DARE - Because Entrepreneurs Do

Not long ago in 2009 it was mayhem in the gems and jewellery units across the country with shutters going down on many small manufacturing shops and workers losing jobs. The major export markets of US and Europe, which have been traditional strongholds of Indian companies for long were in chaos due to the economic slowdown. With people going on recession diets, there was surely no money to buy the luxuries of life such as gems and jewellery.

The year 2010 is ringing in some good news now. With recession now paving way for growth, the gems and jewellery units are smiling their way to gloary. Gitanjali Gems has glittered with 39% jump in net profit at Rs 41 crore in the third quarter of 2009-10. The company's jewellery sales turnover has gone up 60% to Rs 1,098 crore in the quarter under review. According to IBEF, the gems and jewellery industry in India is highly fragmented with a large number of domestic private sector players. It says that India has around 450,000 goldsmiths, 100,000 gold jewellers, 6,000 diamond processors and 8,000 diamond jewellers. According to a report, rating agency Fitch has improved its outlook for this sector.