Indo-US partnership to benefit gems & jewellery sector: PwC Posted On : 08-Oct-2015
There is a significant opportunity for the US companies to bring in technological expertise in sectors like gems and jewellery.
According to the report, the Indo-US tie-up in the gems and jewellery sector can be a win-win situation for both the countries, as on one hand the jewellery hubs can serve as captive production units for US retailers and on the other hand Indian manufacturers can benefit from the global expertise of their US counterparts.
"The Indo-US relationship can grow in the gems and jewellery segment wherein US retailers and Indian jewellery manufacturers participate to set up jewellery hubs within India," said the recent survey by PwC and Indo American Chamber of Commerce (IACC).
On the other hand, the report noted the gems and jewellery industry
faces several issues such as limited supply infrastructure, high import dependence and regulatory curbs. Moreover, there is no dedicated ministry to oversee this sector in India.
"This has led to various challenges for key players such as low technology adoption and limited research-led innovation," added the report.