India’s Jewelry Industry: From A Glittering Legacy Of Economic Strength To Global Center Of Sourcing
According to IBEF, India is the world’s largest buyer of gold and is known for more than just its beautiful jewelry. As a major economic pillar, the industry contributes considerably to the nation’s growth and prosperity
* GDP Contribution: The gems and jewelry sector contributes around 7% to India’s GDP.
* Employment: Over 5 million workers find their livelihoods in this glittering industry. From skilled artisans to sales professionals, it empowers families and communities.
* Exports: With a keen eye on global markets, this sector thrives on exports. India’s jewelry graces necks and wrists worldwide, contributing to our total merchandise exports of 12% and holding the third largest commodity share.
* Polishing: 9 of 10 diamonds worldwide are polished in India, making it one of the biggest worldwide contributors to the diamond industry. In addition, India polishes 6 out of10 gems.
* Cutting: Remarkably, 14 of 15 diamonds are cut in India, making it a global leader in diamond craftsmanship. Additionally, 6 out of 10 jewels are polished in India.
According to the Gem & Jewelry Export Promotion Council (GJEPC), India’s gem and jewelry exports reached $41.9 billion in 2022, with a 44% growth compared to 2020-21 and a 34% increase from 2019-20.
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