The Indian gem and jewellery market, valued at Rs. 7,37,035 crore (US$ 85 billion), is expected to grow significantly, reaching Rs. 11,27,230 crore (US$ 130 billion) by 2030, according to the Gem & Jewellery Export Promotion Council (GJEPC), the apex trade body for the industry.
Chairman of GJEPC, Vipul Shah, announced that the organisation had invested Rs. 150 crore (US$ 17.30 million) in the global promotion of diamonds. To boost this initiative, GJEPC signed a Memorandum of Understanding (MoU) with De Beers Group on January 7, 2025, to launch the Indian Natural Diamond Retailer Alliance (INDRA). This collaboration aims to support independent retailers in India through advanced tools, including artificial intelligence (AI) for customized campaigns.
GJEPC also focuses on expanding its international presence, with plans for an exhibition in Saudi Arabia in September 2025. This event will foster stronger trade ties between India and the Gulf Cooperation Council (GCC) region.
Additionally, GJEPC signed an MoU with DHL Express to streamline the global export of Indian-made jewellery. Regarding export prospects, he expressed optimism for 2025, citing a potential boost from geopolitical stability under the leadership of the US President.
On the domestic front, GJEPC aims to make Singur in West Bengal a global export hub for fashion and costume jewellery. Singur’s skilled workforce, including 20% of its women artisans, and its strategic location near Kolkata International Airport position it as an ideal manufacturing hub. He highlighted that shifting global trade dynamics could offer significant opportunities for Singur’s jewellery makers to expand their global reach.
