'Scope for more Indo-US ties in diamond trade'

With Indian gem and jewellery companies entering into the making of high-value and bigger jewellery, the scope of collaborations between US and Indian companies has increased manifold, said Ronald Friedman, president of the Diamond Manufacturers and Importers Association of America.

Friedman said here today that the diamond and jewellery industry in the US has traditionally been into expensive and large jewellery, which was not the expertise of Indian firms until recently.

"But all that is changing fast. I have been to Mumbai and Gujarat in the past few days and things are changing very rapidly in India, paving the way for more forceful partnerships and collaborations between Indian and US jewellery houses," he said.

He added that, while India will continue to be the hub for diamond trade in the world, there is a need for the gems and jewellery industry to move into a higher gear by adopting value addition techniques and graduating into the manufacture of big and high value jewellery.

"As president of an organisation of jewellery manufacturers and importers, I can say that America offers huge opportunities for Indian jewellery companies," Friedman said.

There are 80 members in the Diamond Manufacturers and Importers Association of America, that comprises manufacturers, dealers and importers. "For instance, if any of the 80 companies wanted to sell polished diamonds in India, it would have to be through an Indian partner, and I think such partnerships are going to materialise," Friedman said.

He added that there are also several instances where Indian companies are tying up with counterparts in the US to adopt their designs.

Commenting on the fact that US accounts for the majority of exports of gems and jewellery from India and its impact on the local industry, Friedman said every country is competing with every other for a larger share of exports and this only increases the quality of goods produced.

"However, until now, since US companies were basically into high value bigger jewellery, there were no clash of interests, but yes, with Indian companies entering into high value jewellery as well, it is the time to foster collaborations with US companies, who have an expertise in the field," the official said.