INDIAN JEWELLERY AT A GLANCE IN 2021 - 2022
India's gems and jewellery market contributed to around 7% to GDP and 10-12% share in the total merchandise exports. India’s gems and jewellery market size was at US$ 78.50 billion in FY21.
India’s gold and diamond trade contributed about 7.5% to India’s Gross Domestic Product (GDP) and 14% to India’s total merchandise exports. The gems and jewellery sector is likely to employ around 8.23 million persons by 2022, from around 5 million in 2020.
In 2021-2022 India’s overall exports of gems stood at US$ 32.37 billion, which is a 69.13% growth as compared to same period last year. In January 2022, India’s overall gems and jewellery exports grew at 23.66% YoY to US$ 3.28 billion. India’s gems and jewellery exports are likely to reach US$ 40 billion in 2022 growing at 6.5% growth over pre-covid levels. The Government of India is aiming at US$ 70 billion in jewellery export in the next five years (until 2025), up from US$ 35 billion in 2020.
Investments The FDI inflows in diamond and gold ornaments in India stood at US$ 1,194.00 million between April 2000 and June 2021 according to the Department for Promotion of Industry and Internal Trade (DPIIT). Causes for the industry Growth
Gold import restrictions have been relaxed recently.
Availability of gold ornaments has improved.
Gold prices are starting to relax in lower levels.
Gold or jewel loans have become very viable for the Indian middle-class population.
Post covid auspicious events like marriages have increased.
