The Gems and Jewellery sector plays a significant role in the Indian economy, contributing around 7% of the country’s GDP and 15% to India’s total merchandise exports. It also employs over 4.64 million workers and is expected to employ 8.23 million by 2022. One of the fastest growing sectors, it is extremely export oriented and labour intensive.
The overall net exports of Gems and Jewellery registered an annual growth of 9.1% to reach $35.6 bn during 2016-17. Exports of cut and polished diamonds, gold jewellery and silver jewellery registered a growth of 10.2%, 1.9% and 35.9%, respectively during 2016-17. Exports of gold coins and medallions from India stood at $1.9 bn, while exports of silver jewellery stood at $3.3 bn during April 2017-February 2018. India is deemed to be the hub of the global jewellery market because of its low costs and availability of high-skilled labour. India is the world’s largest cutting and polishing centre for diamonds, with the cutting and polishing industry being well supported by government policies.
The Indian Government has permitted 100% FDI in Indian diamond industry or gems and jewellery sector under the automatic route.
Largest diamond processing centre in the world
2nd largest Foreign Exchange Earner (FEE) in the Indian economy
Biggest buyer of gold in the world
Gems and Jewellery industry contributes to about 16% to India’s total merchandise exports and has grown at a CAGR of over 14.8% over the last 50 years. The Gems and Jewellery industry in India is one of the largest in the world, contributing 29% to the global jewellery consumption
The gems and jewellery market in India is home to more than 300,000 players, with the majority being small players. Its market size is about $75 bn as of 2017 and is expected to reach $100 bn by 2025
Gold demand in India rose to 523.93 tonnes between January - September 2018. India's gems and jewellery exports stood at US$ 28.52 billion between Apr 2018 –Feb 2019
Exports of gold coins and medallions stood at $686.51 mn and silver jewellery exports stood at $765.98 mn between April 2018 - February 2019
India is one of the largest exporters of gems and jewellery and the industry is considered to play a vital role in the Indian economy as it contributes a major chunk to the total foreign reserves of the country
Atal Bihari Vajpayee's memorable 1996 Parliament trust vote speech
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