Tanishq: Positioning to Capture the Hearts of Indian WomenIndustry Overview:i. India is the largest consumer of gold in the world, followed by China and Japan. India is establishing itself as the world's largest trading hub for the commodity, with a target of $16 billion. set for 2010.ii. Against the target of achieving 65% of the international market by 2010, the Indian gems and jewelery industry has recorded an impressive growth of 21.33% in exportsiii. India dominates the global cut and polished diamond (CPD) market. In terms of value, the country accounts for approximately 55% of the global polished diamond market and almost 9% of the jewelry market. According to the GJEPC's provisional estimate, exports of cut and polished diamonds recorded a growth of 19.06% to $7.11 million. India accounts for 80-85% of the global CPD market in terms of volume, 55-60% in terms of value and around 90% in unit terms. Other major players in the global CPD market are Belgium and Israel.v. Surat contributes 90% of India's total diamond exports.vi. The domestic branded jewelery market in India is estimated at USD 150 billion.vii. There are 13 bullion importing banks in India.viii. The Indian Gems and Jewelery Export Promotion Council (GJEPC) aims to transform India into an international diamond trading hub.ix. Since India already holds 80-85% of the global CPD market, the scope for further growth in diamond exports is limited. Therefore, if the Indian gems and jewelery sector is to substantially increase exports, the best bet lies in the jewelery sub-sector. As the global stone-studded jewelery market is expanding, there is room for expansion in India's diamond-studded jewelery exports too.x. With or without diamonds, gold jewelery is a market where India has huge scope for export growth. According to statistics from the World Gold Council Statistics, India is the world's largest consumer of gold. However, India's gold jewelery exports (13% of total gem and jewelery exports) are negligible: less than 2% of the $80 billion global market.xi. Decades of isolation from global markets have also not helped the evolution of jewelry design in India. India is far behind Hong Kong, Italy and Germany in terms of jewelery design. This is another obstacle to exports. The WGC then introduced international jewelery designing competitions among Indian artisans.