Sector Brief
From time immemorial, Gems & Jewellery has played a very pivotal role in weaving the social fabric of nations especially India. Besides the ornamental value, jewellery remains an important savings and investment instrument for most Indians. The two major sub-segments within jewellery are gold and diamonds, with the former constituting 80% of the jewellery market, the balance comprising diamonds and gemstone jewellery.
The Gems & Jewellery sector in India is currently pegged around US $ 44 billion of which US $ 25 billion is exports. The exports are expected to grow at a CAGR of 15% to reach a size of US $ 58 billion by 2015 from the current US $ 25 billion. The domestic market of gems and jewellery is estimated to be in the US $ 18-20 billion range and is expected to grow by about 13% per annum to reach US $ 35-40 billion by 2015. Currently the Indian market remains highly fragmented, but is rapidly transforming into an organized sector.
The gems & jewellery industry is among the top growing segments of the Indian economy. It is estimated that the country has around 450,000 goldsmiths, 100,000 gold jewelers, 6,000 diamond processing units and 8,000 diamond jewelers. The sector currently provides employment around 1.8 million Indians. In the last few decades the Gems & Jewellery sector has evolved far beyond its traditional roles. Today it has become a major item of export leading to valuable foreign exchange earnings. The rapid growth in domestic and export markets have lead also to employment growth and overall economic growth in the country. It has withstood the global economic slowdown and the crisis with great resilience and élan.
Federation of Indian Chambers of Commerce and Industry (FICCI) has been playing a pro-active role in bringing to the fore India’s potential in the Gems and Jewellery sector and has been researching the possible future strategy for developing this sector in which India has a distinct edge. We believe that with the right policy and regulatory framework India could establish itself as a brand in the international Gems & Jewellery market, increase employment and create new breed of entrepreneurship. FICCI provides thoughts leadership and creates a platform for all the stakeholders at it annual Gems and Jewellery Conference.
Gems & Jewellery Committee
- Chairman : Mr. Mehul Choksi, Chairman & Managing Director, Gitanjali Group
- Co-Chairman : Mr. Prasad Kapre, Managing Director, Blue Skies Business Management Group
Past Events
- FICCI led a 100 member Delegation in association with the Commerce Ministry to Vicenza, Italy for a Jewellery Clusters visit in 2006
- FICCI-World Gold Council Jewellery delegation to Turkey, March 2008
- FICCI ATA Carnet Awareness workshop 07 & 09, Mumbai
- FICCI‘s International Brand Conclave, January 2009
- FICCI’s International Conference on Gems and Jewellery, January 2010
Sector Studies
- Study on ‘Transformation: Key to Global Success’ for the Gems and Jewellery industry, 2008
- FICCI-Technopak Knowledge report on ‘ Unlocking the potential of India’s Gems and Jewellery Sector
Upcoming Events
- Conference on Gemstones and Silver Jewellery, July 2010, Jaipur
- FICCI Gems & Jewellery Delegation to China and Hong Kong, 13th September – 20th September 2010
- FICCI Annual Conference on Gems and Jewellery, January 2011, Mumbai
For For More Details, Contact:
Mr. Ankesh Jain, Research Associate (ankesh[at]ficci.com)
