Indian Jewellery Industry’s Dazzling Export and International Trade Potential
Written By Mr Amit Mulani - Expert in Gems & Jewellery Industry (Import-Export Research & Analysis)
The Indian gems and jewellery industry is expected to grow at a CAGR of 21.35% from 2023 to 2029, reaching almost US$ 144.37 Bn. in 2029. Where The value of the jewellery market worldwide is expected to increase from about 270 billion U.S. dollars in 2022 to over 330 billion dollars by 2026. Even The global online retail jewellery market (E-Commerce) will achieve an estimated market value of USD 29.19 Billion with an expected CAGR of 15.89% by 2030.
Some key points about India’s jewellery export compatibility and potential in international market.
Evolution in the Gems and Jewellery Industry worldwide:
The jewellery industry has been evolving a lot recently. People are now making jewellery by combining traditional techniques with modern designs. They are also focusing more on being eco-friendly and making sure the materials they use are sourced ethically. This means they care about where the materials come from. People now like jewellery that's unique to their culture, and this has made the jewellery market more diverse and inclusive.
How India's Jewellery Industry is Growing:
India's jewellery industry is booming because it has a rich cultural heritage and lots of skilled people who can make beautiful jewellery. India is now a top global producer and exporter of jewellery, selling to both traditional and modern markets. They're using advanced technology to make jewellery and many people from around the world want to buy Indian designs. So, the Indian jewellery industry is set to grow even more.
Untapped Potential Markets for Indian Jewellery:
The United States, China, Hong Kong, UAE, Singapore, Russia, Japan, and Europe are some of the major markets for Indian gems and jewellery exports. The demand for Indian jewellery is also increasing in countries such as Thailand, Indonesia, Vietnam, Malaysia, and South Korea. India's jewellery industry is trying to expand into new places like Latin America, where people are interested in Indian jewellery and craftsmanship. Industry does this by using their cultural heritage and making jewellery that the local people like. This is helping the industry grow and build good trade relationships with other countries.
The Future of Lab-Grown Diamond Jewellery:
In the future, lab-grown diamond jewellery in India is looking good potential into the international market. People are becoming more aware of the environment and want jewellery that's made sustainably and ethically. New technology is making it possible to create high-quality lab-grown diamonds. This is changing what people like, and they want affordable jewellery that's also good for the environment. So, lab-grown diamond jewellery is going to become more important in the global market.
According to Future Market Insights (FMI), the India lab-grown diamond jewellery market was valued at USD 264.5 million in 2022. Over the next ten years, lab-grown diamond jewellery sales will rise at 14.8% CAGR. Total market size is set to increase from USD 299.9 million in 2023 to USD 1,192.3 million by 2033.
Government benefits to exporters:
The Government of India has implemented various measures and incentives to promote and support exports from the country. These benefits are aimed at boosting the Indian export industry and making Indian products more competitive in international markets. The benefits are as below:
GST Refund
Duty Drawback Scheme
Remission of Duties or Taxes on Export Products scheme
Emergency Credit Line Guarantee Scheme
Export Promotion Capital Goods (EPCG) Scheme
Advance Authorisation Scheme
Market Access Initiatives
Trade Agreements and Bilateral Treaties
Export Credit Guarantee Corporation
Export Credit and Finance
Interest Equalization Scheme
Exporter’s responsibility to develop long term and sustainable business:
1. Market research, Compliance and Quality Control
2. Pricing Strategy and Documentation
3. Logistics and Shipping, Payment Terms and Insurance
4. Communication
5. Product Packaging, Market Entry Strategy and Adaptability
6. Cultural Sensitivity and Market Diversification
7. After-Sales Support (Most Important)
8. Financial Management and Legal Support
9. Continuous Learning
By fulfilling these responsibilities and carefully planning your export journey, you can increase your chances of achieving success in the global market.
Mr. Amit Mulani
