Editor’s Note
A new report suggests India’s gems and jewellery sector could achieve $75 billion in exports by 2030 by strategically developing key regional clusters, with an estimated $38 billion in potential currently untapped.
Mumbai: Adopting a cluster-focused approach to address gaps in policy, infrastructure, technology, and finance can help propel India’s gems and jewellery exports to $75 billion by 2030, according to a report released on Thursday.
The joint study by the Export-Import Bank of India (Exim Bank) and the Gems and Jewellery Export Promotion Council (GJEPC) identifies and benchmarks 17 district-level clusters with high potential for exports.
Among these clusters, Mumbai Suburban emerged as the top-performing cluster, while Surat, Mumbai, Kolkata, and Jaipur were identified as front runners.
As per the study, India has an unrealised export potential of $38 billion in the gems and jewellery sector.
To tap this opportunity, the study recommends diversifying into high value-added product segments such as diamond studded jewellery, lightweight gold jewellery, luxury smart jewellery, imitation jewellery, synthetic gemstones, astrology-inspired designs, and cultured pearls.
It also suggests market diversification, particularly in emerging economies such as Vietnam, Singapore, Thailand, Botswana, Russia, and Sri Lanka, as well as in developed markets such as Singapore and the European Union.
To bolster the policy support, the study recommends extending state level incentives such as capital subsidies, SGST reimbursements, and streamlined clearances. Further, a design-led incentive scheme could be introduced to foster innovation.
Enhancing infrastructure also emerges as a key priority in the Study, with recommendations to adopt a hub and spoke approach for Common Facility Centres, strengthen SEZs in Cochin and Chennai, and expand SEZs in Surat and Jaipur.
The study also identifies customs-related challenges — including limited airside access for custodians in Jaipur, inadequate appraisal facilities in Ahmedabad and Rajkot, and lack of risk based sampling, and underscores the need to address these bottlenecks to enhance exports.