The Gems and Jewellery Export Promotion Council (GJEPC) of India released a report by KPMG “The Global Gems and Jewellery: Vision 2015: Transforming for Growth” on 11th December 2006.%%The study gives insight on the current size and scale of the value chain, identifying trends that will have an impact on the future, predicting the likely state of the industry by 2015, suggesting initiatives, and developing a roadmap for various players given the expected changes in the environment.%%Global jewellery sales are expected to grow at 4.6 per cent every year to touch USD 185 billion in 2010 and USD 230 billion in 2015. Palladium is likely to establish itself as an alternative metal for jewellery fabrication, while gold and diamond jewellery will continue to dominate the market together, accounting for about 82 per cent. Diamond jewellery will be the slowest growing segment at a CAGR of 3.3 per cent. Growth in the industry will be slow as compared to that expected in other luxury goods categories such as watches, perfumes, etc.%%During the release Neelesh Hundekari, Director, Advisory Services, KPMG India said, “Transformation is necessary for growth. The industry has the potential to successfully compete against the luxury goods industry and preserve its traditional domination of the consumer’s discretionary spends. The industry needs to defend jewellery as a category and explore newer markets, while professionalizing family businesses”. To realize its potential by 2015, the industry would have to focus on the growing demand for jewellery as a category and strengthen industry-level and enterprise level capabilities.