Ketan Tanna (Times News Network) writes:
The news is sure to add to the gloom in the Indian gems and jewellery industry hit by a downturn. While global jewellery sales are expected to grow 4.6% year-on-year to touch $230 billion in 2015, India's share of the diamond processing industry in value terms is predicted to drop 8% to 57% by 2015.
China, on the other hand, will emerge as a strong player with 21.3% of the diamond processing share. The good news is that cutting and polishing centres would be primary beneficiaries of the fall in rough prices and value addition will increase from 29.3% in 2005 to 34.1% in 2015.
These are a part of a KPMG report released by Gems and Jewellery Export Promotion Council (GJEPC). According to the report, by 2015, around 9% of the world's diamonds, in volume terms, will be processed locally by mining countries, with Angola, Namibia, and Botswana emerging as profitable cutting, polishing and distribution centres in Africa. Equally, India and China together will emerge as a market equivalent to US by 2015.
The US is currently the world's largest market for jewellery and accounted for an estimated 31% of world jewellery sales in 2005. However, India and China are the emerging centres of jewellery consumption and have steadily increased their share of the pie to 8.3% and 8.9% respectively. The report predicts that both India and China will be the new centres for fabrication of studded jewellery as the US's share will decline.
More info @
http://timesofindia.indiatimes.com/China_may_rival_India_in_gems__jewellery/articleshow/779772.cms
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