The Gem & Jewellery Export Promotion Council (GJEPC) has announced an ambitious plan to achieve US$ 100 billion (₹8.88 lakh crore) in exports from India’s gem and jewellery sector by 2047, aligning with the country’s long-term growth vision. The roadmap was presented during a meeting chaired by Prime Minister Narendra Modi, outlining strategies to strengthen India’s position as a global hub for gems and jewellery manufacturing and exports.
India’s Gem and Jewellery Growth Vision
According to GJEPC Chairperson Kirit Bhansali, the industry currently records ₹2.66 lakh crore (US$ 30 billion) in annual exports and employs over 4.2 million people. By 2047, the sector aims to scale up to a ₹44.38 lakh crore (US$ 500 billion) domestic market, contributing significantly to employment, foreign exchange earnings, and India’s manufacturing ecosystem.
The gem and jewellery sector currently accounts for about 7% of India’s total merchandise exports, maintaining its position as one of the largest employment generators within the country’s manufacturing industries.
Key Policy Recommendations
To realise this long-term vision, GJEPC proposed several strategic reforms to improve competitiveness and streamline operations across the value chain:
- Financial Reforms: Introduction of concessional export credit and interest subvention schemes for MSME exporters, along with Export Credit Guarantee Corporation (ECGC) premium subsidies to support liquidity and risk management.
- Regulatory Modernisation: Modernisation of the Customs Act, 1962 through the adoption of Risk Management Systems (RMS) and AI-driven digital appraisals to enhance efficiency and lower transaction costs.
- SEZ Policy Enhancements: With nearly 65% of studded jewellery exports originating from Special Economic Zones (SEZs), GJEPC urged the early passage of the SEZ Act amendment to enable limited domestic sales and better utilisation of idle production capacity.
- Infrastructure Development: Proposal for a National Gem & Jewellery Park Policy aimed at attracting global investment, integrating supply chains, and creating world-class manufacturing clusters across India.
Call for a White Paper
The council also requested the government to publish a White Paper on the gem and jewellery sector, which would serve as a comprehensive blueprint for policy, infrastructure, and trade reforms. This document, GJEPC said, would help identify priority areas and ensure a unified strategy for scaling the sector sustainably.
Summary:
The GJEPC’s US$ 100 billion export vision seeks to transform India’s gem and jewellery industry into a global powerhouse by 2047 through targeted policy reforms, infrastructure expansion, and export competitiveness measures. With strong government collaboration and digital modernisation, the roadmap aims to position India as the world’s leading hub for gems, jewellery, and precious metal exports.
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