As per the world’s top exports, India is the 3rd largest exporter of jewelry, with a staggering value of 10,000 crore rupees last year, which is equal to 10.8% of the globally exported jewelry. China, Switzerland, India, USA, and Italy emerged as jewelry export powerhouses, commanding over half (52.4%) of the global market share.
The Government of India (GoI) is actively boosting the gems and jewelry sector with a slew of impactful measures. These include revamping the gold monetization scheme, reducing import duties on gold and cut and polished diamonds from 7% to 5%, and enforcing mandatory hallmarking. GoI provides substantial support, up to 90%, for common production/processing centers, design hubs, testing facilities, and marketing/exhibition centers by associations. The extension of the Emergency Credit Line Guarantee Scheme (ECLGS) for MSMEs until March 2023 is a testament to the sector's importance, as over 90% of its units fall under this category.
To further industry growth, GoI has outlined four key strategies, emphasizing patented designs, product diversification, international collaboration, and lab-grown diamond promotion. The Gems Jewelry Export Promotion Council (GJEPC) complements these efforts with trade shows and exhibitions, enhancing the global exposure of Indian jewelry.
The USA is the largest importer of Indian jewelry followed by Hong Kong, Israel, Thailand and UK.
