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Vibrant & Versatile Indian Diamond Industry - Ready to Realize Global Aspirations
Fully Satiating Diverse International Demands...
By: Administrator
Aug 28 2007 12:00AM
Reference: 2226  

Within about half-century post independence India has been able to achieve the status of one of the most sought after economies in the world. The growth figures indicate the dynamism of the Indian economy while researches reflect the massive potential that the country offers. Biggies the globe over have eagerly shifted their attention to India and are eyeing every opportunity, which our ever-growing GDP offers. The potential in the country seems to be brimming. However, there are times when doubts are expressed about India's triumph. Is there any substance in such ongoing speculation or is it just another balloon that may burst any moment? Well, the talk of India being the centre of interest of most business tycoons, every progressive government and every industry are not false propaganda but contain solid substance. In addition, the diamond manufacturers are fairly confident of exploiting the emerging possibilities wholly. “India is already one of the major manufacturing centers for diamonds and diamond jewellery and is set to become one of the largest trading centres as well as a very important and growing market for diamond jewellery consumption. Hence India is all set to become a super power in the diamond industry soon," observes Ashish Goenka of Suashish. He assesses the strengths carefully, "India's Diamond manufacturing strengths, designing expertise, lower production costs and understanding of the requirements of consumers in the end markets provide India the edge in the diamond jewellery industry as compared to other countries."
Govindbhai Kakadia, Chairman and Founder, Sheetal Group provides a detailed viewpoint, "Having been in this industry for the last fifty years I have seen that India has achieved supreme know-how about diamonds and how the industry works around the world. There is no other country that can compete with India in this field. In effect we can proudly say that India is on its way to be a diamond super power. Here we have achieved the perfect balance between men and machines. While there is a very devoted and trained workforce in the manufacturing sector we also utilize some of the most advanced machines. We have the know-how and technique to polish all kinds of goods. We can polish higher, medium and lower quality goods in India. If you look at other manufacturing centres in the world you will find no other place where all types of goods get polished. That makes us the best choice for investors."
“International chain-stores have always been keen on buying their inventory from India. Superior workmanship at lower price has been the supportive factor all along. Besides, ability to deliver good quality supply on time (which was not assured previously but is valued greatly today) has added cherry to the cake. The big guys have duly realized the importance of innovation and stability and are working upon to improve the scenario accordingly. Needless to point out that until all follow suit it will be difficult for India to climb to the ambitious ladder. "Indian diamond industry has always been interacting with the international markets and both the sides understand each other and their specific styles of business. So we are definitely past the stage of misunderstanding each other's business practices. The international players can contribute more in terms of trend spotting, design inputs and talent (manpower) sharing," adds Govindbhai Kakadia.

While International market is climbing India also is not resting on its oars. As a result this Indian consumer lately became the focus of every retailer's eye. Economic boom coupled with retail sales explosion has made a smooth pathway for all those who understand the art of retail in India. Jewellery brands have been erupting like never before, although the apprehension of brand cluster remains to be a source of worry. "Due to the Economic boom in the country, India is emerging as a very big Consumer Market for jewellery and other luxury products and offering a very lucrative opportunity for major brands to establish presence in the Indian market. Focused marketing creating awareness and demand for the products, innovative product range creating excitement and expanding the category as well as transparency and adherence to best practices will help build consumer confidence in the category," details Goenka to which Govindbhai Kakadia adds, "Indian consumers are aware of diamonds and quality standards. We have a tradition of wearing diamond jewellery for many generations in our country so the consumers are well aware of what they want. Yes, the brands are new, but like in any other sector the brands have to go through all the initial uncertainty before they can settle and win the complete trust of consumers. Our forte is the talent and experience we have in this field. Be it in designing or manufacturing jewellery the talent and craftsmanship we posses are immense."

Marketing and research are two mantras that will play an important role to let India realize its dream. Aggressive efforts towards both become mandatory. Undoubtedly, both remain conspicuous by their absence. Few efforts here and there are not sufficient. To grow the consumer base especially in India, businessmen must assume that the first few years would be spent in marketing and promotion. Collectively, all the brands would command confidence of the customers if they wear their marketing hat perfectly. A little tilt here and there may jeopardize the success that we look forward to.

Diamond World thought of highlighting the prospects that India holds for the global diamond industry in the story below that required much persistent efforts and continuous hard work to elicit candid views from the leaders of the global diamond industry, who are understandably busy personalities. For this task we decided to contact eminent people from different areas of the diamond trade and requested them to comment exclusively on developments concerning India. The parameters within which this panel assessed the Indian diamond industry are as follows:

India as a:

  • Jewellery consuming nation
  • Fastest growing jewellery manufacturing centre
  • Largest Diamond Cutting & Polishing Centre
  • Government support (laws, Duties, Taxes & freedom for foreign investors)
  • Business ethics
  • Prospective Trading Centre
  • Virtues (Quality, On-time Delivery and Consistency)
  • Design component, Innovation, R & D.

This story is an attempt to find comprehensive answers to the questions below that indeed are expert interpretations on which our future policies and success strategies would depend.

Why is India being viewed as a potential global market?

What are the bottlenecks the industry here faces?

What makes India the most desirable place to invest in?

What are the global expectations?

Donald A. Palmieri
In a forty year career, Don Palmieri, a GIA Graduate Gemologistand American Society of AppraisersMaster Gemmologist Appraiser®” and President of GCAL – Gem Certification & Assurance Lab, (a division of Collectors Universe, publicly traded on NASDAQ CLCT, the only publicly traded diamond certification and grading laboratory in the world.) has worked in every dimension of the gems and jewellery industry. GCAL publishes appraisal and market value data and analysis for diamonds, gemstones and pearls, covering all market levels from acquisition liquidation in a monthly publication, Palmieri’s Market Monitor®. As an international court certified forensic expert, Palmieri has been called as an expert witness in major court cases and as a mediator, valuer, consultant and expert witness where gemstones or jewellery are in dispute. Palmieri was the Justice Department’s expert in the largest gem fraud case in U.S. history – culminating in an over $233,000,000 federal and civil court ordered restitution for several of the victims. Palmieri is distinguished as the first forensic gemmologist (non-attorney or CPA) to be appointed as a Chapter 11 Trustee for the U.S. Bankruptcy Court.

The continuing rise of exports and imports between India and the traditional nations with strong economic ties to the jewellery industry provides evidence of the free trade theory of “comparative advantage.”

With a population of 1.1 billion that keeps on growing, India is one of the world’s largest economies, and the third largest in Asia, behind only China and Japan. As the world’s largest democracy, with English as the major language of trade and politics, India is destined for expansion and global penetration into all markets.

Currently, India is the world’s largest consumer of gold. There is a huge and growing middle class of 300-350 million people with disposable income for consumer goods. As a comparison, this dwarfs the entire population of the US. India as a consuming nation creates a tremendous opportunity for companies in India and abroad. The major threat that the rise of India could pose would be the tremendous amount of market influence they could have on specific products.

India’s share of the world’s polished diamond markets is 60% by value, 85% by volume, and 92% by units. These numbers correlate to an obvious focus on smaller and cheaper goods but there has been a significant rise in the amount of 1+ct gemstones being cut in India. With an abundance of low cost and highly skilled laborers, combined with excellent marketing arms spread throughout the world, the polished diamond industry is in good hands. With growing demand in Europe, South and East - Asia, coupled with the Indian rupee’s increasing value against the dollar, Indian diamantaires are equipped with more buying power and strong, diverse channels of distribution. Entry of China, Sri Lanka, and Thailand into the small polished diamond market could pose a serious threat; however, lack of technology and skill may limit their penetration in the smallest and cheapest goods.

India continues to move forward with market-oriented economic reforms that began in the early 1990s. Some of these reforms include protection of intellectual property, liberalized foreign investment, industrial decontrol, supportive government policies on exports and imports. Additionally, India has initiated significant reductions in tariffs and trade barriers, reform and modernization of the financial sector, as well as adjustments to fiscal policy.
As of July 1, 2007, the United States has revoked its ‘Generalized System of Preferences (GSP),’ which automatically imposes a 5.5% tariff on Indian imports of gold jewellery to the U.S.

To summarize, I believe India is poised to be the most significant player in the diamond manufacturing and diamond consuming markets within the next decade.

G. Loet Kniphorst
Global Head, International Diamond & Jewellery Group, ABN AMRO Bank N.V.
Loet Kniphorst joined ABN AMRO Bank in 1974, to follow the training for career expatriates in the bank’s foreign network. He completed the course in 1976 and the same year obtained the title of Master in Economics at the University of Rotterdam. He then started his career in the international network and served in a variety of positions and countries such as Brazil, Saudi Arabia, Argentina, Malaysia and Bahrain. In 1999 he was appointed President & Director General of ABN AMRO Maroc S.A. In 2001 he was named CEO of ABN AMRO South Africa. And it was from that position that he made the move to Antwerp to become the Global Head of the International Diamond & Jewellery Group at the end of 2004. Early in 2001, ABN AMRO Bank decided to consolidate all of its activities in the diamond and jewellery business into a new business unit: the International Diamond & Jewellery Group. This unit became responsible globally for the further development of the premier position of ABN AMRO Bank in diamond and jewellery finance and includes all dedicated diamond and jewellery units in the bank’s global network.

As the world’s single-largest diamond-industry financing bank, it is only natural that the ABN-AMRO International Diamond & Jewellery Group closely follows the exciting developments in India, the world’s premier diamond and diamond-jewellery manufacturing centre. The remarkable rise of the Indian diamond industry has accelerated since the launch of the nation’s economic reforms that began in the early 1990s.

Indeed, the twin forces of globalization and deregulation have breathed new life in industries that are now increasingly challenged to compete in the global market scene. As half of the Indian GDP is trade-related, international banks, with their vast knowledge of overseas markets and players, can play a valuable role in the diamond industry’s growth process. We could, however, do more but the last remnants of protectionism, such as subsidized export financing, discourage greater involvement of foreign banks in the diamond and jewellery sectors. We believe that the Indian diamond industry has greatly matured and is fully capable of competing internationally on a level playing field. The courageous abolition of the import tax on polished, for example, underscores that point.

We are confident that overseas buyers will now come to India for the sourcing of all their diamond needs in a one-stop centre which is geographically located literally in the middle of the world. We are particularly heartened by the very evident move towards greater transparency and the industry’s transformation from informal to formal markets. International banks can only lend support to players that can confirm their business proposition by solid balance sheets and increasingly more Indian companies meet these standards. We salute India for striving to reach the best corporate standards!

Diamond Industry Skyrocketed:
The diamond industry provides an extraordinary example to the entire Indian economy. From an almost zero base in the early 1970s, the diamond industry has skyrocketed to become the leading player worldwide. In Antwerp a large proportion of our clients are Non-Resident Indian (NRI) companies, also in New York the Indian clients are important. We can testify that on the international level Indian diamond companies second-to-none. The future domestic growth of the diamond jewellery business depends on doing the same at home. Protection, however, leads to inefficiencies in production and marketing and creates impediments in the industry’s international terms of trade.

Subsidized export financing, for example, allows for the extension of unrealistic and undesirable long credit periods to customers who are not incentivized ‘to sell the goods’ as they haven’t paid for them anyway. Ironically, retailers report larger turnovers in those goods for which they paid in cash.

Looking at the Indian domestic market, half of the households’ annual savings is in physical gold to the tune of some US$20 billion a year. As part of the transformation process and globalization, we believe that consumers will increasingly invest their surplus disposable income in more diversified valuables, in ways that provide more visible status symbols, and also diversify their assets and discover the lasting value of quality diamonds.

Concentrate on Export Markets:
The high two-digit rates of growth in domestic diamond jewellery consumption we have seen in recent years took off from a low base and may not be sustainable in the long term. We would encourage that your industry leaders continue to concentrate on export markets which also provide the greatest added value to the national economy.

In the 1600s, India was the first major diamond country in the world. It is indeed a tribute to the diamond industry that though the rough diamonds are today virtually all imported, to the contemporary consumers in the world, diamonds are associated with India. That is a great strength on which to build.

Eli Avidar
Managing Director, Israel Diamond Institute
Eli Avidar, Managing Director of the Israel Diamond Institute (IDI), has had a rich career in Israel’s Foreign Service and government. During 2006 he served in Israel’s Foreign Ministry as Project Manager for raising funds for Israeli projects in third world countries. In this capacity he maintained active relations with Congress and U.S. government bodies. Avidar was also Project Manager for formalizing the economic boycott policy against the Hamas government. Prior to that, Avidar represented Israel abroad as Consul-General for Hong Kong and Macau from 2001 to 2005. During this period Hong Kong became the centre for Israel’s exports to the South-East Asian region, with exports doubling and the number of Israeli offices there tripling. From 1999 to 2001 Avidar was Head of the Trade Representation Office of Israel in Doha, Qatar, which was the only Israeli government representation in the area that did not shut down during the second Intifada. During this period Avidar worked to promote Israeli exports to the Persian Gulf, bypassing the Arab boycott.

In 1999 Avidar served as Foreign Policy Advisor to the then Foreign Minister Ariel Sharon. In this capacity Avidar was Deputy Director of the Minister’s Foreign Policy Advisory Unit and was Chairman of the Negotiations Committee for the “Third Track” with the Palestinians. Avidar also served as Foreign Policy Advisor to the Director-General of the Foreign Ministry, and prior to that was responsible in the Foreign Ministry for building relationships with Islamic leaders worldwide. From 1993 – 1996 Avidar was Israel’s Deputy Consul-General in Philadelphia, where he specialized in liaison with members of Congress from five states, with policymakers and Jewish community leaders. Avidar served in a Nahal combat unit in the Israel Defense Forces, and later as an officer in an Intelligence Unit. He is married and the father of three. Avidar, who was born in Egypt, is fluent in Arabic, English and Hebrew.

I’d like to preface my comments with this statement: I believe in the strength of the Indian economy and in the enormous potential for cooperation and trade between Israel and India. Trade between India and Israel is expected to reach eight billion dollars by 2008, and the two countries are now working towards creating a preferential trading agreement. Cooperation between the two countries, two giants in the world diamond industry, seems natural and will certainly open up new opportunities on both sides.

IDI is currently conducting discussions within the Israeli diamond industry in order to formulate a strategic plan to promote bilateral cooperation which we expect will be completed by the end of 2007.

India as a Consuming Nation:
The Indian economy is growing rapidly and will become one of the world’s largest consumer markets in the next few years. It is clear that the young, educated Indians are more and more adopting the buying habits of the upwardly mobile worldwide. They are rapidly becoming consumers of luxury goods, and often of top name brands.

The Israeli diamond industry sees India as a huge potential market for its polished goods. As Indians purchase more diamond jewellery and especially more expensive pieces, we believe that Israeli diamonds will be in greater demand. Already we are seeing very fruitful cooperation between Israeli and Indian diamond companies, and we believe that this will continue to grow.

Fastest Growing Jewellery Manufacturing Centre:
India is certainly becoming a leader in jewellery manufacturing. As this field develops, we believe that there will be even greater opportunity for cooperative ventures between Israeli diamantaires and the Indian jewellery manufacturing industry.

Diamond Cutting & Polishing Centre:
The Israeli diamond industry recognizes India’s capabilities in cutting and polishing diamonds. There are currently dozens of cooperative ventures between Israeli and Indian companies in this area and they will continue to grow for the benefit of both industries. I want to stress, we are not concerned about Israel losing ground as a major centre for manufacturing, since the special advantages we have – a concentration of skilled diamond professionals, who are creative, innovative and flexible – will ensure our place in the world diamond industry. Israel will certainly maintain its lead as a centre for cutting and polishing larger and more expensive gemstones.

Government Support, Laws, Duties, Taxes and Freedom to Foreign Investors: We are pleased with the progress made recently by the Indian government which cut import taxes on polished diamonds. We hope that the Indian government will continue in this direction and will improve conditions for Israeli companies seeking to do business there.

Prospective Trading Centre:
We see the development of India as a global diamond trading centre as an opportunity for the Israeli diamond industry. Israeli diamantaires are interested in promoting the trade in diamonds worldwide and are active throughout the world where diamonds are traded.

Israel is a major diamond trading centre and attracts companies from around the world – including India, Belgium and New York – who have set up offices in our diamond complex. Over the past few years we have seen more and more diamond producers setting up offices, enabling Israel to become a significant centre for rough trading as well as polished trading. We believe that the advantages that Israel offers as a trading centre - its proximity to high-quality manufacturing facilities, the convenience and secure environment of the diamond complex, the positive relationship the industry enjoys with the government – will ensure Israel’s leading position in the future.

It is clear that new centres of diamond trade are growing around the world and that is fine. We believe that there is enough business for us all. Actually we expect that the pie will expand – that world demand for polished diamonds will grow significantly – especially with the growth of the consumer markets of India, China and other parts of Asia.

Design Component, Innovation, R & D:
It is well known that Israel leads the diamond world in innovation and R&D, introducing the use of lasers, automated brutting and polishing machines, advanced CAD systems and others. Israeli technology has in fact advanced the diamond industry worldwide, and we are well aware that India has adopted many of the technologies and techniques invented by the Israeli industry. The Israeli Diamond Industry will continue to invest great efforts in maintaining that competitive edge.

S. Clark McEwen
Chief Operating Officer, Gemesis Corporation
S. Clark McEwen’s twenty plus year career in the diamond industry has spanned the complete supply chain from mine to mall. This varied hands on experience has allowed Clark to take a holistic view of the industry that few can share. His latest accomplishment was “to take an un-proven branding concept (BHPBilliton’s CanadaMark) and make it into a multi-million dollar success story”. Clark is currently the Chief Operating Officer of the Gemesis Corporation.

I believe that India has become one if not the most important contributor to the global diamond industry. Once thought of as only a source of low cost labor India is now offering the industry a growing number of new products and services. No longer limited to just providing a cost effective way to polish diamonds that were viewed as unusable for gem applications Indian companies are now processing diamonds of all sizes and qualities. Workmanship and the consistency of production have been greatly improved due to the adoption and development of tools that assist in the cutting process. Adding to this broadening of diamond offerings is the emergence of an extremely active and robust jewellery-manufacturing sector.

India – The Leader:
I have always thought of a polished diamond as being unfinished and incomplete until it has been set into something. Indian companies are leading the industry by not only turning rough into polished but by completing the transformation to a consumer friendly product by mounting the gemstones into jewellery. I recently visited several Indian jewellery manufacturing facilities and was impressed by these world-class operations. The designs, the workmanship, the latest manufacturing technology along with very creative marketing support are second to none.

India is again leading the industry in its understanding and acceptance of new technologies. This attitude is refreshing and unique in an industry that is so steeped in tradition and adverse to change. Whether it is new diamond cutting, jewellery manufacturing or diamond growth technologies Indian companies have been quick to recognize the potential and the positive effects it will have on their businesses.

Continuing Official Support:
The government of India has come a long way in its efforts to support the diamond and jewellery industry. The recent abolition of the import tax on polished diamonds will boost the ability of local traders to offer full ranges of goods to their customers, they will no longer need to rely solely on material polished in India. This reduction of taxes and the imminent completion of the Bharat Diamond Bourse will position Mumbai as one of the world's most important diamond trading centres.

Growth as a Consuming Centre:
India will continue to lead the diamond industry by way of its contributions but the most exciting thing for me by far is the emergence of India as a consuming nation. Over the last 20 years the middle class in India has grown at a rapid rate. India is no longer just a provider of services and products to the diamond industry it is becoming a large consumer of those products too.

Healthy Indian contribution and consumption in turn means a whole healthy diamond industry.

Russell Shor
Senior Industry Analyst, GIA
Russell Shor is Senior Industry Analyst at The Gemological Institute of America in Carlsbad CA. USA. Shor brings more than twenty-five years of industry experience to the GIA, having served as Diamond Editor for Jewelers Circular Keystone Magazine from 1980 to 1995; Editor-in-chief of New York Diamonds and GemKey magazines. He also directed GemKey’s on-line information and community services. He has been visting India regularly since 1984 and never ceases to be amazed by the thriving industry in Gujarat, Mumbai and Jaipur. He has travelled to every other important diamond and gemstone production, processing and consuming area in the world and has spoken at numerous industry events, including the GIA International Gemological Symposia in 1991 and 1999. He has won two Jesse H. Neal Awards and seven New York Business Press Awards for his reporting and analysis and has been honored by the Gem and Jewellery Export Promotion Council of India for his reports on that country’s diamond industry. Shor is a journalism/political science graduate of Temple University, Philadelphia, and did graduate work in International Relations at the University of Pennsylvania, Philadelphia. He is the author of Connections: A History of the Diamond Industry and Its People.

That India is becoming a major consumer market, especially for diamonds and jewellery, is no longer news. It is an established fact. India is already the world’s largest gold jewellery consumer market and is tied with China for the third place in diamond jewellery consumption.

The main question appears to be whether such growth will last and how India’s diamond and jewellery manufacturers will deal with such heady increases in sales.

Spending Spree!
India’s consumers are on a spending binge. A good percentage of consumers, when they are flush with cash, like to spend their funds on things that bring them enjoyment, saving prudent questions for later. Likewise, the main challenge for many companies is that they become too engrossed in counting receipts and garnering “easy” business, even in the face of intense competition, to actually manage their operations and ask the difficult questions that must be a continuing part of any management process.

Relating this to India’s current situation, I don’t see a “bust” cycle on the horizon, particularly within the domestic consumer market. But potential problems are looming for India’s diamond manufacturers for instance, profits have been narrowing for a long time, credit will continue to tighten worldwide, and manufacturers will face keener competition to maintain rough supplies as the DTC scales back and moves closer to African operations. Diamond manufacturers that have grown apace without pursuing “bigness” for its own sake, hoping the market will catch up, should continue to do well. Those who haven’t been so prudent may find a less friendly welcome from the banks.

Treatment & Grading Challenges:
At the same time, synthetic diamonds and treated natural diamonds inevitably follow growing markets. So do grading systems that do not conform to international standards. This is where consumer needs and manufacturing challenges coincide.

Over the years, GIA’s grading labs took on the mission - first in the United States, now worldwide - of protecting the consumer by grading diamonds to an internationally recognized standard and ensuring the industry’s ability to detect synthetics and treatments. %5 All expansions must slow down at some point and consumers will eventually grow more cautious. It is in those times that true learning begins. Consumers will learn that all that glitter are not natural objects. And businesses will be faced with lessons on how to effectively control costs, inventory and cash flow. More importantly, the trust that a business earns through sound, ethical practices in flush times is like a bank account that will sustain it through the difficult times. GIA works with the industry to help maintain such trust.

KK Yeung
World Mart
K. K. Yeung joined Worldmart Jewelry & Gems Emporium (HK) Ltd. in September 2006 as Vice Chairman & Chief Executive Officer. Prior to this appointment, he was Executive Director of the Hong Kong Productivity Council (HKPC) a Hong Kong Government funded consultancy with a mandate to improve the competitiveness of industries in Hong Kong and the Pearl River Delta. Before that he was Director and Chief Operating Officer of EC.com Ltd., a venture capital company that specialized in logistics, technology and financial products and services. Yeung worked for the Hong Kong Air Cargo Terminals Limited (HACTL) from1975 to 2000. After having served as member of the company’s start up team and the head of the company’s IT function, he rose to the rank of Deputy Managing Director in 1987. In the early 70s, he served at Cathay Pacific Airway's commercial headquarters in Hong Kong and was the head of its airport ground services in Singapore. Yeung has a long history of participation in community and professional activities. Yeung is a Distinguished Fellow of the Hong Kong Computer Society (HKCS) and served as its President in the late 80s. He had amongst many other commitments served as a Council Member of both the Hong Kong Productivity Council and the Hong Kong Vocational Training Council. Yeung was appointed a Justice of the Peace of the Special Administrative Region of Hong Kong in 1998.

As the world’s second most populous country with a continually rising GDP, there is no doubt that consumer demand will continue to grow, particularly when the general problem of poverty comes under better control. The generally accepted view is that India along with China would, as a combined market for jewellery, be at par with that of the US in less than 10 years. The higher end of the Indian domestic market for jewellery could become a worthwhile opportunity for Chinese manufacturers who have hitherto looked upon India as a supplier of materials only. But there is a need for Chinese manufacturers to collaborate with Indian partners to better understand the different consumer needs of the Indians.

Fastest Growing Jewellery Manufacturing Centre:
This phenomenon is a natural consequence both of India as an important materials processor as well as the rising domestic consumption needs. In the area, India enjoys the benefit of being able to offer lower cost resources and its proximity to materials supply.

Major Diamond Cutting & Polishing Centre:
India will continue to be the world’s most important cutting and polishing centre, although there is a need to take into account the irreversible force of globalization and the rapid expansion of the Chinese domestic market which will continue to see some amount of cutting and polishing activities, at the mid to higher end, migrating from both Europe and India to China. Here, opportunities for collaboration exist between Indian and Chinese industrialists.

Government Support:
The Indian government seems to have already been moving proactively in the right direction with policies, which would enhance the competitiveness of India as a manufacturing base.

Further Improvement Needed:

Business ethics, Quality, On-time delivery and Consistency

Here are areas with opportunity for further improvements, which would inevitably make India a more attractive location for investment for the aforesaid activities.

Design component, Innovation, R & D
India has an excellent environment for the development and production of software for designing and jewellery production.

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