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Rapaport Group is planning to introduce source certification for diamonds in India soon that will not only add value to the precious stones, but also boost exports from the country, a top company executive has said.
“We are planning to introduce source certification in India soon that will trace the history of the diamonds used in jewellery.
“Many countries, including the US, are very particular about socially responsible sourcing of diamonds, gems and jewellery products. This certification will add value to the product and boost export orders,” Rapaport Group of Companies Chairman Martin Rapaport said here.
For this endeavour, Rapaport Group will tie up with Gemmological Institute of India, he added.
The major markets for the country’s gems and jewellery include the US, Europe, the UAE and Hong Kong.
Gems and jewellery constitute 17 per cent of India’s total exports and the sector employs 1.5 million people.
The local gems and jewellery market in India is likely to grow in the next five years, however, manufacturers gear up to be modernised, educated and developed.
“India is a very important place and a big market. We believe that the local market is going to grow in 5 years. But the opportunity is in expanding the market which can be achieved by modernising, educating and developing the market,” he said.
Going forward, he said, the emergence of middle class in India will boost the diamond consumption in the coming years.
“With the growing middle class in India, the demand for diamonds will grow over time,” he said.
Talking about rough diamond prices, Rapaport said, it will continue to go up due to demand from growing markets like India and China and gradual decrease in global production.
On recycled diamonds, he said, 20 per cent recycled diamonds in the world are in the US, while they are very few in India.
“In India the recycled diamond market is very small, but it has the potential to grow in future,” he added.
The Rapaport Group is an international network of companies providing added value services that support the development of free, fair, transparent, efficient, competitive and ethical diamond markets.
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