The Gem & Jewellery Export Promotion Council has urged the central government to consider introducing a jewellery repair policy to make India a global outsourcing service centre.
The GJEPC in a statement on Thursday said that India at present has a minuscule share in the jewellery repair industry of around 3 per cent with sales of $196.8 million.
In contrast, the market share of the US and China are 30 per cent and 9.2 per cent, respectively.
The global jewellery repair market is estimated to grow to around $5.75 billion by 2026.
“With a policy in place, India has the possibility of taking 10-20 per cent of the world market share, which will bring in billions of dollars of business with high employment potential,” said Vipul Shah, chairman GJEPC.
The trade body further said that a repair policy would also result in renowned brands setting up their service centres in India which are currently located in places such as Dubai, Turkey and Hong Kong.
