India has set a target of exports of gems and jewellery to $100 billion by 2040 and is going all out to establish the country in the global jewellery and precious stones industry. This is a more than threefold increase from $27.72 billion in FY2025-26; it is a very ambitious long-term vision that the government and industry would like to shift India’s focus from manufacturing to more valuable activities like design, innovation, branding, technology and global retail.
The roadmap was presented at the ‘Chintan Shivir–2040 Roadmap for Gems & Jewellery’ at the Department of Commerce in collaboration with the Gem & Jewellery Export Promotion Council (GJEPC) on 19th August 2026.
The scale of the proposed expansion highlights the importance of the gems and jewellery industry to India’s trade economy. According to industry data, gross gems and jewellery exports were around ₹2.45 lakh crore (or $27.72 billion) in FY26.
Exports remained relatively robust in rupee terms but dollar-denominated exports dropped by some 10 percent from the previous year and with the changing trade policies in major markets and lower demand, the government now wants to build a stronger and more diversified and higher-value export industry.
Commerce Secretary Rajesh Agrawal has stressed that to achieve a $100 billion goal India needs to move from manufacturing and processing to innovation, global design leadership, technology and trust. In this way companies from India might be given a greater opportunity to develop their own international brands, create jewellery collections and generate more value from design and retail in the global supply chain instead of just being original equipment manufacturers.
One of the key pillars of the roadmap is global market access. India’s jewellery exporters are expected to expand into new international markets as well as strengthen their presence in established markets. During FY26, the major exports were to the UAE, Hong Kong and the United States (see figure) and the UAE is a very valuable market for Indian gems and jewellery. There is no better way to diversify markets considering the volatility that the industry has experienced on tariffs, political situations and changing consumer appetite in the major countries.
There is also a focus of the government and industry on micro, small and medium enterprises (MSMEs). Some of the jewellery manufacturers, artisans and exporters are MSMEs, and hence the growth of these businesses is essential to achieve the goal in 2040. The roadmap proposes measures to help these businesses scale up and access international markets and to benefit from better trade processes. In this time of fast export-import processes, an efficient business environment and better job opportunities are expected for Indian companies in the world.
Technology is another essential element of the strategy. Advanced manufacturing, artificial intelligence, digital design and 3D printing are expected to play a larger role in the sector. These technologies can help manufacturers create complex designs, improve production efficiency and respond more quickly to changing global consumer preferences.
The roadmap also points out the need for next-generation talent, suggesting that educational institutions and the jewellery industry should work more closely to develop knowledgeable professionals in design, technology and product development.
We also want to improve India’s jewellery exports by introducing the “Crafted by India” branding. It is our aim to leverage India’s rich cultural heritage and craftsmanship and design traditions to present Indian jewellery as a globally competitive product. If so, we can start to move beyond contract manufacturing and to be able to distinguish Indian businesses from other countries in the world.
The 2040 roadmap is also economic in scope. The industry is expected to produce nearly ₹15 lakh crore of goods and services and has a total value of around ₹60 lakh crore by 2040. People will also work in the industry for over one crore people and the value of the industry will be about 1.2% of India’s GDP and about 14% of India’s merchandise exports. These targets are indicative of the government’s wish to make gems and jewellery a key player in India’s manufacturing, employment and export growth.
The strategy goes beyond natural diamonds and conventional jewellery. Lab-grown diamonds, gold mining and refining are some of the emerging sectors to be pursued. At the same time, India will continue to build on its strength in diamond processing. The country produces a huge portion of the world’s cut-and-polished diamonds and the jewellery industry as a whole will have a large base of manufacturing from which to grow into higher value areas.
And there are signs of export improvement which could help to shore up the long-term plan. India’s gross gems and jewellery exports increased by 2.44% in April-July 2026 to $9.17 billion, while studded gold jewellery exports grew by more than 21%. Cut and polished diamond exports, however, remain under pressure and fell by about 8% in the same period.
It will take more than simply increasing production volumes to reach $100 billion by 2040. India will need to develop globally recognised brands, improve design capabilities, invest in technology, make trade easier, and provide access to international consumers. If done right, the roadmap could transform India’s position in the global gems and jewellery supply chain, from a manufacturing and processing centre to a global centre of jewellery design, product development, branding and exports.
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