India targets $100 billion gems and jewellery exports by 2040

India is setting an ambitious target to reach $100 billion in gems and jewellery exports by 2040, aiming to transform the sector into a global powerhouse. Commerce Secretary Rajesh Agrawal announced the vision at a 'Chintan Shivir' event, emphasizing innovation, global design leadership, and trust as crucial elements for growth.

The roadmap seeks to significantly increase exports from the current approximately $28 billion (2025-26) to the $100 billion mark. Agrawal highlighted that India's competitive edge lies in its skilled workforce and craftsmanship. He called for a strategic shift from low-margin original equipment manufacturing to design-led, innovative, and branded products.

To achieve this, the government plans to strengthen human capital, make craftsmanship careers more appealing, and integrate advanced technologies like artificial intelligence and 3D printing. A unique approach involves weaving India's rich history, culture, and stories into jewellery designs to enhance the country's global brand and soft power. Transparency and technology-driven trust networks are also prioritized.

The 'Chintan Shivir' discussions centered on increasing value addition and promoting finished, design-led, and branded jewelry under the 'Crafted in India' initiative. The Gem & Jewellery Export Promotion Council (GJEPC) chairman, Kirit Bhansali, noted that new free trade agreements and policy support provide a strong foundation for this growth. The plan also includes doubling manufacturing output and expanding the sector's overall economic value.

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The real catalyst for elevating India's gems and jewellery sector from around USD 28 billion to USD 100 billion lies in building a comprehensive ecosystem driven by innovation, global design leadership and trust.