India’s Gem and Jewellery Industry: Radiating Opportunity
Mr.Vijay Mangukiya
- Regional Chairman, GJEPC,
Surat
Resilience and Radiance: India’s Jewel of Economic Growth
The global gems and jewelry industry remains changing at an accelerated rate of transformation, blending art and culture. India, one of the fastest developing countries in terms of this category's glorious heritage has become an emerging force in the market. Besides, the gem and Jewellery sector holds about 15.71% of India’s total merchandise exports. The fiscal year 2023-24 was pivotal, wherein exports have reached USD 32 billion. It’s the true reflection of the industry’s resilience to survive.
Surat’s Gem and Jewelry Exports: Driving Growth in Gujarat
In FY 2023-24, gems and jewellery exports from Gujarat reached an impressive USD 3,234 million, with Surat contributing a substantial USD 2,714 million. As a leading diamond hub, diamonds were the primary export, accounting for USD 1,148.67 million. Silver jewellery closely followed, generating USD 1,126 million, while gold jewellery added USD 907 million to the total. However, current exports of diamonds have faced challenges due to subdued demand from the USA, China, and geopolitical tensions, although a recovery is anticipated soon. The diverse offerings from Gujarat highlight the region’ts strength and resilience in the gems and jewellery sector.
Gold Jewelry Shines Bright
Gold jewellery continues to be a significant driver of India’s gem and jewellery exports. The demand for gold has surged, resulting in an increase in the manufacturing and export of both plain and studded gold jewellery.
In FY 2023-24, India’s gold jewellery exports reached an impressive USD 11.23 billion, reflecting a robust growth of 16.76% compared to the previous financial year, despite challenging global circumstances.
E-Commerce: Transforming The Gem and Jewellery Landscape
E-commerce has revolutionized how consumers buy luxury items like gemstones and jewellery, accelerating adoption over the past two years. This shift has opened new opportunities for exporters and retailers, driving significant growth in the sector.
India’s Vision: $75 Billion of Jewellery Export
Prime Minister Shri Narendra Modi has set an ambitious target of USD 75 billion for India’s gems and jewellery industry. To support this goal, the Government has reduced customs duties on gold and silver to 6% and on platinum to 6.4%, alongside the introduction of the Safe Harbour Rule for rough diamonds. Additionally, a Free Trade Agreement with the UAE is designed to enhance export opportunities. These strategic measures are poised to significantly boost the industry’s growth and global competitiveness, positioning India as a key player in the global market.
GJEPC’s Vision And Next-Gen Opportunities
With the vision to make india preferred source of Gems and Jewellery The Gem and Jewellery Export Promotion Council (GJEPC) is creating opportunities for the next generation of exporters. Events like the India International Jewellery Show (IIJS) and BuyerSeller Meets (BSMs) offer young professionals a platform to network and connect with international buyers. Additionally, GJEPC’s advocacy for supportive government policies fosters a favorable business environment, while projects like the India Jewellery Park and the Mega Common Facility Centre promote sustainability and innovation. These efforts empower emerging exporters to thrive in the global gems and jewellery market.