The Indian Jewelry Market Comes of Age

Much has been said about India's rapid rise to dominance in the diamond industry, but it's probably best illustrated by some statistics recently offered by De Beers managing director Gary Ralfe. Ralfe told analysts that while 1 million people are employed in the Indian industry, there are fewer than 50,000 diamond workers in the entire rest of the world. This means that 95% of the world's workers in diamonds are employed in India. With statistics like that, most Indians concluded long ago that their country's market share in the diamond industry had reached a ceiling. So for the last few years, their focus has been on growth in complementary areas—particularly jewelry. Of course, this is old news. What is new is how India has matured as a jewelry manufacturer. The country has made remarkable strides in marketing itself and getting its products accepted by overseas retailers (assi

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