Author: Paul Ploumis10 Feb 2015 Last updated at 06:48:00 GMT
NEW DELHI (Scrap Monster): The Indo American Chamber of Commerce (IACC) has partnered with the Gems & Jewelry, Luxury and Lifestyle Forum under Federation of Indian Chambers of Commerce and Industry (FICCI) to promote development of large jewelry manufacturing hubs across major cities in India.
According to the deal, big US retailers will coordinate with Indian manufacturers to identify the major locations to start jewelry manufacturing hubs. They will also invest and support development of these hubs which will promote jewelry making business in the country. In addition, IACC will promote sales of Indian jewelry in the US market.
According to IACC, India has abundant talent in manufacturing unique and traditional designer jewelry. The partnership will help US firms to add value to these products by bringing in their long years of expertise. It further stated its commitment to promote the ‘Make In India’ initiative announced by the new government, by partnering with FICCI and other industry trade groups.
The establishment of jewelry manufacturing hubs is expected to improve the quality of jewelry manufactured in the country. Furthermore, it would also boost the country’s jewelry exports and generate more job opportunities. The hubs are likely to improve the working condition for millions of artisans across the country. The partnership deal is likely to closely connect India and the US in gold and jewelry business.
The partnership aims to set up at least 3-5 manufacturing hubs over the next 3-5 years. IACC has already initiated talks with leading US retail chain Signet and Helzberg in setting up state-of-the-art manufacturing facilities in India. A joint committee will monitor the establishment of these hubs in various parts of the country.
