The gems and jewellery sector contributes 7% to India’s GDP and 15% of the country’s total merchandise exports
10 SEZs
for Gems & Jewellery in India are home to over 500 manufacturing units, contributing ~30% of the country’s total exports
1 Mn
gem and jewellery units in India employ 4.3 Mn people
~35%
of the Indian jewellery market in CY 2023 was driven by organised retail
The Indian jewellery market has grown steadily at a CAGR of 12-14% between CY 2021-2023 and currently stands at ~INR 5,562 Bn (~$67 Bn). The Indian Jewellery market is expected significantly to outpace the CAGR of its global contemporaries, with a projected CAGR of 11-13% during 2023 to 2028 v/s that of China (5-7%) and the USA (2-4%)
International investors are increasingly focusing on this sector due to its robust growth potential and favourable government policies. The Indian government has recognized the Gems and Jewellery industry as a priority area for export promotion, allowing 100% Foreign Direct Investment (FDI) through the automatic route. This openness is complemented by various initiatives aimed at enhancing technology, skill development and infrastructure within the industry. Furthermore, India’s strategic position in global trade—accounting for 29% of global jewellery consumption—makes it an attractive destination for investment
The sector’s growth is also fueled by evolving consumer preferences, with a notable trend towards lightweight and customized jewellery. The increasing penetration of e-commerce and digital marketing strategies further enhances market accessibility. Additionally, India’s rich heritage in craftsmanship combined with modern design innovations positions it uniquely in the global market
With a significant share of polished diamonds exported worldwide and a growing demand for ethical and sustainable practices, the Gems and Jewellery sector in India presents a compelling opportunity for international investors looking to capitalize on a dynamic and expanding market.
10 SEZ – located in Mumbai, Surat, Jaipur, Delhi, Kolkata, Visakhapatnam, Hyderabad, Chennai, Cochin and Noida
47%- of the net exports of $4.29 Bn from the SEZs come from studded gold jewellery
India handles ≈90% of global diamond processing and is a top gold consumer, with Surat, Jaipur, and Mumbai as key hubs.
India’s Gems & Jewellery sector contributes 10-12% of the country’s total merchandise exports, with markets in the USA, Europe and the Middle East being key destinations.
The government allows 100% FDI under the automatic route, with SNZs and jewellery park incentives attracting foreign players.
The government, in partnership with industry bodies like the GJEPC & GJSCI, emphasizes skilling initiatives to maintain a competitive edge in craftsmanship and design.
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