Mumbai-based diamond exporting firm Soundcraft Industries Ltd is in talks with the US retail chain major Wal Mart and the $2.5 billion Steafanie & Zales for production of affordable diamond jewellery.
Raj Basnatani, chairman of the Rs 630 crore (Rs 6.30 billion) company, said the contract was expected to be finalised by end-September.
SIL hopes it can do well in the US market as buyers across the world are shifting from expensive jewellery to affordable ones.
India can emerge as the production base for such jewellery as skilled Indian artisans can produce them at a low cost.
The company has set up a Rs 25 crore (Rs 250 million) diamond technology upgradation fund to relocate small and medium units engaged in the manufacturing of diamond studded jewellery to its new Rs 5 crore (Rs 50 million) unit at SEEPZ in Mumbai.
DTUF would help Indian suppliers earn credibility as lack of consistency in quality of supply had emerged as a major deterrent for export growth, Basnatani said.
DTUF would bankroll the pilot project to house all small units and small and medium enterprises from Surat, Ahmedabad, Rajkot under one roof and provide them financial security through orders from international majors.
"This would ensure consistent supply and better quality of products delivered," Basantani said.
"Small units in Surat and elsewhere cannot take the shocks of global competition," he said.
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