Gems and Jewellery Industry in India

As of 2022, India ranks first among the top exporters in cut & polished diamonds, and second in gold jewellery, silver jewellery, and lab-grown diamonds.

Advantage India

Growing
Demand

* 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.

Growing Demand

Increasing
Investments

* In September 2021, Malbar Group invested Rs. 750 crore (US$ 100 million) in a gold refinery and jewellery unit in Hyderabad.

* Cumulative FDI inflows in diamond and gold ornaments in India stood at US$ 1,263.34 million between April 2000-September 2023.

Increasing Investments

Policy
support

* 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. 

Policy Support

Attractive
Opportunities

* 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.

Attractive Opportunities
Last updated: Feb, 2024

Major Hubs for Gems and Jewellery

  • Surat
  • Mumbai
  • Jaipur
  • Thrichor
  • Nellore
  • Delhi
  • Hyderabad
  • Kolkata

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