I have good contacts with people in Delhi in the imitation jewelery.
They have asked me several times to explore the North American market but I dont know the market very well.
Is there anyone here that has some first hand knowledge of this market? Is it worthwhile to try and spend one's time and effort on?
And who do I approach ...retail stores of established chain of stores like walmart etc.?

Nope

U need to start small and get small orders first. Retail stores like Walmart do not deal with newly started companies etc. They need big credits and previuos 3 years of Busienss statements in millions and also somebody who can provide them millions of pieces etc.

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We will find a way or we will make one

Thanks Smiley
Does anyone here have any pointers for me like what kind of stores to target first or should I go straight into retail myself?

Try Consignment stores (look under Consignment Sales in Yellow Pages)