The gems and jewelry sector in India is one of the largest in the world. It contributes to around 29% of the global jewelry consumption. The industry plays a significant role in the Indian economy, being one of the major contributors to total foreign exchange reserves in the in the country. It is a true example of the Make in India initiative and contributes around 7% of GDP and 15% of the merchandise exports.
The sector is highly labour intensive and employs around 4.64 million workers at present. India is also a major importer of gems and jewellery. The net import of gems and jewellery in the month of February 2019 stood at USD 2173.02 million, up from USD 1712.63 million in January 2019. On the other hand, exports stood at USD 3068.26 million in February 2019, up from USD 3031.24 million in the preceding month.
Learn ICC’s recommendations for the Gems and Jewellery Sector to combat COVID-19 effects