National News
India’s Gems and Jewellery Market Set to Reach USD 168.62 Billion by 2030
A robust 8.93% CAGR drives growth, fueled by cultural significance, evolving consumer trends, and rising demand.
India’s gems and jewellery industry is poised for substantial growth, with projections indicating a market value of USD 168.62 billion by 2030, according to a recent report by Research and Markets. The report, India Gems and Jewelry Market, By Region, Competition, Forecast & Opportunities, 2020-2030F, highlights an impressive compound annual growth rate (CAGR) of 8.93%, which is driving the industry’s rapid expansion.
Jewellery holds immense cultural significance in India, where it is regarded not only as a symbol of tradition but also as a valuable financial asset. The wedding sector remains the largest demand driver, accounting for nearly half of total market sales, with festivals like Diwali and Akshaya Tritiya also playing a vital role in bolstering gold and jewellery purchases as symbols of prosperity.
Despite this growth, the market faces challenges such as fluctuating gold prices and high import costs for materials like diamonds and platinum. The sector’s dependence on imports makes it vulnerable to global economic shifts and geopolitical uncertainties. Additionally, regulatory policies and import duties continue to impact the industry’s dynamics.
Consumer preferences are shifting, with younger buyers and working professionals increasingly opting for lightweight and contemporary jewellery designs. There is a growing demand for 14K and 18K gold pieces, which reflects a trend toward practicality and modernity. This shift is driving innovations that blend traditional craftsmanship with current design trends.
As India’s jewellery sector remains led by established players like Rajesh Exports Limited, Malabar Gold Private Limited, Titan Company Limited, and Kalyan Jewellers India Limited, the industry is expected to continue its upward growth trajectory, reinforcing India’s position as a global leader in the gems and jewellery manufacturing and export market.
National News
FTA Partner Markets Offer Immense Export Opportunity For Indian Jewellery Sector: DoC
Department of Commerce Organises Focused Outreach To Boost FTA Utilisation in the Gems & Jewellery Sector
India’s FTA partner countries collectively import over US$55 billion of jewellery annually; India’s current share of US$8 billion signals a large untapped opportunity.
Exporters urged to leverage preferential market access under India’s FTAs and capture a greater share of global jewellery trade.
The Department of Commerce, Ministry of Commerce & Industry, Government of India today organised a focused outreach programme on “Leveraging FTAs for the Gems & Jewellery Sector” in Jaipur, in partnership with the Gems & Jewellery Export Promotion Council (GJEPC). Exporters, manufacturers, MSMEs and other industry stakeholders participated in the programme.
The workshop is part of the Government’s sustained effort to ensure that exporters—particularly MSMEs and cluster-based enterprises—can fully capitalise on market access gains created through India’s new-generation FTAs.
India’s total exports have nearly doubled over the past twelve years, reaching an all-time high of USD 863 billion in FY 2025–26—up from USD 468 billion in FY 2014–15. Merchandise exports stood at USD 442 billion and services exports at USD 421 billion, reflecting the resilience and competitiveness of the Indian economy.
India’s FTAs have grown broader, deeper, and commercially more meaningful in recent years—covering a wider range of products, services, investment, standards, and trade facilitation. Gems & Jewellery has emerged as a leading beneficiary sector under these agreements.
FTA partner countries collectively import over US$55 billion of jewellery annually. India’s current share stands at US$8 billion—pointing to substantial headroom for growth. Rajasthan, which accounts for 97% of India’s coloured gemstone exports and has a strong presence in silver and imitation jewellery, is uniquely placed to capture this opportunity.
Addressing the gathering, Saket Kumar, Joint Secretary, Department of Commerce, said:
“India’s FTAs are strategic instruments for expanding export opportunities. Our objective is to ensure that every exporter, including MSMEs and cluster-based enterprises is equipped to utilise them.”
The programme aligns with the vision of Hon’ble Commerce and Industry Minister Piyush Goyal, who has underscored that India’s export growth strategy rests on enhanced competitiveness, improved market access, and stronger domestic manufacturing. Achieving the target of USD 2 trillion in exports by 2030 will require industry stakeholders to fully leverage the opportunities created by India’s expanding FTA network.
The Department of Commerce will continue similar engagements across key export clusters to ensure wider dissemination of FTA-related opportunities and help make India a leading global manufacturing and export hub under Viksit Bharat 2047.
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