Gems and Jewellery
India exported 75 per cent of the world’s polished diamonds in 2017.

Gems and Jewellery Industry Analysis

Latest update: August, 2018

  • UAE, US, Russia, Singapore, Hong Kong, Latin America and China are the biggest importers of Indian jewellery.
  • Net exports of gems and jewellery from India rose at a compound annual growth rate (CAGR) of 7.06 per cent between FY05 and FY17.
  • The net exports rose from US$ 15.66 billion in FY2004-05 to US$ 35.51 billion in FY 2016-17
  • US, Hong Kong and UAE accounted for 75 per cent of the total gems and jewellery exports from India during FY 2016-17.
  • The exports stood at US$ 30.67 billion between April 2017-February 2018.
  • Exports of gold coins and medallions stood at US$ 1,899.82 million and silver jewellery export stood at US$ 3,332.95 million during April 2017-February 2018.
Growth

Notes: * - Data from April-February 2018, CAGR – Compound Annual Growth Rate till FY 2017
Source: GJEPC, Media sources

  • India’s exports 93 per cent of its cut and polished diamonds produced.
  • India exports 75 per cent of the world’s polished diamonds.
  • India’s exports of cut and polished diamonds rose from US$ 11.16 billion in FY2004-05 to US$ 22.78 billion in FY 2016-17, thereby registering a compound annual growth rate (CAGR) of 6.13 per cent.
  • India exported US$ 21.71 billion worth of cut and polished diamonds between April 2017-February 2018.
  • An international diamond exchange will be set up in Surat in the next 36 months at a cost of Rs 2,400 crore (US$ 369.1 million). This will enable the fragmented and unorganised diamond polishing and trading industry to organise itself at one place.
  • The Indian Commodity Exchange (ICEX), backed by the Anil Ambani Group has launched the first ever futures contract for diamonds in the world, to create many new opportunities for diamond players.
Growth

Notes: * - Data from April-February 2018, CAGR – Compound Annual Growth Rate till FY 2017
Source: GJEPC

Last Updated: August, 2018

India's gems and jewellery sector is one of the largest in the world contributing 29 per cent to the global jewellery consumption. The market size of the sector is about US$ 75 billion as of 2018 and is estimated to reach US$ 100 billion by 2025. The sector is home to more than 300,000 gems and jewellery players, contributes about 7 per cent to India’s Gross Domestic Product (GDP) and employs over 4.64 million employees.

India's gems and jewellery sector contributes about 15 per cent to India’s total merchandise exports. The overall net exports of gems and jewellery stood at US$ 32.71 billion during FY18 registering a compound annual growth rate (CAGR) of 5.83 per cent over FY05; whereas gems and jewellery imports increased at a CAGR of 7.97 per cent from US$ 11.63 billion in FY05 to US$ 31.52 billion in FY18.

India is the world’s largest centre for cut and polished diamonds in the world and exports 75 per cent of the world’s polished diamonds. Today, 14 out of 15 diamonds sold in the world are either polished or cut in India. India exported US$ 8.13 billion worth of cut and polished diamonds in April - July 2018.*

India is the largest consumer of gold in the world. Rising middle class population and increasing income levels are the key drivers for the demand of gold and other jewellery in India. Gold demand in India rose 11 per cent year-on-year to 737.5 tonnes in 2017. Also, the Government of India has permitted 100 per cent Foreign Direct Investment (FDI) in the sector under the automatic route. The Bureau of Indian Standards (BIS) has revised the standard on gold hallmarking in India from January 2018, to include a BIS mark, purity in carat and fitness as well as the unit’s identification and the jeweller’s identification mark on gold jewellery. The move is aimed at ensuring a quality check on gold jewellery. The Government of India launched the Gold Monetisation Scheme to reduce the country’s reliance on gold imports to meet the domestic demand.

Note: * - provisional figures

Indian Gems and Jewellery Industry Report (August, 2018)

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Indian Gems and Jewellery Industry Report (July, 2018)

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Click to access the Gems and Jewellery Industry Archived Report

Gems and Jewellery

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