United Chambers of Commerce of India (Associated Chambers of Commerce and Industry of India, Assocham) called on the Indian government to extend the existing subsidies for increasing exports of gems and jewelery, hit by slowing global growth.
These requirements are quite significant as the industry of gems and jewelery accounts for about 13% of total exports of products from India. A sharp drop in exports of gems and jewelery left almost destitute of over 3 million skilled workers across India.
"Exports of gems and jewelery from India is likely to remain under pressure this year, although there are signs of improved sentiment in the US market participants This country consumes about half of the diamond jewelry produced in India.", - stated in a study conducted Assocham and published June 8.
Interestingly, Dubai and Thailand are fast becoming major centers of production of jewelry, as many Indian companies are opening their offices there.
"While the share of the US market, and Hong Kong's exports of diamonds and precious stones has increased to 29% and 36%, respectively, over the past few years, the share of the UAE market steadily decreased from a fifth a few years ago to less than one-tenth of total exports," - says the association study.
Modernization of labor law, the requirement of a larger number of export-oriented economic zones, the establishment of the Gold Council, access to better financing, easing some of the tax rules, separation of investment and consumer demand, the creation of tourism on the Gold Jewelry programs - the main areas, the emphasis which can help in restoration sector, gems and jewelry in India, is believed to Assocham.
Assocham also obratili the government to grant the status of industries gems and jewelry to give a boost to investment and reduce operating costs, thereby strengthening confidence in the Indian brands in the global markets and promote the initiative "Made in India".
http://bridalpearlnecklace.blogspot.ca/