Representative image showing jewellery
Credit: DH File Photo
Mumbai: India’s gem and jewellery sector is targeted to surpass $100 billion in exports and build a $500 billion domestic market by 2047 - making it a global hub.
In fact, the gems and jewellery sector contributes 7 per cent to India’s merchandise exports.
“The gems and jewellery sector currently contributes $30 billion in exports, $85 billion in domestic sales, and provides direct employment to over 42 lakh people across India. We are confident of surpassing $100 billion in exports and building a $500 billion domestic market by 2047, making India the global hub for gems and jewellery,” Gem & Jewellery Export Promotion Council (GJEPC) Chairman Kirit Bhansali said.
Bhansali’s observations came at a meeting chaired by Prime Minister Narendra Modi in New Delhi on Monday — of selected representatives of various industry sectors that contribute majorly to India’s merchandise exports.
Bhansali presented key policy recommendations aimed at accelerating exports and strengthening India’s manufacturing ecosystem, noting that to remain globally competitive with leading trade hubs such as Belgium, London, the USA, and the UAE, India needs to establish an efficient and trade-friendly business environment.
On legal reforms, he said: “Just as major reforms in India’s Criminal Code and the introduction of faceless provisions in the Income Tax system, the industry now hopes to see similar modernisation of the Customs Act, 1962, which include implementation of a risk management system, and AI-based digital appraisals. These measures will make customs procedures faster, more transparent, and cost-efficient — significantly enhancing India’s ease of doing business and global competitiveness.”
The GJEPC chief requested the government to introduce a special scheme offering export credit at concessional rates, particularly benefiting MSME units.
“With India’s banking system strengthened by recent reforms, extending interest subvention and ECGC premium subsidies will further enhance exporters’ cost competitiveness and boost India’s share in global trade,” he said.
GJEPC urged the government to expedite the passage of the SEZ Act amendment, which will allow limited domestic sales with fair duty adjustment and enable optimal utilisation of idle capacity during off-seasons — improving productivity, efficiency, and employment stability.
Bhansali proposed the formulation of a National Gem & Jewellery Park Policy, similar to those existing for the textile and leather sectors, to strengthen domestic manufacturing ecosystems and attract global investment into India’s gem and jewellery value chain.
He further urged the Prime Minister to prepare a White Paper on Gems & Jewellery sector based on the inputs recently submitted by GJEPC to NITI Aayog and the findings of the Exim Bank report released recently.
Bhansali also thanked the Prime Minister for his visionary leadership behind the India–UAE CEPA, which greatly boosted India’s gems and jewellery exports, with plain gold jewellery growing 47.4% annually between FY2023 and FY2025.
Lauding the FTAs with the UK, Australia, and EFTA nations, he expressed confidence that the upcoming US BTA and India–EU FTA would further strengthen India’s global trade leadership.