Quality certification of the Indian diamond and diamond studded jewellery sector will become easier after the International Gemological Institute (IGI) commissions its second laboratory at SEEPZ in Mumbai riding on the back of the success of its existing laboratory in the city. | |
| Roland Lorie, chief executive officer, IGI Worldwide, said, "India is now evolving as world class supplier of finished diamonds and diamond studded jewellery, making it an emerging destination for outsourcing by developed markets." |
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| "Certification is like giving trustworthiness to the piece of jewellery," Lorie said. |
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| World class manufacturing practices required certification of diamonds by internationally reputed laboratories. |
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| IGI was planning to tap this opportunity and in the near future, set up more laboratories at other locations in the country. There was a shortage of skilled man-power in the segment. |
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| "Testing and grading diamonds requires accuracy, skill and integrity of the man power. It is a long drawn process to actually have a skilled and trustworthy personnel," Lorie explained. |
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| "Just one notch higher or lower grading of diamonds can cause loss or benefit of millions of dollars to the diamond vendor. This is the reason why man-power with exceptionally high integrity is required," he said. |
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| IGI India currently certified brands like Nakhstra, Gayatri Devi Collection, Arisia, Sveni, Adora, Asmi and Gliterati. |
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| Each certificate had details on the diamond studded piece including shape, size, colour, weight, carat weight, minimum levels of colour and clarity. |
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| Retail chains in the US were increasingly outsourcing the jewellery needs from India. Independent certification of quality was what consumers wanted when they went to a shop to buy jewellery. |
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| In next five years, all the diamonds sold in the market were expected to be under some form of certification. |
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| Consumers were switching to branded and certified jewellery. In the past, jewellery was more often than not bought from the family jeweller. |
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| India posted a 26 per cent increase in Gem & Jewellery exports for the period January "� December 2003 with total exports touching US $ 10, 646.00 million (provisional) as compared to US $ 8707.61 million for the same period last year. The industry expected exports to touch $16 billion by 2007. |
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