* India’s gems and jewellery exports reached US$ 37.73 billion in 2022-23.
* In 2022, India ranks first among the top exporters in cut & polished diamonds, and second in gold jewellery, silver jewellery and lab-grown diamonds.
* The total foreign direct investment (FDI) inflows in the gems and jewellery sector during 2021-22 stood at US$ 58.77 billion.
* In September 2021, Malbar Group invested Rs. 750 crore (US$ 100 million) in a gold refinery and jewellery unit in Hyderabad.
* The Government has permitted 100% FDI under the automatic route** in this sector.
* The Government has reduced custom duty on cut and polished diamond and colored gemstones from 7.5% to 5% and NIL.
* India’s gold demand will witness a sharp upswing to top 800 tonnes in 2023.
* In the fourth quarter of 2022 demand for gold rose stood at 219.7 tonnes.
* The FDI inflows in the gems and jewellery sector increased by 60.78% in FY22 on a year-over-year basis.
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