India’s gem and jewellery sector eyes $100 billion export push
The 52nd India Gems & Jewellery Awards brought together the country’s political leadership and industry heavyweights to mark a key moment for India’s gem and jewellery sector. Union Home Minister and Cooperation Minister Amit Shah served as chief guest, joined by Maharashtra Chief Minister Devendra Fadnavis, Deputy Chief Minister Eknath Shinde, and Gujarat Deputy Chief Minister Harsh Sanghavi. The event showed the sector’s growing strategic importance to India’s exports, manufacturing, and global trade ambitions.
The awards ceremony, supported by partners like the World Gold Council and GIA, featured a gathering of national and state leaders alongside industry stalwarts, including Kirit Bhansali, Chairman of the Gem & Jewellery Export Promotion Council (GJEPC), and Anoop Mehta, President of the Bharat Diamond Bourse. The presence of such high-level officials highlighted the sector’s role in shaping India’s economic future.
In his address, Shah emphasized India’s potential to become the world’s leading gems and jewellery hub, citing infrastructure, capital, and entrepreneurial capability as key strengths. He stressed the need to focus on lab-grown diamonds and build a full value chain—from manufacturing to global branding. “India has the infrastructure, capital, capability and entrepreneurs to become the world’s gems and jewellery hub. As the diamond trade evolves, the time has come to think beyond speed and focus on scale.
Lab-grown diamonds present a major opportunity. India must build the entire value chain, from manufacturing and technology to jewellery, branding and retail, and develop Indian brands with a global presence. The Government of India, along with the governments of Maharashtra and Gujarat, is ready to provide the support required. I see a very bright future for this industry, and the time has come for India to emerge as a global leader in diamonds and jewellery,” he said.
Maharashtra’s Jewellery Park and Policy Push
The event also served as a platform for state leaders to outline their commitments. Fadnavis noted Maharashtra’s key role in the sector, particularly through initiatives like the India Jewellery Park in Navi Mumbai, which is set to commence construction after receiving all necessary approvals from the state government. The park aims to attract ₹1 lakh crore in investment and generate 50,000 jobs, aligning with the state’s new jewellery policy introduced in 2025. “Our aim is to support this industry through the state’s policies and infrastructure,” he said.
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Shinde reinforced the sector’s economic significance, pointing out that over 50 lakh people are employed in the industry nationwide, with Maharashtra and Mumbai accounting for more than half of India’s gem and jewellery exports. He highlighted the Bharat Diamond Bourse as a key global trading hub and expressed confidence in the industry’s ability to contribute to India’s Viksit Bharat 2047 vision.
The awards themselves celebrated the industry’s resilience and achievements, recognizing companies and individuals across categories like exports, innovation, and entrepreneurship. The Lifetime Achievement Award went to Vallabhbhai Patel, founder of Kiran Gems, while a Special Recognition Award honored Arvind Chhotalal Parikh for his seven decades of service to the diamond industry.
Exports Hit Record Highs Amid Global Challenges
Despite global challenges, including geopolitical tensions and softer demand, the sector has maintained strong export performance. India’s gem and jewellery exports reached US$27.72 billion in FY 2025–26, broadly matching the previous year’s figures through strategic market diversification and increased value addition. This resilience set the stage for the GJEPC’s ambitious target of US$100 billion in exports by 2040, aligning with Prime Minister Narendra Modi’s vision for a developed India.
Expanding Leadership and Industry Commitments
The event’s high-level attendance extended beyond the chief guest and state leaders, with additional Maharashtra ministers and parliamentarians reinforcing the sector’s political backing. Adv. Ashish Shelar, Minister of Electronics, Information Technology, and Artificial Intelligence, and Shri Govind Dholakia, Rajya Sabha MP, joined the gathering, showing cross-sectoral support for the industry’s digital and technological integration.
