Indian Prime Minister, Manmohan Singh awarded Mumbai-based jeweller Kama Jewellery with ‘Emerging India Award 2007’, which honours the best small and medium enterprises (SME) in India.

Indian SMEs with a maximum net worth of Rs.50 crore ($12.2 million) were eligible to enter the competition, which was organised by CNBC-TV 18, a business news channel and sponsored by ICICI Bank.

Speaking on the occasion, Singh said the emergence of a new generation of Indian enterprise is one of the great success stories of modern India, and he exhorted the winners to transform themselves into large industrial houses in the future.

He also promised swift policy changes to help SMEs “leap forward” and “become more globally competitive.”

Kama Jewellery (India) Pvt. Ltd. was started by Mamta Apparao and Colin P. Shah in 1996 and currently accounts for 7% of Indian diamond jewellery exports.