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India's Gem Industry
The overall gems and jewellery exports rose by 6.55 per cent in September to USD 2,914.29 million (Rs 25,737.50 crore) despite global headwinds as festive and wedding season demand gains momentum, the Gem and Jewellery Export Promotion Council (GJEPC) said on Tuesday. Gem and jewellery exports stood at USD 2,735.26 million (Rs 22,925.81 crore) in in September 2024, GJEPC said in a statement. In the first half of 2025-26, the overall gem and jewellery exports witnessed a growth of 3.66 per cent at USD 14.09 billion compared to USD 13.60 billion in the same period of the previous fiscal. "The first half of this financial year reflects encouraging signs of recovery for the industry. Demand for gem and jewellery products has strengthened across key markets such as the UAE, Hong Kong, and the UK, with exports registering consistent growth. The upcoming festive and wedding season among the Indian diaspora, together with the holiday season demand in global markets, is expected to further .
India's export competitiveness has witnessed healthy gains in multiple sectors -- particularly petroleum, gemstones, agrochemicals and sugar -- during the last five years, as these segments have increased their share in global trade, according to the commerce ministry data. The other sectors where the share of India's exports has increased during 2018 and 2023 are electrical goods, pneumatic tyres, taps and valves, and semiconductor devices. The ministry data analysis showed that petroleum exports rose to USD 84.96 billion in 2023, with India's market share surging to 12.59 per cent last year from 6.45 per cent in 2018, positioning it as the second-largest global exporter. It was ranked fifth in 2018. In the precious and semi-precious stones segment, the country's share in global shipments has soared to 36.53 per cent last year from 16.27 per cent in 2018. It has propelled the country to the top position in the category, with exports reaching USD 1.52 billion in 2023 from USD 0.26 .
The overall gem and jewellery exports witnessed a 21.93 per cent year-on-year decline in July to USD 1,665.4 million (Rs 13,922.03 crore) on account of dampening of consumer demand following global unrest, Gem and Jewellery Export Promotion Council (GJEPC) has said. According to data released by GJEPC -- the apex body for the gems and jewellery industry in India -- the overall exports in the category in July 2023 stood at Rs USD 2,170.71 million. "The exports are mainly affected due to decline in demand following geopolitical disturbance in key markets like the US and China. The demand in the China market has drastically slowed down due to a struggling economy," GJEPC Chairman Vipul Shah told PTI. The overall export of cut and polished diamonds (CPD) declined 21.34 per cent in July to USD 907.67 million from USD 1,174.41 million in the year-ago period. Gold jewellery exports also witnessed a 10.53 per cent decline in July to USD 530.38 million compared to USD 603.12 million in the
Richest Indian Mukesh Ambani on Saturday said the business community has the responsibility to build a stronger and more inclusive India. Addressing an event organised by the Gems and Jewellery Exports Promotion (GJEPC) here, the chairman and managing director of Reliance Industries also exuded confidence that the industry will reach its goal of touching USD 100 billion in exports in the next few decades. "All of us collectively in the business community have a responsibility to build a stronger, better and more inclusive India to fulfil the vision and the goal that our PM has set for us, that of a Viksit Bharat, a fully developed India in the next decades," he said. Ambani congratulated the gems and diamonds industry for the work they have done over the past few decades to reach USD 40 billion in exports and create over 50 lakh jobs in the country. From modest beginnings, the industry led by people from Palanpur made big strides, Ambani said, stressing that he is "proud" of the ...
Ahead of the Union Budget, the Gem and Jewellery Export Promotion Council (GJEPC) have urged the government to reduce import duty on gold and cut and polished diamonds to help the sector stay competitive globally. India's gem and jewellery industry is dependent on imports for raw materials, including gold, diamonds, silver, and coloured gemstones. The GJEPC seeks a reduction in import duty on precious metals to 4 per cent from the current 15 per cent. It demands bringing down customs duty on cut & polished diamonds to 2.5 per cent from 5 per cent at present. The apex industry body stated that imposing higher import duty on cut and polished gemstones would lead to reduced exports, fewer employment generation in the jewellery industry thereby making survival difficult due to losing competitive edge to other competing countries like China and Thailand. It urged the government to introduce the Diamond Imprest Licence again and cut import duties. This will provide a level playing field
The Indian gem and jewellery industry on Friday said it will resume imports of rough diamonds, which were under voluntary suspension since October 15. The suspension was a collective decision taken by the Indian diamond industry, represented by the Gem Jewellery Export Promotion Council (GJEPC), Bharat Diamond Bourse, Mumbai Diamond Merchants' Association, Surat Diamond Bourse, and Surat Diamond Association, to address the challenges related to the imbalance between demand and supply. The gem and jewellery industry will lift the voluntary suspension of rough diamond imports on December 15, which is in effect from October 15 to December 15, a joint industry statement said. "We believe that the suspension has helped bring stability to the Indian diamond industry, which had been impacted by low demand. The suspension has also resulted in a positive impact on the prices of polished diamonds over the past two months," GJEPC chairman Vipul Shah said. "The industry is hopeful that the pri
India's overall gems and jewellery exports declined by 11.49 per cent to Rs 22,873.19 crore (USD 2,748.01 million) in October, according to the Gem and Jewellery Export Promotion Council (GJEPC) data. The gross exports stood at Rs 25,843.84 crore (USD 3,134.85 million) during October 2022, the data showed. Cut and Polished Diamonds (CPD) exports witnessed a fall of 32.70 per cent to Rs 10,495.06 crore (USD 1,260.91 million) in the previous month compared to Rs 15,594.49 crore (USD 1,891.2 million) in the year-ago period. Gross export of polished Lab Grown Diamonds (LGD) in October dropped by 23.01 per cent to Rs 1,135.16 crore (USD 136.38 million) against Rs 1,474.38 crore (USD 178.73 million) in the corresponding month of 2022. "The overall gems and jewellery exports were down in October mainly due to slowdown in demand in key markets like the US and supply constraints of diamond, which constitutes 50 per cent of the total shipments. We are hoping the markets pick up during the ..
Rising tension between Israel and Palestine is not likely to have any adverse impact on the gem and jewellery industry's exports, GJEPC has said. India has witnessed substantial exports of gem and jewellery to Israel, amounting to USD 1,279.76 million in 2022-23, according to data by the Gem Jewellery Export Promotion Council (GJEPC). It is significant to note that Israel being a very important trading centre exports rough diamonds to the tune of USD 1,782.80 million, it added. "Israel primarily serves as a re-export market. While the ongoing situation in Israel is of grave concern to us, we express our solidarity with the Israeli diamond trade during this hour of crisis for their nation. It is too early to definitively assess the impact and we are keeping a strict watch on the situation. "We have not witnessed any disruption in the regular dealings and believe it is unlikely to significantly impact India's gem and jewellery trade with Israel. Nevertheless, we remain hopeful for a