IGI plans second testing laboratory in New Delhi

International Gemological Institute (IGI) is planning to set up its second testing laboratory and certification centre in New Delhi. The new centre will have 50 gemologists and international diamond experts.

"It is important to have one more testing centre in India as the country is one of the fastest growing diamond markets in the world after the US and Dubai. We will also have mobile certifying units in the country. The process is expected to be completed in one year," said Tehmasp Printer, managing director, IGI India.

"The Indian diamond industry has doubled its size in the past six years. The country is the fastest growing economy which is supportive for the sale of gems, diamonds and jewellery. Naturally, the fake stone fear will be high in the minds of the buyers, which underlines the importance of IGI," he added.

The country's total diamonds and gemstone industry is pegged at $10 billion. Gem and jewellery export, for the six month period ending on September 30, increased 22 per cent to $8.4 billion compared with $ 7 billion in the corresponding period in 2004, according to the Gem and Jewellery Export Promotion Council (GJEPC).

For the first half of the financial year ending on September 30, exports of cut and polished diamonds reached $ 6.3 billion, an increase of 24 per cent over the same period last year.

The country has imported about $7.2 billion worth rough and polished diamonds during the first half of the current financial year.

The export of coloured gemstones for the six month increased by 8.6 per cent to $109.2 million. India's rough diamond exports for the six months have increased 87 per cent to $ 301.1 from $ 161 million in the previous corresponding period. Gold jewelry exports has reached $ 1.6 billion, an increase of four per cent.

And India's total imports for the six month period surged 37 per cent to $ 7.2 billion compared with $ 5.2 billion in the previous corresponding period. Rough diamond imports for the first half increased 24 per cent to $ 4.6 billion, compared with $ 3.7 billion in the same period last year. Polished stone imports increased 101.5 per cent to $ two billion.