India’s jewelry sector is on the verge of a major expansion as the government launches extensive reforms to position India as the world’s top jewelry export hub. Jitin Prasada, Minister of State for Commerce and Industry, outlined the government’s commitment to scaling up infrastructure, decreasing dependency on imported raw materials, and expanding the industry’s global reach at the 6th ICC Gems and Jewellery Summit 2024 in New Delhi.

“Prime Minister Modi’s administration is dedicated to strengthening India’s jewelry sector by enhancing local infrastructure and improving supply chains. These reforms will enable Indian manufacturers to compete on a global scale,” Prasada stated.

Plans include significant investments in facilities such as Gujarat’s Common Facility Centers, which will leverage India’s skilled labor and cultural heritage to drive export growth and create jobs. Prasada emphasized that by collaborating and sharing best practices, the industry can secure India’s place as a global leader in jewelry exports.

Further highlighting the sector’s potential, Atul Kumar Tiwari, Secretary of the Ministry of Skill Development and Entrepreneurship, emphasized the vital role of India’s gem and jewelry sector in elevating the country’s global competitiveness. “Our industry not only contributes to economic growth but also fosters well-being and sustainable employment. The future lies in integrating traditional craftsmanship with modern technology to boost productivity and innovation,” Tiwari explained. He cited initiatives like the Vishwakarma scheme and collaborative efforts across Gujarat, Maharashtra, and Tamil Nadu as essential to equipping local artisans with modern skills and advancing industry standards.

Echoing these ambitions, Suvankar Sen, Co-Chair of the ICC National Expert Committee on Jewelry and Lifestyle and MD of Senco Jewelers, called for united action to further elevate India’s global standing. He highlighted the government’s support, expanded infrastructure, and a focus on innovation as key to overcoming industry challenges related to costs, working capital, and job creation.

Earlier in the year, Mukesh Ambani, Chairman of Reliance Group, projected that India’s jewelry exports could potentially reach $100 billion, driven by rising demand in markets such as the Middle East and North America. Speaking at the GJEPC’s 50th India Gem & Jewellery Awards (IGJA), Ambani underscored the potential of Indian-designed jewelry to compete internationally.

The government has also made budget-driven policy changes, such as removing the 2% equalization levy on diamond sales in special notified zones (SNZs) and reducing import duties on gold, silver, and platinum.

With a blend of government support, industry innovation, and international market expansion, India’s jewelry sector is poised to establish itself as a global leader in the coming years, said Saiyam Mehra, chairman, of All India Gem & Jewelry Domestic Council.