G&J Exports Have $38 bn Untapped Potential

Chennai: The gems and jewellery exports have an unrealised export potential of $38 billion and it can touch export revenues of $75 billion by 2030 by diversifying into high value-added product segments such as lightweight gold jewellery, luxury smart jewellery, and imitation jewellery. The sector also needs to increasingly tap markets like Singapore, European Union, Vietnam, Singapore, Thailand, Botswana, Russia, and Sri Lanka, finds Exim Bank.

India’s gems and jewellery exports are highly concentrated in three markets. The US represents over one-third of India’s G&J exports, followed by the UAE with 25.9 per cent share, and Hong Kong with 15.2 per cent share.

In order to tap the unrealised potential of $38 billion, India should explore more markets. Major markets with large untapped potential in the cut and polished diamonds segment, include Israel, Belgium, Switzerland, the UK, France and Italy. There are several emerging markets with large untapped export potential, including Vietnam, Singapore, Thailand, Botswana, Russia and Sri Lanka.

Further, the study finds that the gems and jewellery industry in India needs to focus on higher value-added segments, focussing on premium designs and high-quality jewellery. Indian exporters should diversify their products as per a notable shift in consumer preferences, particularly among millennials and Gen Z. As per recent estimates, the daily-wear jewellery category, including low carat 14 and 18 carat jewellery is expected to record a CAGR in the range of 15 per cent to 17 per cent during 2025 to 2028.

Another emerging segment for diversification is luxury smart jewellery, which refers to electronics-enabled jewellery accessories such as rings, lockets, and bracelets that blend functionality with aesthetics. According to Grand View Research, the global luxury smart jewellery market is projected to record a robust CAGR of 18.9 per cent to reach $430 million by 2030. Several global electronics manufacturers like Samsung, Honor, and boAt have already entered this segment.

Imitation jewellery is another emerging segment that could be tapped by Indian players. Globally, imitation jewellery exports stood at $10.3 billion in 2024. However, India had a meagre share of 1.4 per cent in global imitation jewellery exports.

Similarly, Singapore, Qatar, Bangladesh, Malaysia, South Korea, Australia have substantial untapped potential for precious metal jewellery.