Business Prospects for Diamond Cutting and Polishing in Madhya Pradesh.
India was the only source of diamonds across the globe for more than 3000 years until the diamond deposits were found in South Africa and Brazil. As per studies, Madhya Pradesh is the only diamond mining area in Asia and could be amongst the top 10 manufacturers of diamonds in the world. In today’s time, NMDC (National Mineral Development Corporation) has been the sole diamond manufacturer from its (Majhgawan mine, Panna) in Madhya Pradesh. The yearly capacity of Panna diamond mines is about 30,000 carats.
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India is one of the first countries to mine, cut, shape diamonds, and export them globally. Diamond cutting and polishing are some of the ancient traditions in India. The export of cut and polished diamonds account for almost 80% of the gems and jewellery exports in India. India has gained a substantial reputation for its creativity and skills in the gems and jewellery sector, domestically as well as internationally. Indian manufacturers have the capability to manufacture cut and polished diamonds virtually of all dimensions. The export of cut and polished diamonds accounts for almost 80% of the Indian exports. India is considered as one of the largest centres of cut and polished diamonds on a global level. Indian cut-polished diamonds account for 45% of the diamond manufacturing internationally.
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As the demand for diamonds and jewellery is growing in both urban cities and smaller towns, customer preferences continue to emerge. The financial empowerment among women have also led to self-purchases, increasing the demand for lower entry-point diamonds. According to expert opinions, the value for polished diamonds is forecasted to grow at a Compounded Annual Growth Rate (CAGR) of 4% between the years 2016-22. Considering Madhya Pradesh is the only diamond-producing state in India and the market demand for cut and polished diamonds is increasing considerably, a prospective venture would be a profitable idea.
The proficient and expert NPCS team with a well-structured plan ensures higher profits. We offer all the vital information as per project requisites.
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The SWOT analysis of the Indian diamond industry is illustrated as below:
In the global market for diamonds, Indian diamonds contribute to 60% in terms of value, 80% in terms of carats, and 95% in terms of volume. India primarily exports cut and polished diamonds to the U.S.A., Hong Kong, Japan, Thailand, Belgium, and Israel. India has emerged as one of the largest diamond processing centres across the globe with approximately 1 million processors. Almost 57% of the diamonds across the globe are processed in India and 94% of the Indian workers constitute the global diamond market. In relevance to the production cost, India outstands as one of the lowest per carat diamond processing (cutting and polishing) amounting to approximately 10 US dollars. Thus, resulting in relatively low-cost jewellery and acceleration of overall usage.
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The diamond industry is solely a raw material-focussed industry. And the majority of rough diamonds in India are procured from overseas for cutting and polishing. Studies have indicated that the Panna district of Madhya Pradesh is the sole diamond mining area in Asia and could be one of the top ten manufacturers of diamonds in the world. The authorized government has not put in optimum efforts to explore the diamond mines due to a lack of economical and organizational support. Thus, to reduce the dependency on imported diamonds exploring the diamondiferous areas in Madhya Pradesh would enable in production of cost-effective diamonds and easy capturing of the global market. Therefore, the abundant availability of raw material considering the unleashed diamond mining regions of the state and world-class craftsmen skills offer huge potential for the diamond industry in Madhya Pradesh.
Related Project: – Diamond & Gem Cutting / Polishing
NPCS is one of the fore-running brands in the industrial world providing consolidated technical solutions. Having evaluated the market for, ‘Diamond Cutting and Polishing in Madhya Pradesh’, implementing the same would fetch higher benefits.
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