The finance minister P. Chidambaram’s recent proposal to set up an expert body to increase FDI in the gems and jewellery sector is likely to expedite the entry of the major players. Premium jewellery brands of the likes of Tiffany, Cartier, Zales and Harry Winston are interested in setting up retail ventures in India following the government’s decision to allow foreign direct investment (FDI) of up to 51% in single brand retail stores.%%“We have got inquiries from at least three leading global brands,” said Anuj Rakyan, vice-president of Gitanjali Gems’ jewellery division. “Since all the jewellery to be marketed in India will have to be sourced from here, it throws open vast opportunities for Indian firms,” he added. “The government body will look into all the possibilities and set the ball rolling to see FDI in this sector,” said Gem & Jewellery Export Promotion Council chairman Bakul Mehta.%%By 2010, India’s branded jewellery market is likely to reach Rs. 10,000 crore ($ 2.28 billion), according to a study by consulting firm McKinsey. “This could include exploring ways to bring globally known single brands in jewellery sector to India,” added Mehta.