India's gems & jewellery sector aims to reach $100 billion exports by 2040: Agarwal
Commerce Secretary Rajesh Agarwal has said that building a comprehensive ecosystem focused on innovation, global design leadership and trust could help India’s gems and jewellery exports reach $100 billion by 2040, up from $28 billion recorded in 2025-26. He noted that by 2040, the sector is expected to contribute around 1.2% to India’s GDP and account for approximately 14% of the country’s total merchandise exports.
He emphasised that India’s strength lies not in mining gold, silver or rough diamonds, but in its vast pool of skilled craftspeople, and said that greater wealth creation would come from design, innovation and global branding rather than basic manufacturing. He stressed the need for India to move beyond low-margin OEM work and bridge the gap between institutions of learning and industry by partnering with academic incubators to address real-world industry challenges.
He further emphasised the need to invest in human capital by upgrading skills, making careers in craftsmanship aspirational and leveraging advanced technologies such as Artificial Intelligence and 3D printing to achieve product differentiation. He said that India’s rich history, culture and stories should be integrated into jewellery designs to strengthen the country’s soft power, while transparent and technology-driven trust networks should be established across domestic and export markets to respond to the evolving preferences of younger generations. He also called for developing greater risk appetite, addressing future-oriented industry challenges and mentoring young talent to build resilient supply chains and globally recognised Indian brands aligned with the vision of Viksit Bharat 2047.
