Observations

RAPAPORT… Perhaps best known for its Mughal jewelry, brought to the forefront by Maharajahs of earlier centuries, and its culture of gold, India is rich in a history of jewelry that continues today. When it comes to wedding jewelry, it is customary in India to go all out, adorning the bride in fabulously ornate creations. And, of course, one must remember the Golconda Mines, which even today have been the source of some of the most sought-after diamonds in the world. With such a legacy, it almost seems as if it is destiny that India has risen to become the world’s largest diamond cutting center, with approximately 90 percent of all polished diamonds by volume going through the country, employing some 1 million people. In the recent past, the country was known for its mass-merchandise diamond jewelry that was sometimes of questionable quality and design. But times are changing. Some India-based manufacturers have amped up the quality of their product and have created designs that are more pleasing to Western tastes, cornering the market for the big-box and chain-store jewelry retailers. Beyond that, the domestic market in India has shifted into a more diamond-friendly mode, with consumers seeking out diamond jewelry and bolstering the nation’s diamond industry during these turbulent economic times. Internally, retailers have been smart marketers, using Bollywood celebrities and soccer and cricket stars in ads to aggressively promote their brands. India has, indeed, become a force to be reckoned with in the diamond industry.