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
GJEPC, IndusInd Bank Host Webinar On FEMA Guidelines For GJ Exporters
Webinar Outlined How The Updated Regulatory Framework Enhances Operational Ease While Adjusting Key Trade Timelines.
GJEPC in association with IndusInd Bank, held a joint online webinar aimed at explaining the revised Foreign Exchange Management Act (FEMA) guidelines and their direct operational impact on the gem and jewellery trade.
The interactive session featured key industry figures and financial experts, including Prakash Kumar Rath (Head – Gems, Jewellery and Diamond Division, IndusInd Bank), Mital Doshi (Convenor – Banking, Insurance and Taxation Sub-committee, GJEPC), and Sumit Dolwani (Manager – Trade Policy, GJEPC). Together, they outlined how the updated regulatory framework enhances operational ease while adjusting key trade timelines.
Shorter Export Realisation Periods: Timelines for foreign currency invoices have been adjusted from 12 months down to 9 months, while Rupee invoices have been revised from 15 months down to 12 months.
Greater Flexibility for Extensions: Authorised Dealer (AD) banks can now grant time extensions based on individual transaction circumstances, significantly reducing the requirement for routine Reserve Bank of India (RBI) referrals.
Revised Import Payment Timelines: Import payments will now be governed primarily by commercial contracts, replacing the former rigid six-month and 360-day restrictions.
Greater Discretion on Advance Payments: Banks have been given enhanced flexibility in framing internal policies for advance remittances instead of strictly adhering to fixed monetary thresholds.
Flexibility in Third-Party Payments: Third-party payments are now permitted subject to prescribed regulatory conditions and the satisfaction of the AD bank.
Simplified Handling of Pending Cases: AD banks can directly resolve outstanding EDPMS and IDPMS cases without needing to refer every individual matter to the RBI.
Speakers emphasized that exporters must maintain precise records and complete supporting documentation for all transactions, including those monitored through EDPMS and IDPMS.
GJEPC, IndusInd Bank Host Webinar On FEMA Guidelines For GJ Exporters
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