Kishin Loungani, proprietor, Kishin and Co is one of the leading jewellery, gems, ornaments & Diamonds traders in India. Kishan and Co is the flagship company of the Kishin Loungani Group. Headquartered in Mumbai and they have customers around the world including USA, Europe, Middle East & Far East. With a global vision & dedication to serving the needs of every client, Kishin and Co is more than Diamonds. We are a company with passion and a quest for excellence. Kishin and Co is a business leader in the design and distribution of fine diamonds and jewelry - a dynamic corporation built on expertise and integrity.
Mr. Kishin Loungani, proprietor, Kishin and Co said, The Gems and Jewellery sector plays a significant role in the Indian economy, contributing around 6-7 per cent of the country’s GDP. One of the fastest growing sectors, it is extremely export oriented and labour intensive. Currently Indian diamond export & import business are little undervalued. We cannot disagree there are some of the Drawbacks in Indian diamond industry.
The overall gross exports of Gems & Jewellery in FY2014-15 was US$ 39.9 billion (Rs 2,43,886 crore), which reflected a growth of 0.43 per cent in Rs term over FY2013-14. The overall gross imports of Gems & Jewellery in FY2014-15 was US$ 31.5 billion (Rs 1,92,075 crore), which reflected a growth of 2.65 per cent in Rs term) over FY2013-14.
According to a report by Research and Markets, the jewellery market in India is expected to grow at a Compound Annual Growth Rate (CAGR) of 15.95 per cent over the period 2014-2019. The cumulative Foreign Direct Investment (FDI) inflows in diamond and gold ornaments in the period April 2000-September 2015 were US$ 750.87 million, according to Department of Industrial Policy and Promotion (DIPP).
During April-November 2015, India imported 80.5 million carats of rough diamonds worth US$ 8.65 billion and overall imported US$ 15.02 billion worth of gems and jewellery. During the same period India exported 22.52 million carats of polished diamonds worth US$ 13.586 billion and had total net exports worth US$ 21.46 billion, thus continuing to be a net earner of foreign exchange in the gems and jewellery sector.
With an 8 per cent share in polished diamonds, India has become the world's third largest diamond consumer.
Based on its potential for growth and value addition, the Government of India has declared the Gems and Jewellery sector as a focus area for export promotion. The Government has recently undertaken various measures to promote investments and to upgrade technology and skills to promote ‘Brand India’ in the international market.
Due to shortage of skilled manpower, the Gems and Jewellery Skill Council of India is planning to train over four million people till 2022. The council aims to train, skill and fine tune 4.07 million people by 2022. The council will tie-up with the existing training institutes including Gemological Institute of America (GIA) and Indian Gemological Institute (IGI), along with setting up of new institutes in major diamond cutting and processing centres, Gems & Jewellery Export Promotion Council (GJEPC) said in a statement here.
Mr. Kishin Loungani further added, there are no shortcuts in diamonds, This, of course, is nothing new, most people by now know that the best deals to be had are online, especially when it comes to loose diamonds. It is precisely because people have turned to the Internet as a way to save money that so many scams & frauds have sprung up. These crooks know that people go online to search for the best possible deal, so if they can make it look like they’re offering a diamond at a price that’s better than the rest, many people will fall for it. Diamonds will be, and should be, cheaper online, but they should never be too cheap. There is more or less a universally agreed upon wholesale cost for every diamond (give or take a few percent), so if you see a diamond that’s drastically cheaper than it should be, stay away. I always tell the readers of my blog that if the deal you’re looking at really is that good, a diamond dealer would have already bought it! So stay away such buying opportunities and avoid your money loss.
