How Diamonds Have Paved their Way in India - Candere

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Consideredagirl’sbestfriend,diamondshave,forcenturies,beenthemost
soughtafterjeweltobeused.Theword‘diamond’hasbeenderivedfrom
ancientGreekfor“Ioverpower’whichistruetoitscharacter.Evenifyouare
dressedinthefinestofclothes,adiamondjewelonyourpersoncancatch
attentionfasterthananything.Apartfrombeingusedasgemstones,diamonds
arealsousedinvariousothertasksduetoitsdurabilityandotherproperties.
Overthepastfewdecades,thedemandfordiamondshasincreasedagreat
dealwithmoreandmorepeopleoptingfordiamondsasthekeystoneontheir
engagementandweddingrings.
Thevarioushuesandspectrumsofadiamondmakeitallthemoreappealing
andattractive,makingitoneofthemostdesiredgemstonesofall.While
diamondsarefoundinavarietyofcolorsandshades,itisalsooneoftheways
togradeadiamond.Ayellowtintorshadeinawhitediamondisboundto
lowerthevalueofthediamondwithcolorlessdiamondsbeingconsideredthe
mostprecious.WiththehelpofthefourCs,thatisthecolor,clarity,cut,and
carat,onecanknowthevalueofadiamond.
HavingbeenminedfirstinIndia,itisnosurprisethatdiamondshavebeena
partofIndianhistoryformorethanthreethousandyears.Duetotheprocess
requiredfortheformationofdiamonds,thereareveryfewplaceswhereone
canminediamondsfrom.TheKollurminesinAndhraPradeshandPannacity
inMadhyaPradesharetheonlyknowndiamondminesinIndiathroughwhich
Indiahasmanagedtobecomeoneofthelargestexportersofdiamondsinthe
world.
GrowthofGemsandJewelrySectorinIndia
Contributingtoabout67%oftheGrossDomesticProductofIndia,Indian
GemandJewelryIndustryisamajorfocusofexportfortheIndian
government,contributingtoUS$39.9billionwhereforeignexchangeearnings
areconcernedinthefinancialyearof201415.Theexportofcutandpolished
diamondsincreasednotablyinthepastyear.Indiahasalsoexporteddiamonds
toasignificantlylargerextentcomparedtopreviousyears,makingIndiaoneof
thelargestdiamondexportersintheworld.Indiais,therefore,wellonitsway
tomakingitsmarkintheworldinthegemandjewelrysectorwheretradingin
diamondsisconcerned.
VariousInvestmentsandDevelopmentsintheGemIndustry
Government'sAidinDevelopingtheGemandJewelrySector
Withthechangeinpeoples’preferences,wherestyleanddesignofthejewelry
isconcerned,manyjewelrystoreshaveopenedupthatcatertotheneedsof
thepeoplebycreatingdesignsthatareunique,modernandelegantatthe
sametime.Manyabroadbasedcompanieshaveinvestedhugeamountof
capitalinIndianjewelryfirmsandviceversa,leadingtoavastincreaseinthe
numberofinvestmentsinthissector.
ManybusinessmenandjewelryfirmsinIndiaandabroadhaveventuredto
bringaboutanexpansionindiamondtradingbyinvestinginsmallscale
domesticfirmsaswellformingtieswithinternationalfirmsthatspecializein
gemstonesmining.Certainbanks,too,havesteppedintojewelryandfinancing
withexpectationsofseeinganotableincreaseinthissector.
WithIndiabeingthetopglobaldiamondprocessor,theIndiangovernmentis
takinginitiativesfortaxbenefitsonimportandtradeofdiamondsinMumbai,
whichwillrivalthatofthehighestdiamondtradinghubsAntwerpandDubai.
TheGemandJewelrySkillCouncilofIndiawillalsobetrainingalargenumber
ofpeopleinthetradeofgemsbecauseoftheshortageofmanpowerinthis
sector.Withproficientandresourcefulmanpower,thegemandjewelry
industryisboundtobloomagreatdeal.
Manytraininginstitutesfordiamondcuttingandprocessingtooareexpectedto
besetupalongwithtieupswithexistingtraininginstitutesthatwillhelpraise
thediamondmarket.