Pragmatism in making policies: Insights from the domain of gems and jewelry

Abstract

The Indian economy is one of the largest in emerging and developing scenarios. The contribution of gems and jewellery amounts to one-fifth of the total economy. This sector has one of the largest unorganized workforces in the country and is a major source of employment to a large number of people. The formulation of policies gains significance and demands statistical tools as philosophical debates often are inconclusive. The problem becomes more severe if quantification and inferential exactitude is a must. The nature of the gems and jewellery business, especially in India, is very secretive, and the use of language is highly elliptical, where it is very difficult to get any useful information or correct answers to the most basic questions. Diverse variables are difficult to place as well as correlate, and factors influencing an aspect may be very different than the perceived ones. This chapter explores the domain for the purpose of pragmatic policies that can be readily adopted by the government as well as by the industry.