Global jewellery major Tiffany is exploring the possibilities of setting up a processing unit for diamonds in India.
Representatives from Tiffany visited Gems and Jewellery Export Promotion Council and expressed interest in setting up such a facility.
Besides Tiffany, trade bodies of US like Diamond Manufacturers' Association, Diamond Dealers' Club and Jewellers' Association of America have also indicated to GJEPC their preference for sourcing and manufacturing gems and jewellery from India, industry sources said.
India has emerged as the largest diamond cutting and polishing centre in the world having 60 per cent share in terms of value, 85 per cent in terms of volume and 92 per cent in terms of pieces in world's net imports of cut and polished diamonds.
Approximately, 11 out of 12 diamonds sets worldwide are cut and polished in India.
Around 23 per cent of the country's exports go to the US.
Gem and jewellery exports during 2004-05 increased 29.27 per cent to $15.67 billion compared to $12.12 billion in the previous fiscal.
Exports of cut and polished diamonds, which contribute about 72 per cent of the total exports in this sector, rose by 29.60 per cent to $11.18 billion in 2004-05.
GJEPC will set up a Bharat Diamond Bourse in Mumbai by 2006-07 as part of efforts to make India the global diamond hub.
