According to a PwC report in a study by PwC and Indo American Chamber of Commerce (IACC), there is a lot of potential for India’s gem and jewellery sector to benefit from the close ties being created between Indian and US, reports say. With the foundation of manufacturing being given importance in India, both countries could benefit by setting up jewellery hubs in India. The US could contribute its technology and know-how to the Indian scenario. Also, the jewellery units can be ‘productive units for US retailers.

The report also placed in focus the current difficulties of the gem and jewellery sector, including limited supply infrastructure, high import dependence and regulatory curbs and lack of a dedicated ministry for the sector, leading to low technology scale in cutting and polishing adopted by Indian companies and less research-led innovation, according to the study, reports say.

The study also states that the tie-up will enhance the efforts to build Brand India, while the Indian sector would benefit from the potential and strength of the US jewellery retail sector. Also, the Joint ventures with the US retailers would enable Indian manufacturers to deliver better products and create more employment as the industry strengthens, reports say.