The whole world knows the love of Indians for gold, silver and jewellery. India is one of the largest importers of gold. But now times are changing. Now the demand for diamond, emerald and other colored stones (gemstones) is increasing in India. At the same time, its business is also growing rapidly. India also has a strong hold in the world in terms of exports.
The main trade centers of diamonds, gems and colored stones in India are Gujarat and Rajasthan. Surat in Gujarat is the world’s largest diamond market. Jaipur of Rajasthan is one of the biggest markets for gems and colored stones.
One of the world’s largest exporters
India’s share in the total export of gems and jewelery in the world is 3.5%. In this matter, India is included in the top-7 exporters of the world. If we talk only about diamonds, then India is at number 1 position in the world. India exports about 29% of the world’s diamonds. Whereas in the case of lab-grown diamonds and other precious stones, India has a share of 32.7% in exports.
100 billion dollar industry will be created
The business of gems and jewelery is growing rapidly in India. If we exclude diamonds and other jewellery, then the business of only precious colored stones (gemstones) is also quite big. In the year 2023, the business of gemstone in India will be worth 70.78 crore dollars (about Rs 6000 crore). It is growing at a rate of more than 10 percent every year. According to market trends, it is expected to reach $191.69 crore (about Rs 15,675 crore) by 2033.
If we look at the overall trade of gems and jewelery from the country, then by 2027 their export alone can reach 100 billion dollars (about Rs 8.33 lakh crore). The Government of India has taken many steps for this. The government has signed an FTA with UAE which will help in increasing exports to America. Apart from this, the government has decided to reduce the custom duty. It has been reduced from 7.5% to 5% and zero on polished diamonds and precious colored stones.