JB Insights
Maharashtra’s landmark Gem & Jewellery Policy 2025 — aims to attract investments worth ₹1 lakh crore and create over 5 lakh new jobs
In a landmark move, the Government of Maharashtra today announced the Maharashtra State Gem & Jewellery Policy 2025, becoming the first state in India to introduce a dedicated policy for the gem and jewellery sector. The policy aims to attract investments worth Rs.1 lakh crore and create over 5 lakh new jobs, marking a major step towards transforming Maharashtra into a global hub for jewellery manufacturing, exports, and design.
The Gem & Jewellery Export Promotion Council (GJEPC), has been actively working with the Department of Industries, Government of Maharashtra, for the past one and a half years on developing this policy framework. Through several consultations and stakeholder meetings, GJEPC provided valuable inputs to ensure that the policy addresses the industry’s evolving needs — from manufacturing and infrastructure to skilling and export facilitation.
Ambitious Financial Goals:
- Rs.1 lakh crore investment target
- 5 lakh+ new jobs expected
- Focus on transforming Maharashtra into a global manufacturing and export hub
These numbers suggest a transformative vision rather than incremental growth, indicating the government’s commitment to making this a flagship industrial initiative.
Policy Framework Strengths
- Collaborative Development Process: The 18-month consultation period with GJEPC demonstrates a stakeholder-driven approach, which typically leads to more implementable policies that address real industry pain points.
- Comprehensive Ecosystem Approach: The policy addresses multiple dimensions:
- Manufacturing infrastructure
- Export facilitation
- Skill development and training
- Technology upgradation
- Innovation and design
- Ease of doing business reforms
- Value Chain Coverage: From raw material processing to finished goods, design, and exports—suggesting a holistic industry development strategy.
Skill Development Infrastructure:
- Partnership with ITIs and design institutes
- Certification programs aligned with international standards
- Bridging the gap between traditional craftsmanship and modern technology
Export Competitiveness:
- Logistics and connectivity to ports (Mumbai advantage)
- Compliance support for international quality standards
- Trade finance and working capital facilitation
Technology Adoption:
- Support for CAD/CAM technology
- 3D printing and digital design capabilities
- Lab-grown diamond manufacturing (emerging segment)
Economic Impact Potential
Direct Benefits:
- Employment generation across skill levels (artisans to designers)
- Export revenue growth
- Ancillary industry development (packaging, logistics, security)
Indirect Benefits:
- Tourism linkage (jewellery retail and exhibition hubs)
- MSME ecosystem growth
- Financial services demand

Expressing his gratitude to the state leadership, Kirit Bhansali, Chairman, GJEPC, said: “We are deeply thankful to the Hon’ble Chief Minister, Shri Devendra Fadnavis, for his visionary leadership in announcing India’s first State Gem & Jewellery Policy. This landmark initiative will not only strengthen Maharashtra’s position as a leading jewellery manufacturing centre but also bring about a qualitative leap in areas such as skilling, technology upgradation, and value addition.
With this policy, we foresee new opportunities for investment, innovation, and job creation — paving the way for Maharashtra to set new global benchmarks in the gems and jewellery sector.”
“I would also like to express my sincere gratitude to Shri Uday Samant, Hon’ble Minister for Industries, Government of Maharashtra, for his proactive guidance and steadfast support in driving this landmark policy.”
The Maharashtra State Gem & Jewellery Policy 2025 is expected to enhance the competitiveness of the industry, attract domestic and international investors, and further cement Maharashtra’s role as the heart of India’s jewellery economy.
JB Insights
The Woman Wearing The Diamond Was Never The One The Ad Was Talking To
Disha Shah, Founder & Designer, DiAi Designs Says That The Brands That Shift From “She Deserves It” to “She Chose It” Won’t Just Win Cultural Relevance – They’ll Own The Future Of Jewellery Marketing.
Indian jewellery advertising has always centred the woman. She has been the face of every campaign, draped in gold, luminous at the occasion, receiving the gift with practised grace. What she rarely was, until recently, was the intended audience.
The creative language of the category was built around a genuine economic reality. For decades, the buyer in Indian fine jewellery was the patriarch, the husband, the father, the family elder making a financial decision on behalf of a woman whose purchasing autonomy was limited. Advertising followed the money. The gift reveal, the bridal close-up, the family approval shot: these were not arbitrary creative choices. They reflected who held the purse strings, and they became so embedded in the category’s visual grammar that they outlasted the conditions that created them by an entire generation.
That structural reality has now reversed. Jewellery purchases now extend beyond weddings and festivals to daily wear, driven by financially independent working women. The self-purchasing woman is no longer an emerging segment; she is the category’s fastest-growing buyer, approaching the decision differently from the buyer the industry originally designed itself around. She is not waiting for an occasion. She is not waiting for someone to present a box. She researched the piece, chose it, and bought it because she wanted it.
The advertising, for the most part, has not caught up.
Some brands are beginning to recognise this. CaratLane’s #WearYourWins movement and Tanishq’s sustained push toward the “woman as decision-maker” are meaningful steps. But what makes these campaigns commercially smart is not just cultural alignment. Research from Harvard Business School finds that women systematically provide less favourable assessments of their own performance and potential than equally performing men. This documented self-promotion gap persists even when women know they have outperformed others. Campaigns that actively celebrate female self-recognition are not just filling a creative gap. They are responding to a behavioural reality that has gone largely unaddressed in the category. The brands doing this well are not being progressive for their own sake. They are being accurate about who their buyer is and what she needs to hear.
Look at the Women’s Day 2026 campaigns across the industry. The conversation is clearly starting to pivot. Brands are finally stepping away from the usual gifting tropes and reframing jewellery as a tool for personal milestones and self-expression. But these remain exceptions. The dominant campaign language of Indian jewellery- the gesture, the reveal, the woman being seen rather than deciding- has not structurally changed.
The media mix tells the same story. Titan leaned heavily on television in FY25, with ad volume surging to 77% of its mix, a broadcast medium built for household reach rather than the individual, financially independent woman who now represents the category’s fastest-growing buyer.
Meanwhile, digitally native BlueStone achieved 50% of online jewellery ad volumes on a budget nearly ten times smaller than Titan’s. The channel that reaches the self-purchasing woman directly is delivering outsized results on a fraction of the spend. The implication for where the industry should be directing its creative attention is fairly clear.
Consider what a brief genuinely written for this buyer would look like. No occasion in the shot. No second person in the frame presents anything. The opening line is not “for the woman who deserves to be celebrated.” It is “she saw it, she wanted it, she bought it.” The product earns its place not through sentiment but through desire. The copy does not explain why she is worth it. It assumes she already knows. That is not a tonal adjustment. It is a fundamentally different creative architecture, and very few briefs in this category have been written that way.
The LGD category has a specific opportunity here that established houses do not. Without decades of legacy campaign language to protect, an independent designer in this space can build advertising from a blank page, one written entirely around the woman who is actually making the purchase. The brief does not have to accommodate inherited assumptions about who the buyer is or what she is waiting for. That is not a small advantage. In a category where the dominant creative language was built around a buyer who is no longer the one making the decision, starting without that inheritance may be the most powerful creative position available.
The woman wearing the diamond has always been visible. What is changing now is who gets to decide. The brands that build their creative around that reality will not just be more culturally relevant. They will be better positioned for every year that follows. The advertising has not caught up yet. But the buyer already has.
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