Gems and Jewellery

The Gems and Jewellery sector plays a significant role in the Indian economy, contributing around 7 per cent of the country’s GDP and 15 per cent to India’s total merchandise exports. The sector is home to more than 300,000 gems and jewellery players. Its market size will grow by US$ 103.06 billion during 2019-2023. The net exports rose from US$ 15.66 billion in FY2004-05 to US$ 30.96 billion in FY 2018-19, at a CAGR of 4.99 per cent over FY05-19. Based on its potential for growth and value addition, the Government of India has declared the Gems and Jewellery sector as a focus area for export promotion. The Government has recently undertaken various measures to promote investments and to upgrade technology and skills to promote ‘Brand India’ in the international market. India's Gems and Jewellery sector has been contributing in a big way to the country's foreign exchange earnings (FEEs). The Government of India has viewed the sector as a thrust area for export promotion. The Indian government presently allows 100 percent Foreign Direct Investment (FDI) in the sector through the automatic route. 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 The cumulative FDI inflows in diamond and gold ornaments in the period April 2000 – June 2019 were US$ 1.16 billion, according to Department for Promotion of Industry and Internal Trade (DPIIT).

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