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Gem And Jewellery Industry

 
Gem And Jewellery Industry In India
Introduction
The Indian Gems and Jewellery sector is one of the largest in the world, contributing around 29% to the global jewellery consumption. The sector employs over 4.64 million employees and is home to over 300,000 gems and jewellery players. The sector contributes 7% to the Gross Domestic Product (GDP) of the country.
Indians have always been connoisseurs of precious stones and ornaments. Trade secrets of the jewellery business have been handed down over generations, ensuring continuity of traditional craft. Thus, India is today the world’s largest diamond cutting and polishing centre. India has been adding modern techniques to its traditional knowhow that are more in tune with global market trends.
Key Highlights
India is the most preferred country in terms of gems and jewellery export. The facts listed below give us an idea of India’s position on the global gems and jewellery export map. Indian gems and jewellery are exported across continents.
  • India is the world’s second largest gold consumer.
  • The overall net export of gems and jewellery stood at US$ 29.01 billion in FY20, whereas import was at US$ 26.05 billion during same period.
  • India exported US$ 18.66 billion worth of cut and polished diamonds in FY20P. It contributed 64% to the total gems and jewellery export.
  • India’s top export destinations for gems and jewelry are US, Europe, Japan and China. US accounts for nearly one-fourth of the country's total gems and jewelry export.
  • The Government of India is aiming at US$ 80 billion in jewellery export over the next five years from 2019.
  • The total gems and jewelry export accounted for US$ 22.41 billion from April to February 2021, and for February 2021 it was US$ 2.68 billion.
Gem and Jewellery Export Promotion Council
The Gem and Jewellery Export Promotion Council (GJEPC) undertakes direct promotional activities, including joint participation in international jewellery shows, sending and hosting trade delegations, and sustained image-building exercises.
Source:
  • Directorate General of Commercial Intelligence and Statistics
  • Press Information Bureau
 
Source: India Brand Equity Foundation


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