The Gems and Jewelry sector plays a significant role in the Indian economy, contributing around 7 per cent of the country’s GDP and 15.71 per cent to India’s total merchandise exports. It also employs over 4.64 million workers. One of the fastest growing sectors, it is extremely export oriented and labour intensive.
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. UAE, US, Russia, Singapore, Hong Kong, Latin America and China are the biggest importers of Indian jewellery. 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.