Gems & jewellery sector targets $100 bn exports and $500 bn domestic market by 2047

India's Gems and Jewellery industry is targeting $100 billion in exports and building a $500 billion domestic market by 2047, says top industry leaders. In an interaction with Prime Minister Narendra Modi, Kirit Bhansali, Chairman, Gem & Jewellery Export Promotion Council (GJEPC) said the Gems & Jewellery sector now contributes 7% to India’s Merchandise Exports. Currently, the sector has grown to $30 billion in exports, $85 billion in domestic sales and provides direct employment to over 42 lakh people across India.

The meeting with PM, organised in New Delhi on 3rd November with selected representatives of various industry sectors that contribute majorly to India’s merchandise exports, was convened to seek inputs from leading export sectors on measures to strengthen India’s competitiveness in global trade.

The India–UAE CEPA (Comprehensive Economic Partnership Agreement) greatly boosted India’s gems and jewellery exports, with plain gold jewellery growing 47.4% annually between FY2023 and FY2025. The free trade agreements (FTA)s with the UK, Australia, and EFTA nations and the upcoming US BTA and India–EU FTA would further strengthen India’s global trade leadership, said Kirit Bhansali.  

''Under his (PM Modi) visionary leadership, India’s gem and jewellery sector has achieved remarkable growth and ease of doing business. With his continued guidance, we are confident of surpassing $100 billion in exports and building a $500 billion domestic market by 2047, making India the global hub for gems and jewellery,” he said.

GJEPC also suggested measures to accelerate exports and strengthen India’s manufacturing ecosystem, noting that to remain globally competitive with leading trade hubs such as Belgium, London, the USA, and the UAE, India needs to establish an efficient and trade-friendly business environment.

The GJEPC recommendations included:

1) Enhance ease of doing business in the sector

Amendment of Customs Act,1962 - Just as major reforms in India’s Criminal Code and the introduction of faceless provisions in the Income Tax system, the industry now hopes to see similar modernisation of the Customs Act, 1962 – which include implementation of a Risk Management System, and AI-based digital appraisals. These measures will make customs procedures faster, more transparent, and cost-efficient — significantly enhancing India’s ease of doing business and global competitiveness.

2) Facilitate affordable credit for export business in the sector

In competing economies, exporters enjoy significantly lower interest rates on export finance. To ensure a level playing field, GJEPC requested the Government to introduce a special scheme offering export credit at concessional rates, particularly benefiting MSME units.

With India’s banking system strengthened by recent reforms, extending interest subvention and ECGC premium subsidies will further enhance exporters’ cost competitiveness and boost India’s share in global trade.

 3)  Early passage of the SEZ Act amendment

Nearly 65% of India’s studded jewellery exports originate from SEZ units. GJEPC urged the Government to expedite the passage of the SEZ Act amendment, which will allow limited domestic sales with fair duty adjustment and enable optimal utilisation of idle capacity during off-seasons — improving productivity, efficiency, and employment stability.

4) Formulation of a National Gem & Jewellery park policy

GJEPC proposed the formulation of a National Gem & Jewellery Park Policy, similar to those existing for the textile and leather sectors, to strengthen domestic manufacturing ecosystems and attract global investment into India’s gem and jewellery value chain.