Industry & Economy
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Gems & Jewellery
Sparkle seen continuing in diamond sector
Our Bureau
Mumbai
,
Aug. 30
"The current financial year ending March 2005 will be another good year for the diamond industry with positive economic indicators for the global economy," said Mr Kirtilal Doshi, the Chairman of Shrenuj & Company Ltd.
Addressing the 22nd annual general meeting of the shareholders in Mumbai on Monday, Mr Doshi said with the two major economies of the world, the US and Japan, on the verge of a turnaround, the demand for diamonds and diamond jewellery was bound to grow. The management was looking forward to seize this opportunity in the domestic and overseas markets by increasing the turnover.
The company continues to develop consumer-driven marketing initiatives both in India and overseas. With India's share in the world jewellery market currently estimated at only three per cent, there is tremendous potential for growth in jewellery exports by value-addition.
Mr Doshi said in view of the growing competition from China, it was important to retain India's pre-eminent position.
In spite of the war in West Asia and the SARS virus impacting the global economy and consumer confidence, diamond jewellery sales during the last quarter of the current fiscal picked up and consumer confidence rebounded.
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