Editor’s Note
A new report suggests India’s gems and jewellery sector could see exports reach $75 billion by 2030 through targeted development of key regional clusters. This analysis identifies specific districts where focused improvements in policy, infrastructure, and technology could unlock significant growth.
MUMBAI — Adopting a cluster-focused approach to address gaps in policy, infrastructure, technology, and finance could 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 and the Gems and Jewellery Export Promotion Council identifies and benchmarks 17 district-level clusters with high export potential across the country.
Among the clusters assessed, Mumbai Suburban emerged as the top-performing hub, while Surat, Mumbai, Kolkata, and Jaipur were identified as front runners in export readiness and scale.
The study estimates that India has an unrealized export potential of $38 billion in the gems and jewellery sector, highlighting significant scope for growth if structural and operational gaps are addressed.
Harsha Bangari, Managing Director of Exim Bank, underscored the importance of the sector to India’s economic output, exports, and employment. She highlighted the collaborative effort between Exim Bank and GJEPC in conducting a detailed, cluster-level assessment of the industry.
To capitalize on the opportunity, the report recommends diversification into higher 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.
The study also calls for market diversification, particularly targeting emerging economies including Vietnam, Singapore, Thailand, Botswana, Russia, and Sri Lanka, alongside deeper penetration into developed markets such as the European Union.
To strengthen policy support, the report suggests extending state-level incentives such as capital subsidies, state GST reimbursements, and faster regulatory clearances. It also recommends introducing design-led incentive schemes to encourage innovation.
Infrastructure development emerged as another key priority, with recommendations including a hub-and-spoke model for common facility centers, strengthening special economic zones in Cochin and Chennai, and expanding SEZ capacity in Surat and Jaipur.
The study further highlighted customs-related challenges, including limited airside access for custodians in Jaipur, inadequate appraisal facilities in Ahmedabad and Rajkot, and the absence of risk-based sampling, underscoring the need to address these bottlenecks to support export growth.
