The gems and jewellery industry of India contributes 7% to India’s Gross Domestic Product (GDP). The industry employs more than 5 million of skilled and semi-skilled workforce in the country. The sector contributes about 10-12% of India’s total merchandise exports, accounting for the third largest commodity share. During 2021-22, the gems and jewellery exports played an instrumental role in growing India’s overall exports to US$ 419 billion with a growth of 44% from 2020-21 and 34% from 2019-20.
The Government of India, along with all the stakeholders of gems and jewellery sector, is well committed towards aggressively promoting exports, identifying challenges and addressing them with necessary interventions, assisting exporters, especially SME units, and exploring new markets while consolidating existing ones. With strong growth prospects, the government of India has also declared the gems & jewellery sector as a focus area for export promotion.
India majorly exports cut & polished diamonds, lab-grown synthetic diamonds, colored gemstones, synthetic stone, plain and studded gold jewellery, silver & platinum jewellery, imitation jewellery and articles of gold, silver and others. Western Region is key exporting hub for the gems and jewellery industry contributing almost 77% of the total exports in 2021-22. Surat, a city of Gujarat state in the western region of India has more than 450 organised jewellery manufacturers, importers & exporters, making it the jewellery manufacturing hub of the world.