In an endeavour to facilitate gems and jewellery exports, India will be joining the Vienna Convention, 1972, also called the Convention on Control and Marking of Articles of Precious Metals. The accession to the Convention is likely to revamp the assaying and hallmarking centres in India technologically, which will consequently enhance the quality of jewellery. Significantly, gems and jewellery sector is the largest contributor to India’s exports and its market has been predicted to touch US$30 billion by 2014. Some of the key destinations for Indian SMEs engaged in gems and jewellery exports are Hong Kong, the US, the UAE and Belgium. This development comes at a time when high raw material prices in the country are hampering the businesses of SMEs in this sector. With India joining the Convention and with the pressure to deliver superior quality jewellery, some of these SME-related issues are likely to be addressed now. Conforming to international standards as per the Convention’s guidelines will not only enhance the competitiveness of these SME-produced jewellery items in the domestic and international markets, but also generate their demand in newer market

Sreemita Bhattacharya