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The Indian Gems and Jewellery industry is one of the fastest growing segments in the Indian economy with an annual growth rate of approximately 16 per cent. The domestic market is estimated to be around US$ 16.1 billion and CII expects it to grow to US$ 30 billion in the next 4 years. The country is also the largest consumer of gold in the world. It consumes in excess of 800 tonnes of gold that accounts for 21 per cent of world gold consumption, of which nearly 620 tonnes go into making jewellery. India is also emerging as the world’s largest trading centre for gold targeting US$ 17 billion by 2011. The industry has the best skilled manpower for designing and producing high volumes of exquisite jewellery at low labour costs. India is the largest diamond cutting and polishing centre in the world—the industry enjoys 60 per cent value share, 82 per cent carat share and 95 per cent share of the world market in terms of number of pieces. In other words, nearly 9 out of 10 diamonds sold worldwide are cut and polished in India. India exported cut and polished diamonds worth US$ 14.18 billion in 2007-08. The Indian Gems and Jewellery market continues to be dominated by the unorganized sector. However, with the Indian consumer becoming more aware and quality conscious, branded jewellery is becoming very popular and the market for branded jewellery is likely to be worth US$ 2.2 billion by 2010, according to a McKinsey report. Moreover, the government allows 51 per cent FDI in single brand retail outlets, attracting both global and domestic players to this sector. The World Gold Council recently estimated the size of India’s gold coin market at about US$ 2.11 billion.