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 4.5 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.
India's gems and jewellery exports stood at US$ 18.49 billion in FY20P (till October’19, Provisional). During the same period, exports of cut and polished diamonds stood at US$ 12.24 billion, thereby contributing about 73.42 per cent of the total gems and jewellery exports in value terms. Exports of gold coins and medallions stood at US$ 617 million and silver jewellery exports stood at US$ 737.74 million between April-October 2019. The country 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.
Share in India's commodity exports
Contribution to GDP
Largest diamond processing centre in the world
2nd largest Foreign Exchange Earner (FEE) in the Indian economy
Biggest buyer of gold in the world
PM Modi pushes for Aatmanirbharta vision at CII Annual Meeting 2021
India must be aware of new FDI - Foreign Destructive Ideology. Says PM Modi.
FDI equity inflows into India cross $500 billion milestone
FDI India Media Coverages
PM Modi's Keynote Address at US-India Strategic Partnership Forum