India Eyes $100B Gems & Jewellery Exports by 2040
By Business Desk
India aims to reach $100 billion in gems and jewellery exports by 2040, a significant leap from current projections, boosting economy and employment.
India has set an ambitious goal to elevate its gems and jewellery exports to $100 billion by the year 2040. This represents a substantial increase from the projected $28 billion for 2025-26, signaling a strategic shift for the sector.
Economic Impact and Sectoral Contribution
This initiative is expected to significantly bolster India’s economy, contributing a larger share to both the national GDP and overall merchandise exports. The industry also anticipates a substantial increase in employment opportunities.
By 2040, the government forecasts:
The sector will contribute 1.2% to India’s Gross Domestic Product (GDP).
It will account for 14% of India’s total merchandise exports.
Employment within the industry is projected to double, reaching 1 crore individuals.
Strategic Shift Towards Value Addition
The core strategy behind this ambitious target involves a move away from low-margin original equipment manufacturing (OEM). Instead, the focus will be placed firmly on enhancing value across the entire production chain.
Key strategic pillars include:
Emphasis on value addition in products.
Fostering innovation in design and manufacturing processes.
Developing unique designs that resonate globally.
Establishing and promoting strong global brands for Indian jewellery.
Implementing the Roadmap: Five Priority Missions
A comprehensive roadmap, developed in collaboration with the Gem & Jewellery Export Promotion Council (GJEPC), outlines five critical missions to achieve these goals. Each mission addresses a specific aspect of industry development and global competitiveness.
The five priority missions are:
Enhancing global market access for Indian products.
Scaling up Micro, Small, and Medium Enterprises (MSMEs) within the sector.
Streamlining export-import processes to reduce friction.
Promoting the ‘Crafted by India’ brand on an international stage.
Nurturing next-generation talent and advanced design capabilities.
Technological Integration and Policy Support
Technology is identified as a crucial enabler for product differentiation and skill enhancement within the industry. Advanced tools and digital innovation will play a significant role in meeting future demands.
Technology, including Artificial Intelligence (AI) and 3D printing, will be leveraged for product differentiation and skill development.
India’s rich cultural heritage in jewellery designs will be utilized to strengthen its global brand presence.
Policy support, such as new free trade agreements and tax exemptions for rough diamond sales, is expected to facilitate this expansion. These measures aim to create a more favorable environment for growth and international trade.