Mumbai: Overseas jewellery manufacturers and diamond companies, hit by slow sales in traditional bases, are now eyeing Indian buyers as the country becomes a major consumer, driven by rising incomes and demand, industry players have said.
From providing training and certification to the diamond polishing industry a decade ago, gems and jewellery companies from Asia, Europe and the US are test-marketing products through local retailers, trade events and actively seeking tie-ups.
“It’s tough, but there are a lot of rewards awaiting those who are willing to invest time, energy and money,” said Mordy Rapaport of diamond services group Rapaport, whose presence spans New York, Antwerp, Dubai and Hong Kong.
Among the arrivals is Belgium’s Mishal Manufacturing NV. The diamond firm, which has a manufacturing unit in China, began test-marketing its diamonds in South India a year ago.
Hong Kong’s Kinetic Artwork, which sells to retailers in South-East Asia, is also in India. “I see the time is right to enter as tariffs have come down...people have disposable income to spend on luxury,” said Kinetic head Prakash Sadarangani.
Also marking their presence are retailers such as Italy’s Bulgari, which entered India in 2004 and has stores in New Delhi and Mumbai through partnership. REUTERS