Indian Gems & Jewellery January 2018

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1 Indian Gems & Jewellery January 2018 Industry Overview India s gems and jewellery market is the largest in the world with a market share of 29 per cent. The sector makes up for around 6-7% of India s GDP. The two major segments of the industry are gold jewellery (covers around 80% of the jewellery market) and diamonds US, Hong Kong and UAE accounted for 75 per cent of the total gems and jewellery exports from India during FY Key Figures (FY17) Gems & Jewellery Industry Market size $60 billlion Net exports $35.51 billion Imports $28.78 billion No. Of players 3,00,000 Cumulative FDI $ million India is the largest centre for cutting and polishing diamond. As per Gems and Jewellery Export promotion Council (GJEPC), India exports 93 per cent of its cut and polished diamonds which makes up for 75 per cent of the world s polished diamonds requirement Export contribution of different segments in the Gems & Jewellery Industry 0.97% 0.58% 0.22% CPD 20.19% Gold Medallions and coins 3% 9.31% 12.52% 53% Silver Jewellery Rough diamonds Gold Jewellery Coloures Gemstones This report covers the industry dynamics, trend and outlook of the two major segments of the Indian gems and jewellery ie. the CPD Industry and the gold jewellery industry.

2 India s CPD Industry India is the hub of the world CPD Industry owing to its availability of low cost and highskilled labour. India s exports of cut and polished diamonds rose from US$ billion in FY to US$ billion in FY , thereby registering a compound annual growth rate (CAGR) of 6.13 per cent. How the Industry Operates in India Import of rough diamonds from Major Miners Cutting and Polishing of rough diamonds Export of polished diamonds/studded jewellery Diamond trade and industry in India consists of import of rough diamond, cutting and polishing of rough diamond and export of polished diamond /diamond stud jewellery. Production or mining of rough diamond in India is negligible, compared to total mining in the world. Diamond mining in India is concentrated in the State of Madhya Pradesh and Chhattisgarh. Surat is the major centre for cutting, polishing and processing of rough diamonds. It contributes more than 85% of diamonds trading in India. India Imports its rough diamonds from major Diamond mines which are in Botswana, Zimbabwe, Namibia, South Africa, Angola, Russia, Canada and Australia. The top six diamond mining companies are ALROSA, De Beers, Rio Tinto, Dominion Diamonds, Petro Diamonds which constitute close to 67% of the rough

3 diamond production in the world. The miners sell roughs to sightholders who in turn sell it to CPD manufacturers. Honk Kong (38%), USA (30%), Belgium (10%), UAE (9%), Israel (4%) are the major export destinations for polished diamonds in terms of value. India s Top 5 Players Trend & Outlook: India & the World Following a period of growth from 2012 through 2014, diamond jewellery consumption entered a moderation phase. Year 2015 and 2016 witnessed a slowdown, resulting in a decline in revenues of polished-diamond prices and thereby a slight revenue drop in the cutting and polishing segment. However despite this drop, the CPD segment bought 20% more rough diamonds (by value) from producers in 2016 than in 2015.

4 India, gained market share and now accounts for about 90% of the global polisheddiamond manufacturing by value. Already the dominant manufacturer of small stones, India is gaining share in the more value-added segment of larger stones, mostly at the expense of China. Profitability of CPD players improved in 2016, supported by declining roughdiamond prices. However, margins are expected to remain under pressure in 2017 as the first half of 2017 saw rough-diamond prices increase by 3% while polisheddiamond prices decreased by 3%. To sustain profitability over the long run, the large CPD players focusing on operational improvements implementing new technologies such as automated cutting processes and advanced digital mapping and modeling of diamond cutting to optimize yields and shortening cutting and polishing cycles.

5 Gold Jewellery Industry How the industry operates in India Import of gold by government authorised banks Jewellery manufacturing process by players Jewellery manufacturers in India either purchase recycled gold or gold from banks authorised to import gold in India. Major world mines from where gold is imported are Barrick Gold, Newmont Mining, Anglo Gold, Ashanti, Gold Fields, Kinross and Goldcorp. Top four gold producers account for ~20% to 25% of the formal mined gold. China, South Africa, Australia, Russia, Canada, etc. are the major producers of gold in the world. Jewellery either used for domestics consumption or exported Key Facts about the industry While a major chunk of gold jewellery manufactured in India is for domestic consumption (60 per cent of the demand comes from rural India) unlike polished diamonds or finished diamond jewellery which is primarily exported. India is one of the largest gold jewellery exporters of the world. It exports to around 160 countries. India s gold Jewellery exports stood at US$ 8,722 million in FY17. Out of the total jewellery manufacturing industry, about 50 per cent of jewellery exports are plain gold jewellery sets or chains made in Mumbai, Kolkata and other cities from Southern India and exported mainly to UAE, Hong Kong and Singapore; 30 per cent are in the form of diamond jewellery mainly manufactured in Mumbai and exported primarily to US, UAE and Hong Kong; and remaining 20 per cent precious and semi-precious gem jewellery manufactured in western Indian states like Rajasthan and Gujarat and exported to UAE and UK. Overall UAE (44%), Hong Kong (28%), USA (18%), UK (3%) are the major export destinations for India.

6 Even though India is one of the largest jewellery fabricators in the world, its manufacturing facilities are largely unorganised. Only 5-10% of units operate as organised, large-scale facilities. Majority of the industry is characterised by small workshops, each typically employing two to four goldsmiths. This is reflected in the fact that between 60% and 65% of jewellery manufactured in India is handmade. Some of the large organised players in the industry include the following Industry Trend & Outlook: India & the World As per World Gold Council, India s gold jewellery demand fell sharply 22% yoy to reach a seven-year low in 2016 (522MT). The demand was impacted severely on account of various one-off events such as --nationwide jewellers strikes in 1Q16 and - severe liquidity crunch on account of the Government of India s (GoI) demonetisation drive in 4Q16. However FY 2017 saw a y-o-y growth of around 8 per cent amongst organised retailers. Furthermore, growth rates are expected to reach the double digit trajectory in FY2018 on back of regulatory headwinds fading out and continued favourable demographics. The government hopes the gems and jewellery sector to grow 6-7 per cent per annum and has set at target of $60 billion exports by 2022 from the present $43 billion. Profit margins also improved marginally in FY 2017 and are expected to remain stable over the medium term. Share of national and regional organized jewellery retailers is expected to grow. Globally a mixed consumption pattern is expected Impact of GST The Goods & Services Tax (GST) on raw materials in the gems & jewellery industry has been fixed at 0.25% and on ready material at 3%. Although it is higher than the previous applicable taxes, including 1% excise duty and 1.5% VAT, it is below the anticipated GST of 5%. Customs duty will continue to be 10% and processing charges will be taxed at 5%. The average processing charges are around 12% of the gold price. So, the total taxes and duties

7 which amounted to nearly 12.4%, will now be 14% post GST. Organised players will be the biggest beneficiaries of this as the cost gap between organised and unorganised players will come down. Government Policies/Initiatives towards Indian Gems & Jewellery Sector As the gems & Jewellery industry is a significant foreign currency earner, the government of India supports the industry The Government of India has permitted 100 per cent FDI under the automatic route in this sector Furthermore, there is zero duty in terms of rough diamond procurement The GST was also in favour of gems & Jewellery industry with a 3% levy on gold, gold jewellery, silver jewellery and processed diamonds and 0.25 per cent on rough diamonds. Government has also encouraged establishment of Gems and Jewelry SEZs, etc. Government proposed to extend Pradhan Mantri Kaushal Kendras to more than 600 districts across the country, from the 60 districts at present, will help in creating skills for the gems and jewelry sector as well. The Foreign Trade Policy (FTP) that will be in effect for the next five year term, 2015 to 2020 aims at supporting services and exports and would boost the "Make in India" initiative. The policy provides the impetus to boost exports and offers a critical regulatory framework for the proposed Special Notified Zone (SNZ). The gold monetization scheme has been established in November The scheme enables individuals, trusts and mutual funds to deposit gold with banks and earn interest on the same in return. Ahmedabad, Amreli, Visanagar and Palanpur are setting up common facility centres (CFCs), to provide access to a common pool of state-of-the-art machinery and equipment at a cheaper rate to small and medium diamond manufacturers; and A jewellery park worth Rs 50 crore (US$ 7.8 million) is to be set up in Mumbai by the Government of India where local handmade workers and factories will be relocated to develop their trade, improve their work environment and standard of living.

8 Source: Gems and Jewellery Export promotion Council publications World Gold Council publications Bain & Company Report-The Global Diamond Industry 2016 CARE Ratings- The Gems & Jewellery Sector Insights& Prospects August 2017 IBEF Report- Gems & Jewellery Dec 2017

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