Diamond industry sees 15-20% growth

Indian cut and polished diamond manufacturing industry is expecting a growth of 15 to 20 per cent growth in 2005. The industry earns 90 per cent of its revenue through export of the finished products.

The $11 billion diamond industry has accounted for 85 per cent of the total global business last year. The global business is worth of almost $12.5 billion.

In the gem and jewellery segment, the country has earned an export revenue of $15.5 billion last year. The industry is expecting substantial growth in 2005.

According to Gem and Jewellery Export Promotion Council chairman Bakul R Mehta, 12 lakh people are working in diamond, gem and jewellery manufacturing industry.

The sector has witnessed a remarkable growth rate ranging from 15 to 20 per cent in the last 40 years. Interestingly, global growth is in the range of 6 to 8 per cent.

Bakul Mehta has predicted that in 7 to 10 years, many more diamond mines would be explored. Chattisgarh, Karnataka and Orissa have proven to be the future source for diamond exploration. Government agencies are already engaged in finding mineral deposits, he added.

"The Bharat Diamond Bourse (BDB), set up in 1984, as a service oriented non-profit making company is one of the main platforms of the diamond industry. It was accepted as the member of the World Federation of Diamond Bourses (WFDB) in 2000. BDB has helped the industry by providing infrastructure and other facilities," Vasant Mehta, vice-president of International Diamond Manufactures Association told Business Standard.

One of BDB's principal project was developing a massive complex, which would be materialised next year, said Vasant. "The complex is being constructed on a 20 acre plot in Mumbai and will have 2400 offices," he added.

India entered the global cut and polished diamond market when it commenced exports in the late 1960s.

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ADDDING SHEEN

The $11 billion diamond industry has accounted for 85 per cent of the total global business last year

Bharat Diamond Bourse (BDB),has helped the industry by providing infrastructure and other facilities

Many more diamond mines would be explored in Chattisgarh, Karnataka and Orissa in future