 1279






PRODUCT WISE EXPORT

PEARLS 2010-11 2009-10 2008-09






104 358 339

DIAMONDS





OTHERS 11083 1428 2366

2582888 1804220 1588375




OTHR PRCS STONE










AGATE CUT 113 041 130



32611 30924 28191

SILVER 2010-11 2009-10 2008-09







2520 8900 1488

IMITATION JEWELLERY


BANGLES 3327 2366 1520


OTHER 4390 4089 3366



17142 18175 15334





PARTS 642 1076 258






892878 886361 800881

















1 ITALY

bull



2 HONG KONG

bull


3 THAILAND



4 UNITED STATES











exports







per rules


reduced from 7 to 3




J











ROLE OF GJEPC-

Trade Facilitator

Advisory Role



Varied Interests
































standards












22 Carat 9167

18 Carat 7500




CLARITY

IF

VVS 1VVS

VS 1

VS 2

SI 1

SI 2

I 1

I 2I3
















re-export thereof











diamonds



import

























bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook

























































bull
























































































( US $ Million)


2010 - 2011 40058 1595

2009 - 2010 29203 1633

2008-2009 28466 1536

2007-2008 19824 1215

2006-2007 16091 1279






PRODUCT WISE EXPORT

PEARLS 2010-11 2009-10 2008-09






104 358 339

DIAMONDS





OTHERS 11083 1428 2366

2582888 1804220 1588375




OTHR PRCS STONE










AGATE CUT 113 041 130



32611 30924 28191

SILVER 2010-11 2009-10 2008-09







2520 8900 1488

IMITATION JEWELLERY


BANGLES 3327 2366 1520


OTHER 4390 4089 3366



17142 18175 15334





PARTS 642 1076 258






892878 886361 800881

















1 ITALY

bull



2 HONG KONG

bull


3 THAILAND



4 UNITED STATES











exports







per rules


reduced from 7 to 3




J











ROLE OF GJEPC-

Trade Facilitator

Advisory Role



Varied Interests
































standards












22 Carat 9167

18 Carat 7500




CLARITY

IF

VVS 1VVS

VS 1

VS 2

SI 1

SI 2

I 1

I 2I3
















re-export thereof











diamonds



import

























bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook

















































bull
























































































( US $ Million)


2010 - 2011 40058 1595

2009 - 2010 29203 1633

2008-2009 28466 1536

2007-2008 19824 1215

2006-2007 16091 1279






PRODUCT WISE EXPORT

PEARLS 2010-11 2009-10 2008-09






104 358 339

DIAMONDS





OTHERS 11083 1428 2366

2582888 1804220 1588375




OTHR PRCS STONE










AGATE CUT 113 041 130



32611 30924 28191

SILVER 2010-11 2009-10 2008-09







2520 8900 1488

IMITATION JEWELLERY


BANGLES 3327 2366 1520


OTHER 4390 4089 3366



17142 18175 15334





PARTS 642 1076 258






892878 886361 800881

















1 ITALY

bull



2 HONG KONG

bull


3 THAILAND



4 UNITED STATES











exports







per rules


reduced from 7 to 3




J











ROLE OF GJEPC-

Trade Facilitator

Advisory Role



Varied Interests
































standards












22 Carat 9167

18 Carat 7500




CLARITY

IF

VVS 1VVS

VS 1

VS 2

SI 1

SI 2

I 1

I 2I3
















re-export thereof











diamonds



import

























bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook








































bull
























































































( US $ Million)


2010 - 2011 40058 1595

2009 - 2010 29203 1633

2008-2009 28466 1536

2007-2008 19824 1215

2006-2007 16091 1279






PRODUCT WISE EXPORT

PEARLS 2010-11 2009-10 2008-09






104 358 339

DIAMONDS





OTHERS 11083 1428 2366

2582888 1804220 1588375




OTHR PRCS STONE










AGATE CUT 113 041 130



32611 30924 28191

SILVER 2010-11 2009-10 2008-09







2520 8900 1488

IMITATION JEWELLERY


BANGLES 3327 2366 1520


OTHER 4390 4089 3366



17142 18175 15334





PARTS 642 1076 258






892878 886361 800881

















1 ITALY

bull



2 HONG KONG

bull


3 THAILAND



4 UNITED STATES











exports







per rules


reduced from 7 to 3




J











ROLE OF GJEPC-

Trade Facilitator

Advisory Role



Varied Interests
































standards












22 Carat 9167

18 Carat 7500




CLARITY

IF

VVS 1VVS

VS 1

VS 2

SI 1

SI 2

I 1

I 2I3
















re-export thereof











diamonds



import

























bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook































bull
























































































( US $ Million)


2010 - 2011 40058 1595

2009 - 2010 29203 1633

2008-2009 28466 1536

2007-2008 19824 1215

2006-2007 16091 1279






PRODUCT WISE EXPORT

PEARLS 2010-11 2009-10 2008-09






104 358 339

DIAMONDS





OTHERS 11083 1428 2366

2582888 1804220 1588375




OTHR PRCS STONE










AGATE CUT 113 041 130



32611 30924 28191

SILVER 2010-11 2009-10 2008-09







2520 8900 1488

IMITATION JEWELLERY


BANGLES 3327 2366 1520


OTHER 4390 4089 3366



17142 18175 15334





PARTS 642 1076 258






892878 886361 800881

















1 ITALY

bull



2 HONG KONG

bull


3 THAILAND



4 UNITED STATES











exports







per rules


reduced from 7 to 3




J











ROLE OF GJEPC-

Trade Facilitator

Advisory Role



Varied Interests
































standards












22 Carat 9167

18 Carat 7500




CLARITY

IF

VVS 1VVS

VS 1

VS 2

SI 1

SI 2

I 1

I 2I3
















re-export thereof











diamonds



import

























bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook





























bull
























































































( US $ Million)


2010 - 2011 40058 1595

2009 - 2010 29203 1633

2008-2009 28466 1536

2007-2008 19824 1215

2006-2007 16091 1279






PRODUCT WISE EXPORT

PEARLS 2010-11 2009-10 2008-09






104 358 339

DIAMONDS





OTHERS 11083 1428 2366

2582888 1804220 1588375




OTHR PRCS STONE










AGATE CUT 113 041 130



32611 30924 28191

SILVER 2010-11 2009-10 2008-09







2520 8900 1488

IMITATION JEWELLERY


BANGLES 3327 2366 1520


OTHER 4390 4089 3366



17142 18175 15334





PARTS 642 1076 258






892878 886361 800881

















1 ITALY

bull



2 HONG KONG

bull


3 THAILAND



4 UNITED STATES











exports







per rules


reduced from 7 to 3




J











ROLE OF GJEPC-

Trade Facilitator

Advisory Role



Varied Interests
































standards












22 Carat 9167

18 Carat 7500




CLARITY

IF

VVS 1VVS

VS 1

VS 2

SI 1

SI 2

I 1

I 2I3
















re-export thereof











diamonds



import

























bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook



























bull
























































































( US $ Million)


2010 - 2011 40058 1595

2009 - 2010 29203 1633

2008-2009 28466 1536

2007-2008 19824 1215

2006-2007 16091 1279






PRODUCT WISE EXPORT

PEARLS 2010-11 2009-10 2008-09






104 358 339

DIAMONDS





OTHERS 11083 1428 2366

2582888 1804220 1588375




OTHR PRCS STONE










AGATE CUT 113 041 130



32611 30924 28191

SILVER 2010-11 2009-10 2008-09







2520 8900 1488

IMITATION JEWELLERY


BANGLES 3327 2366 1520


OTHER 4390 4089 3366



17142 18175 15334





PARTS 642 1076 258






892878 886361 800881

















1 ITALY

bull



2 HONG KONG

bull


3 THAILAND



4 UNITED STATES











exports







per rules


reduced from 7 to 3




J











ROLE OF GJEPC-

Trade Facilitator

Advisory Role



Varied Interests
































standards












22 Carat 9167

18 Carat 7500




CLARITY

IF

VVS 1VVS

VS 1

VS 2

SI 1

SI 2

I 1

I 2I3
















re-export thereof











diamonds



import

























bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook













































































































( US $ Million)


2010 - 2011 40058 1595

2009 - 2010 29203 1633

2008-2009 28466 1536

2007-2008 19824 1215

2006-2007 16091 1279






PRODUCT WISE EXPORT

PEARLS 2010-11 2009-10 2008-09






104 358 339

DIAMONDS





OTHERS 11083 1428 2366

2582888 1804220 1588375




OTHR PRCS STONE










AGATE CUT 113 041 130



32611 30924 28191

SILVER 2010-11 2009-10 2008-09







2520 8900 1488

IMITATION JEWELLERY


BANGLES 3327 2366 1520


OTHER 4390 4089 3366



17142 18175 15334





PARTS 642 1076 258






892878 886361 800881

















1 ITALY

bull



2 HONG KONG

bull


3 THAILAND



4 UNITED STATES











exports







per rules


reduced from 7 to 3




J











ROLE OF GJEPC-

Trade Facilitator

Advisory Role



Varied Interests
































standards












22 Carat 9167

18 Carat 7500




CLARITY

IF

VVS 1VVS

VS 1

VS 2

SI 1

SI 2

I 1

I 2I3
















re-export thereof











diamonds



import

























bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook



























































































( US $ Million)


2010 - 2011 40058 1595

2009 - 2010 29203 1633

2008-2009 28466 1536

2007-2008 19824 1215

2006-2007 16091 1279






PRODUCT WISE EXPORT

PEARLS 2010-11 2009-10 2008-09






104 358 339

DIAMONDS





OTHERS 11083 1428 2366

2582888 1804220 1588375




OTHR PRCS STONE










AGATE CUT 113 041 130



32611 30924 28191

SILVER 2010-11 2009-10 2008-09







2520 8900 1488

IMITATION JEWELLERY


BANGLES 3327 2366 1520


OTHER 4390 4089 3366



17142 18175 15334





PARTS 642 1076 258






892878 886361 800881

















1 ITALY

bull



2 HONG KONG

bull


3 THAILAND



4 UNITED STATES











exports







per rules


reduced from 7 to 3




J











ROLE OF GJEPC-

Trade Facilitator

Advisory Role



Varied Interests
































standards












22 Carat 9167

18 Carat 7500




CLARITY

IF

VVS 1VVS

VS 1

VS 2

SI 1

SI 2

I 1

I 2I3
















re-export thereof











diamonds



import

























bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook






































































( US $ Million)


2010 - 2011 40058 1595

2009 - 2010 29203 1633

2008-2009 28466 1536

2007-2008 19824 1215

2006-2007 16091 1279






PRODUCT WISE EXPORT

PEARLS 2010-11 2009-10 2008-09






104 358 339

DIAMONDS





OTHERS 11083 1428 2366

2582888 1804220 1588375




OTHR PRCS STONE










AGATE CUT 113 041 130



32611 30924 28191

SILVER 2010-11 2009-10 2008-09







2520 8900 1488

IMITATION JEWELLERY


BANGLES 3327 2366 1520


OTHER 4390 4089 3366



17142 18175 15334





PARTS 642 1076 258






892878 886361 800881

















1 ITALY

bull



2 HONG KONG

bull


3 THAILAND



4 UNITED STATES











exports







per rules


reduced from 7 to 3




J











ROLE OF GJEPC-

Trade Facilitator

Advisory Role



Varied Interests
































standards












22 Carat 9167

18 Carat 7500




CLARITY

IF

VVS 1VVS

VS 1

VS 2

SI 1

SI 2

I 1

I 2I3
















re-export thereof











diamonds



import

























bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook





























































( US $ Million)


2010 - 2011 40058 1595

2009 - 2010 29203 1633

2008-2009 28466 1536

2007-2008 19824 1215

2006-2007 16091 1279






PRODUCT WISE EXPORT

PEARLS 2010-11 2009-10 2008-09






104 358 339

DIAMONDS





OTHERS 11083 1428 2366

2582888 1804220 1588375




OTHR PRCS STONE










AGATE CUT 113 041 130



32611 30924 28191

SILVER 2010-11 2009-10 2008-09







2520 8900 1488

IMITATION JEWELLERY


BANGLES 3327 2366 1520


OTHER 4390 4089 3366



17142 18175 15334





PARTS 642 1076 258






892878 886361 800881

















1 ITALY

bull



2 HONG KONG

bull


3 THAILAND



4 UNITED STATES











exports







per rules


reduced from 7 to 3




J











ROLE OF GJEPC-

Trade Facilitator

Advisory Role



Varied Interests
































standards












22 Carat 9167

18 Carat 7500




CLARITY

IF

VVS 1VVS

VS 1

VS 2

SI 1

SI 2

I 1

I 2I3
















re-export thereof











diamonds



import

























bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook
























































( US $ Million)


2010 - 2011 40058 1595

2009 - 2010 29203 1633

2008-2009 28466 1536

2007-2008 19824 1215

2006-2007 16091 1279






PRODUCT WISE EXPORT

PEARLS 2010-11 2009-10 2008-09






104 358 339

DIAMONDS





OTHERS 11083 1428 2366

2582888 1804220 1588375




OTHR PRCS STONE










AGATE CUT 113 041 130



32611 30924 28191

SILVER 2010-11 2009-10 2008-09







2520 8900 1488

IMITATION JEWELLERY


BANGLES 3327 2366 1520


OTHER 4390 4089 3366



17142 18175 15334





PARTS 642 1076 258






892878 886361 800881

















1 ITALY

bull



2 HONG KONG

bull


3 THAILAND



4 UNITED STATES











exports







per rules


reduced from 7 to 3




J











ROLE OF GJEPC-

Trade Facilitator

Advisory Role



Varied Interests
































standards












22 Carat 9167

18 Carat 7500




CLARITY

IF

VVS 1VVS

VS 1

VS 2

SI 1

SI 2

I 1

I 2I3
















re-export thereof











diamonds



import

























bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook







































( US $ Million)


2010 - 2011 40058 1595

2009 - 2010 29203 1633

2008-2009 28466 1536

2007-2008 19824 1215

2006-2007 16091 1279






PRODUCT WISE EXPORT

PEARLS 2010-11 2009-10 2008-09






104 358 339

DIAMONDS





OTHERS 11083 1428 2366

2582888 1804220 1588375




OTHR PRCS STONE










AGATE CUT 113 041 130



32611 30924 28191

SILVER 2010-11 2009-10 2008-09







2520 8900 1488

IMITATION JEWELLERY


BANGLES 3327 2366 1520


OTHER 4390 4089 3366



17142 18175 15334





PARTS 642 1076 258






892878 886361 800881

















1 ITALY

bull



2 HONG KONG

bull


3 THAILAND



4 UNITED STATES











exports







per rules


reduced from 7 to 3




J











ROLE OF GJEPC-

Trade Facilitator

Advisory Role



Varied Interests
































standards












22 Carat 9167

18 Carat 7500




CLARITY

IF

VVS 1VVS

VS 1

VS 2

SI 1

SI 2

I 1

I 2I3
















re-export thereof











diamonds



import

























bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook




























( US $ Million)


2010 - 2011 40058 1595

2009 - 2010 29203 1633

2008-2009 28466 1536

2007-2008 19824 1215

2006-2007 16091 1279






PRODUCT WISE EXPORT

PEARLS 2010-11 2009-10 2008-09






104 358 339

DIAMONDS





OTHERS 11083 1428 2366

2582888 1804220 1588375




OTHR PRCS STONE










AGATE CUT 113 041 130



32611 30924 28191

SILVER 2010-11 2009-10 2008-09







2520 8900 1488

IMITATION JEWELLERY


BANGLES 3327 2366 1520


OTHER 4390 4089 3366



17142 18175 15334





PARTS 642 1076 258






892878 886361 800881

















1 ITALY

bull



2 HONG KONG

bull


3 THAILAND



4 UNITED STATES











exports







per rules


reduced from 7 to 3




J











ROLE OF GJEPC-

Trade Facilitator

Advisory Role



Varied Interests
































standards












22 Carat 9167

18 Carat 7500




CLARITY

IF

VVS 1VVS

VS 1

VS 2

SI 1

SI 2

I 1

I 2I3
















re-export thereof











diamonds



import

























bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook





























PRODUCT WISE EXPORT

PEARLS 2010-11 2009-10 2008-09






104 358 339

DIAMONDS





OTHERS 11083 1428 2366

2582888 1804220 1588375




OTHR PRCS STONE










AGATE CUT 113 041 130



32611 30924 28191

SILVER 2010-11 2009-10 2008-09







2520 8900 1488

IMITATION JEWELLERY


BANGLES 3327 2366 1520


OTHER 4390 4089 3366



17142 18175 15334





PARTS 642 1076 258






892878 886361 800881

















1 ITALY

bull



2 HONG KONG

bull


3 THAILAND



4 UNITED STATES











exports







per rules


reduced from 7 to 3




J











ROLE OF GJEPC-

Trade Facilitator

Advisory Role



Varied Interests
































standards












22 Carat 9167

18 Carat 7500




CLARITY

IF

VVS 1VVS

VS 1

VS 2

SI 1

SI 2

I 1

I 2I3
















re-export thereof











diamonds



import

























bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook


























PRODUCT WISE EXPORT

PEARLS 2010-11 2009-10 2008-09






104 358 339

DIAMONDS





OTHERS 11083 1428 2366

2582888 1804220 1588375




OTHR PRCS STONE










AGATE CUT 113 041 130



32611 30924 28191

SILVER 2010-11 2009-10 2008-09







2520 8900 1488

IMITATION JEWELLERY


BANGLES 3327 2366 1520


OTHER 4390 4089 3366



17142 18175 15334





PARTS 642 1076 258






892878 886361 800881

















1 ITALY

bull



2 HONG KONG

bull


3 THAILAND



4 UNITED STATES











exports







per rules


reduced from 7 to 3




J











ROLE OF GJEPC-

Trade Facilitator

Advisory Role



Varied Interests
































standards












22 Carat 9167

18 Carat 7500




CLARITY

IF

VVS 1VVS

VS 1

VS 2

SI 1

SI 2

I 1

I 2I3
















re-export thereof











diamonds



import

























bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook





























104 358 339

DIAMONDS





OTHERS 11083 1428 2366

2582888 1804220 1588375




OTHR PRCS STONE










AGATE CUT 113 041 130



32611 30924 28191

SILVER 2010-11 2009-10 2008-09







2520 8900 1488

IMITATION JEWELLERY


BANGLES 3327 2366 1520


OTHER 4390 4089 3366



17142 18175 15334





PARTS 642 1076 258






892878 886361 800881

















1 ITALY

bull



2 HONG KONG

bull


3 THAILAND



4 UNITED STATES











exports







per rules


reduced from 7 to 3




J











ROLE OF GJEPC-

Trade Facilitator

Advisory Role



Varied Interests
































standards












22 Carat 9167

18 Carat 7500




CLARITY

IF

VVS 1VVS

VS 1

VS 2

SI 1

SI 2

I 1

I 2I3
















re-export thereof











diamonds



import

























bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook






























2520 8900 1488

IMITATION JEWELLERY


BANGLES 3327 2366 1520


OTHER 4390 4089 3366



17142 18175 15334





PARTS 642 1076 258






892878 886361 800881

















1 ITALY

bull



2 HONG KONG

bull


3 THAILAND



4 UNITED STATES











exports







per rules


reduced from 7 to 3




J











ROLE OF GJEPC-

Trade Facilitator

Advisory Role



Varied Interests
































standards












22 Carat 9167

18 Carat 7500




CLARITY

IF

VVS 1VVS

VS 1

VS 2

SI 1

SI 2

I 1

I 2I3
















re-export thereof











diamonds



import

























bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook







































1 ITALY

bull



2 HONG KONG

bull


3 THAILAND



4 UNITED STATES











exports







per rules


reduced from 7 to 3




J











ROLE OF GJEPC-

Trade Facilitator

Advisory Role



Varied Interests
































standards












22 Carat 9167

18 Carat 7500




CLARITY

IF

VVS 1VVS

VS 1

VS 2

SI 1

SI 2

I 1

I 2I3
















re-export thereof











diamonds



import

























bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook




































1 ITALY

bull



2 HONG KONG

bull


3 THAILAND



4 UNITED STATES











exports







per rules


reduced from 7 to 3




J











ROLE OF GJEPC-

Trade Facilitator

Advisory Role



Varied Interests
































standards












22 Carat 9167

18 Carat 7500




CLARITY

IF

VVS 1VVS

VS 1

VS 2

SI 1

SI 2

I 1

I 2I3
















re-export thereof











diamonds



import

























bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook


























1 ITALY

bull



2 HONG KONG

bull


3 THAILAND



4 UNITED STATES











exports







per rules


reduced from 7 to 3




J











ROLE OF GJEPC-

Trade Facilitator

Advisory Role



Varied Interests
































standards












22 Carat 9167

18 Carat 7500




CLARITY

IF

VVS 1VVS

VS 1

VS 2

SI 1

SI 2

I 1

I 2I3
















re-export thereof











diamonds



import

























bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook

































exports







per rules


reduced from 7 to 3




J











ROLE OF GJEPC-

Trade Facilitator

Advisory Role



Varied Interests
































standards












22 Carat 9167

18 Carat 7500




CLARITY

IF

VVS 1VVS

VS 1

VS 2

SI 1

SI 2

I 1

I 2I3
















re-export thereof











diamonds



import

























bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook


























J











ROLE OF GJEPC-

Trade Facilitator

Advisory Role



Varied Interests
































standards












22 Carat 9167

18 Carat 7500




CLARITY

IF

VVS 1VVS

VS 1

VS 2

SI 1

SI 2

I 1

I 2I3
















re-export thereof











diamonds



import

























bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook






















































standards












22 Carat 9167

18 Carat 7500




CLARITY

IF

VVS 1VVS

VS 1

VS 2

SI 1

SI 2

I 1

I 2I3
















re-export thereof











diamonds



import

























bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook




































standards












22 Carat 9167

18 Carat 7500




CLARITY

IF

VVS 1VVS

VS 1

VS 2

SI 1

SI 2

I 1

I 2I3
















re-export thereof











diamonds



import

























bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook





























standards












22 Carat 9167

18 Carat 7500




CLARITY

IF

VVS 1VVS

VS 1

VS 2

SI 1

SI 2

I 1

I 2I3
















re-export thereof











diamonds



import

























bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook





























22 Carat 9167

18 Carat 7500




CLARITY

IF

VVS 1VVS

VS 1

VS 2

SI 1

SI 2

I 1

I 2I3
















re-export thereof











diamonds



import

























bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook







































re-export thereof











diamonds



import

























bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook




























re-export thereof











diamonds



import

























bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook
















































bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook








































bull



bull strong rooms


to day business





BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook




























BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook


























BLOOD DIAMONDS




















have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook



































have been adopted































































Value Addition



Value Addition




Jewellery Retail







Outlook


















































































Value Addition



Value Addition




Jewellery Retail







Outlook








































































Value Addition



Value Addition




Jewellery Retail







Outlook


























































Value Addition



Value Addition




Jewellery Retail







Outlook








































Value Addition



Value Addition




Jewellery Retail







Outlook


























Value Addition




Jewellery Retail







Outlook


























Outlook


































Documents

gems n j final