Tiffany diamond unit in India likely

By agencies   |   Wednesday, 04 May 2005, 19:30 IST
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NEW DELHI:Global jewelry major Tiffany is exploring the possibilities of setting up of a processing unit for diamonds in India. Representatives from Tiffany visited Gems and Jewellery Export Promotion Council and expressed interest in setting up such a facility. Besides Tiffany, trade bodies of U.S. like Diamond Manufacturers' Association, Diamond Dealers' Club and Jewelers' Association of America have also indicated to GJEPC their preference for sourcing and manufacturing gems and jewellery from India, industry sources said. India has emerged as the largest diamond cutting and polishing center in the world having 60 percent share in terms of value, 85 percent in terms of volume and 92 percent in terms of pieces in world's net imports of cut and polished diamonds. Approximately, 11 out of 12 diamonds sets worldwide are cut and polished in India. Around 23 percent of country's the exports go to the U.S. GJEPC will set up a Bharat Diamond Bourse in Mumbai by 2006-07 as part of efforts to make India the global diamond hub.