India ranks first among the top exporters in cut and polished diamonds, and second in gold jewellery, silver jewellery, and lab-grown diamonds as of year 2022 reports. India’s gems and jewellery exports reached US$ 39.45 billion in 2022, a 54.68% rise from the previous year. The gems and jewellery sector in India employs about 8.23 million people.
India has around 450 organised jewellery manufacturers, importers & exporters and is the main hub for jewellery manufacturing in the whole world. The demand for jewellery is expected to be significantly supported by the recent positive developments in the industry. India’s gems and jewellery industry is expected to reach US$ 100 billion by 2027.Market size
India’s gems and jewellery market size was at US$ 78.50 billion in the last fiscal.Industry Investments The total foreign direct investment (FDI) inflows in the gems and jewellery sector during 2022 stood at US$ 58.77 billion. The FDI inflows in the gems and jewellery sector increased by 60.78% in FY22.
Cumulative FDI inflows in diamond and gold ornaments stood at US$ 1,213.06 million between April 2000-March 2022, according to the Department for Promotion of Industry and Internal Trade (DPIIT).