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recorded 115% growth in 2007 (over 2006), followed by Canada (28%) and Angola (5.7%). Silver, Gemstones and Platinum Major producers of silver in the world in the year 2008 include Peru (19%), Mexico (15.8%), China (13.7%), Chile (10.5%), and Australia (9.5%). There has been an increase in the production compared to the previous year in almost all the major countries, except USA and Australia, which witnessed a decline of () 11.1% and () 4.3%, respectively. In the case of gemstones (other than diamond), major producers of the world include: Botswana (26.5%), Russia (24.7%), Canada (19.1%), Angola (10.6%) and South Africa (6.5%). Though most of the countries havent shown an increase in its production in 2008, over 2007, some countries such as Sierra Leone (66.7%), Guinea (35%), Central African Republic (27%), and Angola (14.9%) have shown tremendous increase in production in the year 2008, over the previous year. Brazil (-33.3%) and Australia (-0.4%) were the few major countries, which showed a decline in production, over the previous year. The largest producer of platinum in the world was South Africa, holding a share of 76.6% of the total world production, followed by Russia (12.5%), Canada (3.6%), Zimbabwe (2.8%) and USA (1.9%). However, major producers such as South Africa (7.8%), Russia ( 7.4%) and USA ( 4.1%) have shown a decline in their production in 2008, over the previous year.
diamonds processed in India account for 85% in volume, 92% in pieces and 60% in value of the total world diamond market. The gems and jewelry sector in India is highly export-oriented, labourintensive and a major contributor to the foreign exchange earnings; therefore, the Indian government has declared the sector as a thrust area for export promotion. Traditionally, India has been the world's largest consumer and importer of gold. Gold dominates the Indian jewelry market and formulates almost 80 per cent of the market share, which is followed by fabricated studded jewelry including diamond and gemstone studded jewelry. Further, India has emerged as the largest cutting and polishing industry for diamonds in the world. In fact, the two major segments of the gems and jewelry business in India are gold and diamond jewelry. India and China are driving global demand for platinum jewelry, according to Dr Jonathan Butler, an expert on the precious white metal. Kolkata, the cultural capital of the east, witnessed its first-ever Gem & Jewelry Regional Leadership Summit at ITC Sonar Bangla. The event was jointly hosted by Gemological Institute of America (GIA) and the All India Gem & Jewelry Federation (GJF).
Industry Structure
Indian gems and jewelry sector is expected to grow at a compound annual growth rate (CAGR) of around 13 per cent during 2011-2013, as per a RNCOS report titled 'Indian Gems and Jewelry Market Forecast to 2013'. Shipments of gems and jewelry constitute 14 per cent of India's total exports, and employ 3.4 million workers, with the Middle East taking most of the market. Gold India's culture and mythology embrace gold. India's traditions of unparalleled craftsmanship and skill are exemplified by its gold jewelry manufacturing, with the majority of pieces still made meticulously by hand. Gold with its intrinsic luster and ease of fabrication has always been the jewellers' favourite metal. Gold jewelry forms the backbone of the precious jewelry industry. Kerala-based Malabar Gold and Diamonds, the flagship division of the Malabar Group of Companies, plans to invest Rs 1,000 crore (US$ 18.77 million) to expand its retail network to 120 outlets from the current 80 in India and abroad by December 2013. Diamonds Diamonds have always enjoyed a special place among precious gemstones. India has the distinction of being one of the first countries to introduce diamonds to the world. Earlier, diamond jewelry was limited to a very small elite segment of the population but now it has found way in various segments of consumers. Besides, India has emerged as one of the world's leading diamond cutting and polishing centers. eForevermark, the diamond brand from the De Beers Group of companies has partnered with Kundan Jewellers - one of the renowned jewelry house in Mumbai, known for its traditional haute couture as
their retail partner Nakshatra has unveiled Gitanjalishop.com, the latest innovative step taken by Gitanjali Group, the world's largest branded jewelry manufacturer-retailer. The new premium portal brings all brands of the Group onto a single platform Colored Gemstones The colored gemstones segment includes remaining forms of jewelry which includes precious gemstones like emeralds, sapphires, rubies and tanzanite; and semi-precious gemstones like silver, pearls, etc. Traditional Indian gemologists identified around 84 precious and semiprecious stones, amongst them nine stones form the 'Navratnas or the nine gems'. Gitanjali Group, the world's largest integrated branded jewelry retailer-manufacturer, has acquired two well known Indian jewelry brands, Nirvana and Viola through its subsidiary 'Spectrum Jewelry Ltd, adding to the vast spectrum of branded jewelry it offers to the Indian consumer.
reduced and all industrial undertakings in the gems and jewelry sector were exempted from obtaining industrial license for manufacture.