Editor’s Note
A new study by India’s Exim Bank and GJEPC projects the country’s gem and jewelry exports could reach $75 billion by 2030, contingent on key policy and infrastructure support.
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According to a joint study by the Export-Import Bank of India (Exim Bank) and the Gems and Jewellery Export Promotion Council (GJEPC), India’s gem and jewelry exports could reach $75 billion (approximately ₹6.76 lakh crore) by 2030, provided the right policies, robust infrastructure, new technology, and easier financing are made available to the sector. The study is titled ‘Making Gems and Jewellery Clusters Exportable’.
The report states that a sharp surge in exports is possible if India adopts a cluster-focused strategy. This is the first such study in the gem and jewelry sector conducted at the district level, which has identified and benchmarked 17 high-potential clusters. Among these, the Mumbai suburban area has been rated as the best cluster, while Surat, Mumbai, Kolkata, and Jaipur are considered leading clusters.
The study also indicates that India still has an untapped export opportunity of about $38 billion (approximately ₹3.42 lakh crore) in this sector. To capitalize on this opportunity, the report advises increasing focus on high-value-added products. These include diamond-studded jewelry, lightweight gold jewelry, luxury smart jewelry, imitation jewelry, synthetic gems, astrology-based designs, and traditional pearl jewelry.
Furthermore, the report emphasizes exploring new markets. Emerging markets like Vietnam, Singapore, Thailand, Botswana, Russia, and Sri Lanka could be important for gem and jewelry exports. Additionally, it suggests seeking new opportunities in developed markets like the European Union and Singapore.
At the policy level, the study suggests that state governments strengthen schemes like capital subsidies and SGST refunds, and expedite and simplify approval processes. It also recommends launching design-based incentive schemes to promote innovation.
On the infrastructure front, the report emphasizes a hub-and-spoke model, strengthening the Kochi and Chennai Special Economic Zones (SEZs), establishing new SEZs in Surat and Jaipur, and improving international air connectivity for clusters like Agra and Thrissur.
