Wal-Mart, JC Penney, Zail and Signity - the big retail chains of the first world are making a beeline for Indian shores to source jewellery.
While Made in India jewellery has been adorning western admirers for years, it is only recently that the big retail chains have begun sourcing it directly from Indian manufacturers.
And not just traditional designs with diamonds and coloured precious and semi-precious stones. Even in funky and fun segments such as Bling Bling jewellery popular among Hispanics and African Americans, Indian exporters are making a mark.
Said Pravin Shah, managing director of Shreeji Jewellery, an award-winning jewellery export firm based in Mumbai, "The US companies are coming to India for one reason - the diamonds are here and so is cheap labour."
India is largest producers of polished diamonds in the world with nine out of ten being of Indian origin.
Shah added, "We are developing the expertise that these companies are looking for in terms of finishing and stone setting."
Shah is putting up a new 55000 square feet unit at Seepz to cater to specifically to clients like JC Penney, Zail, Wal-Mart and Signity.
His firm supplied 10,000 invisible head rings to Wal-Mart last year and this year expects to do a similar business with the US based retailer. His firm is also negotiating with J C Penney and Signity in Europe.
Wal-Mart had first approached Gems and Jewellery Export Promotion Council three years ago to begin outsourcing.
Said Bakul Mehta, chairman of the GJEPC, "We had made a presentation of our strengths and since then they have been outsourcing from our manufacturers."
But industry sources point out that none of the big guys directly buy from India in a big way. While the designs are made and stones set here, the final polishing is usually done either in Thailand or in Italy.
One of the reasons the big daddies of jewellery such as Tiffany's, who get much of their manufacturing done in Thailand, have not approached the Indian manufacturers is the lack of trained personnel.
Said Sanjay Kothari, former chairman of the Gems and Jewellery Export Promotion Council and owner of Diatrends, "We don't have the machinery or the skilled people to compete with Thailand, Italy and now China. While our expertise is in cutting and setting stones our finishing isn't of international quality."
Kothari also pointed out that another reason is the lack of access to global markets. "We have been in the business only for the last 10-15 years, while the Italians have been in it for the last 100 years and Thailand has been at it for 25 years now."
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