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India’s strength in gems and jewellery is not that it mines most of the gold it uses. It is that it imports raw material, then adds value through refining, diamond cutting and polishing, jewellery manufacture, and design. That makes India a major consumer and a powerful manufacturing and export hub—but those are different roles, and its lead is strongest in particular categories rather than every part of the global trade.
What “powerhouse” means in India’s gems and jewellery trade
India’s position is best understood as a value-chain story: raw material enters the country, skilled businesses and artisans process it, and finished or semi-finished products are sold abroad. Consumer demand measures purchases within India; exports measure goods sold to overseas markets. Neither figure can stand in for the other.
NITI Aayog’s Q3 FY 2025–26 Trade Watch reports that, in 2024, India exported USD 29.5 billion in gems and jewellery when raw gold is excluded. That amounted to 7.8% of the corresponding global market, valued at USD 378.1 billion on the same basis. These figures describe the ex-raw-gold measure, not all trade in precious metals.
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How imports become higher-value exports
India imports significant quantities of raw gold, processes some of it domestically, and exports value-added goods. NITI Aayog notes that raw gold dominates India’s import basket, while cut and polished diamonds and gold jewellery are its largest export categories. The country’s export strength therefore comes from processing and manufacturing rather than from being a leading source of mined gold.
Refining capacity expanded substantially in the period covered by the World Gold Council’s 2022 analysis: formal refineries grew from fewer than five in 2013 to 33 in 2021, while organized capacity increased from 300 tonnes to 1,800 tonnes. The council linked some of that expansion to an import-duty advantage for gold doré over refined bullion. These are historical figures, not a current count or capacity estimate.
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More refining capacity does not by itself make a country a globally competitive refining hub. The World Gold Council identified consistent supplies of doré or scrap, a workable ability to export bars, clear standards and suitable infrastructure as important conditions. India’s refining growth is one part of its value chain, but the available figures do not establish its present-day standing in global refining.
Diamonds and gold jewellery lead the export basket
India’s export profile is concentrated in labour-intensive processing and manufacture. In NITI Aayog’s 2024 breakdown of the export basket shown, cut and polished diamonds represented 45.9% and gold jewellery 37.2%. These are shares of that basket, not shares of all Indian exports or of the wider global market.
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NITI Aayog describes Surat as the world’s largest diamond cutting and polishing centre and identifies India’s particular strength in diamond cutting and jewellery manufacturing. That specialization helps explain how imported inputs can leave as products with greater value added. It does not show that India leads every high-value segment of jewellery or refining.
Craft, design and the challenge of scale
India’s production base combines organized firms with a fragmented network of smaller units and artisan work. In its 2022 manufacturing analysis, the World Gold Council reported that 55% of manufactured jewellery was handmade by karigars. Their skills can support intricate work and distinctive designs, capabilities that matter alongside factory scale. The same 2022 account estimated that 15–20% of manufacturing units operated as organized, large-scale facilities; that is a historical description, not a current estimate.
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Quality assurance is part of this production story. The World Gold Council’s 2022 account says mandatory hallmarking for specified purities took effect on 16 June 2021. Hallmarking provides a quality signal for covered products, but the cited account does not establish the latest regulatory scope or present-day compliance conditions.
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Domestic gold demand is not export performance
India’s large consumer market helps explain the industry’s scale, but it is a separate measure from overseas sales. The World Gold Council’s 2025 report on full-year 2024 puts Indian jewellery demand at 563 tonnes, down 2% year over year, with demand value of INR 3.6 trillion.
The council linked the year’s buying pattern to record gold prices and the July 2024 import-duty cut: the cut encouraged buying in the third quarter, while high prices weighed on demand in the final quarter. This account illustrates how domestic purchases can shift with price and policy; it does not measure export growth.
The 2040 export ambition—and what must change to reach it
In an August 2026 announcement, the Department of Commerce and the Gem & Jewellery Export Promotion Council (GJEPC) set out an ambition to reach USD 100 billion in gems and jewellery exports by 2040, from approximately USD 28 billion recorded in FY 2025–26. The USD 100 billion figure is a target, not an achieved result or a forecast.
The roadmap emphasizes innovation, global design leadership, value addition and global branding. Commerce Secretary Rajesh Agrawal said that “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.” The goal therefore reaches beyond producing more: it implies capturing more value through trusted quality, design and brands.
The evidence supports a specific conclusion: India has become a major export hub by processing and manufacturing, especially in cut and polished diamonds and gold jewellery, while also serving a large home market. Whether it can move further into higher-margin branded and design-led trade is an objective of the 2040 roadmap, not something the export figures already prove.
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