Nirmal Bardiya, MD-RMC GEMS and Regional Chairman- Rajasthan Region,GJEPC is an icon in the colour gemstone industry. His exemplary leadership and deep domain expertise of the colour gemstone industry has seen him ably leading his enterprise RMC GEMS, as well as GJEPC for Rajasthan region. Nirmal Bardiya has been honoured with “Gem Dealer of the Decade” award by Indian Diamond and Colour Stone Association (IDCA), USA in 2010.He spoke to JEWELBUZZ on India’s might in the global colour gemstone market, export and domestic market overview and other aspects of the colour gemstone sector.

Overview of Indian colour gemstone segment

The domestic colour gemstone market was a bit slow in the last few months , but now there’s an uptick , and there will be further spike with purchase for the forthcoming marriage season. Also, the dip in demand for diamonds has aided the growth of coloured gemstones segment.

Indian colour gemstones exports are mainly to the US, Europe, Russia and China. 7The slowdown in China has greatly affected the quantum of exports. Exports have slowed down, but we  should see an increase, especially for the US region driven by demand for the forthcoming Christmas season. October onwards there will be uptick in both domestic and exports segment.

Market Trends

Besides emeralds and rubies, which have always been best sellers, the stones that have gained popularity are rubellite, tourmaline, kunzite, peach morganite and tanzanite. There are also stones like paraiba , which are in the premium category; they are expensive and not within reach of all consumers.

Designers are increasingly emphasizing  on gemstones. In India, US and other markets, diamonds+colour gemstones combination is a hot trend.

Challenges

Speaking of challenges or problems,there is raw material supply shortage for most colour stones  besides emerald; emerald supply is steady.

Certification

Certification provides consumers with confidence in the authenticity of their purchase. Currently the certification system for gemstones is not regulated. Many of the labs are not adhering to standards and their certification has no value. GJEPC is working with the Indian government to establish uniform certification standards and ensure that only certification from authorized labs (a mix of government and private labs) will be considered valid. Currently government labs are based in Mumbai, Delhi and Rajasthan.

Sustainability and ethical sourcing

Sustainability and ethical sourcing is a very important issue. it is essential for exporters to show they comply with sustainability and ethical sourcing norms, else they will lose global customers.

Exports oriented in Sitapur export zone are regularly audited for sustainability and ethical sourcing. Exporters are also obtaining Responsible Jewellery Council (RJC) certification.RJC’s Code of Practices is a landmark standard for the jewellery supply chain and addresses a wide range of supply chain issues, including business ethics, human rights, social and environmental performance.

India jewellery designing

India is known for its expertise in  gemstone cutting and jewellery designing and manufacturing. In our current jewellery designers we see traditional craftsmanship meeting modern design.With regard to our current jewellery design education and training, I feel it needs to be strengthened further to make us truly competitive globally.

GJEPC’s aggressive promotion

GJEPC has been aggressively promoting the colour gemstones segment.Initiatives include exhibitions, marketing outreach and advertising campaigns. GJEPC’s International Gem & Jewellery Show which features only select foreign buyers is a great buyer-seller platform to drive colour gemstones exports.

India: A colour gemstones powerhouse

India, renowned for its rich heritage in gemstone mining and jewellery making, is capitalizing on a global resurgence in demand for coloured gemstones.India is seen as a powerhouse in the colour gemstones segment. Jaipur and Bangkok , the two  main  colour gemstones  markets  control 90 percent of the global trade.Jaipur is truly a  global capital for colour gemstones jewellery.

The future for India’s colour gemstones industry is bright: both, domestic sales and exports will see steady growth. The next five years will be great for India’s colour gemstones industry.