India will be a global hub for jewellery manufacturing.
What are the important factors that have contributed to
the growth of this sector?
The Gems and Jewellery sector plays a significant role in
the Indian economy, contributing around 7 per cent of the
country's GDP and 15.71 per cent to India's total
merchandise exports. It also employs over 4.64 million
workers. One of the fastest growing sectors, it is
extremely export oriented and labour intensive.
The Government has recently undertaken various measures to promote investments and to upgrade
technology and skills to promote 'Brand India' in the
international market.
The growth factors being low costs and availability of
high-skilled labour, Diamond cutting and polishing
industry being well supported by government policies.
India's Gems and Jewellery sector has been contributing
in a big way to the country's foreign exchange earnings
(FEEs). The Government of India has viewed the sector
as a thrust area for export promotion. The Indian
government presently allows 100 per cent Foreign Direct
Investment (FDI) in the sector through the automatic
route.
What is your opinion on Indigenous manufactured
products in the tech sector in India in comparison with
International products and the "Make in India" initiative
of the government?
Make in India initiative by Government of India is a wellplanned
policy to boost the growth of the technology
provider, artisans and jewellery manufacturers. It will
help to acces technology from abroad right at our
doorstep as very economical costs.
It allows us to stand on the same platform as the
international manufacturing sector and have same
exposure to the market and very bright chance to
showcase the local manufactured jewellery in
international market.
What are the challenges faced by Indian tech and
machine tool manufacturers in comparison with
International product distributors and what are the
steps to overcome the same?
Early adoption of latest technologies has always been the
key deterrent to the entrepreneurs of Gems and Jewellery
Industry. Mostly because of low purchasing power and
lack of vison and understanding of the technology in
comparison with international players
We have to change this orthodox practice and look
beyond the horizon to make a place for ourselves in
international market. We have to make use of many
government policies and initiatives to upgrade our
knowledge and technologies and learn the international
trends.
Always be prepared to accept the change.
Your opinion on the after sales service efciency levels
and its importance.
Latest technologies are costly to produce and maintain in
initial stages this is both an opportunity and pain. This means the downtime is becoming expensive and creates a
big dent on profits. The orthodox manufactures do not
change with time and are left behind in the race.
It is very important to upgrade both manufacturing
facilities and service efficiency to sustain and make our
space in the global arena.
Your comment to the Industry
We have to be both believer and visionary. We have been
believers that we have the potential to change and accept
the change.
The world is shrinking and we have to be abreast of the
current technology and trend in the global market to come
out with 'best in class' products to the customer.