When the US buys Nepali jewellers

The US and India on Wednesday signed a Memorandum of Understanding to acquire Nepali-made jewellery maker Nepali Jewelry for US$1.3 billion, India’s National Herald newspaper reported.

Nepali Jewelries, which was set up in 2009, is one of the largest brands of Indian jewellery in the US and is a member of the American Jewelry Exchange, an international trade body that handles most of the global imports of Indian jewelry.

The move follows a US$5.6 billion deal to buy the brand for $4.7 billion in 2016.

India’s jewellery industry is in the midst of a revival after a series of global economic shocks, with a boom in exports of jewellery and other luxury goods and a slowdown in demand due to the nuclear crisis.