Anshita Mehra
New Delhi, January 4
Commerce Minister Piyush Goyal has proclaimed India’s aspiration to become the global hub for the gems and jewellery industry. He highlighted India’s historical role as a stone and gem supplier for two millennia, evolving into a pivotal centre for the jewellery and diamond sector and taking a leadership position in lab-grown diamonds.
Sector contributes 7% to GDP
- India holds the fifth highest share in the global gems and jewellery exports, ranking first in cut and polished diamonds, silver jewellery and synthetic diamonds/stones
- Gems and jewellery sector contributes around 7% to the Indian GDP
- Exports from the sector stood at $37.46 billion in FY23
Asserting that 80-90% of diamonds are already processed in India, he underscored the nation’s critical role in the industry.
As per statistics, the gems and jewellery market in India has been a significant global player, contributing substantially to the country’s economy. Factors such as cultural significance, rising disposable incomes, evolving consumer preferences and the wedding and festive seasons drive market expansion.
As per data provided by Gem and Jewellery Export Promotion Council, gem and jewellery sector contributes around 7% to the GDP. According to 2022 statistics, the country holds the fifth highest share in global gem and jewellery exports, ranking first in cut and polished diamonds, silver jewellery and synthetic diamonds/stones.
With overall gross exports at $37.46 billion in FY23, the industry remains a powerhouse. Goyal highlighted Prime Minister’s ‘wed in India’ initiative, positioning the nation as an ideal wedding destination, appealing especially to the affluent.
Expressing ambition for India to lead in the fashion, gem and jewellery industry, Goyal emphasised ‘design in India’ as the future following the success of ‘make in India.’
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