India has set the goal of growing the gems and jewellery exports to $100 billion by 2040 as part of its long-term plan to enhance India’s position in the global jewellery and precious-stones industry. Such goal is a threefold increase from the $27.72 billion in FY2025-26 and it is a call for the government and industry players to move India from manufacturing only to higher value activities such as design, innovation, branding, technology and global retail.
The roadmap was adopted at the ‘Chintan Shivir–2040 Roadmap for Gems & Jewellery’ organised by the Department of Commerce in association with the Gem & Jewellery Export Promotion Council (GJEPC) on 19 August 2026.
The size of the proposed expansion underscores the importance of the gems and jewellery industry in India’s trade economy. Gross gems and jewellery exports in FY26 were close to ₹2.45 lakh crore or $27.72 billion according to industry data. Exports remained fairly strong in terms of rupee in this period while dollar-denominated exports declined compared with the previous year amid global economic uncertainty, changing trade policies and weaker demand in some major markets.
Commerce Secretary Rajesh Agrawal has made it clear that to achieve the $100 billion goal, India will have to move beyond a manufacturing and processing base. Innovation, global design leadership, technology and trust will be the focus for a lot more. This means Indian companies could have more opportunities to create their own international brands, create original jewellery collections and capture more value from the design and retail stages of the global supply chain rather than operating as original equipment manufacturers.
One of the pillars of the roadmap is to develop global market access. India's jewellery exporters will continue to explore new international markets and increase their presence in existing destinations. In FY26, the UAE, Hong Kong and the United States are major export markets for Indian gems and jewellery and diversifying markets is of high importance to the industry as the industry has been affected by tariffs and geopolitical developments and changing consumer needs in major economies.
The government and industry can also be seen to be putting a lot of emphasis on micro, small and medium enterprises (MSMEs). A lot of jewellery manufacturers, artisans and exporters are part of the MSME ecosystem. The roadmap also proposes measures that can help small companies get the funds to grow, access international markets and benefit from better trade processes. Faster export-import procedures and a more efficient business environment will help Indian companies to be competitive in international markets.
Technology is also a key to 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 highlights the need for next-generation talent, suggesting closer cooperation between educational institutions and the jewellery industry to develop skilled professionals in design, technology and product development.
India will also try to brand its jewellery exports ‘Crafted by India’ as the latest branding initiative. The idea of this branding is to tap into India's rich cultural heritage, craftsmanship and design tradition and sell Indian jewellery as a global product. Branding of Indian businesses to international consumers would help move the Indian industry away from contract manufacturing and bring up the recognition.
The 2040 roadmap also has wider economic ambitions. Manufacturing output of about ₹15 lakh crore and overall economic value of nearly ₹60 lakh crore is expected by 2040. The number of people employed in the industry will also be close to one crore and the sector will be contributing about 1.2% of India’s GDP and about 14% of the country’s merchandise exports. These goals underline the government’s intention to make gems and jewellery a major component of India’s manufacturing, employment and export growth.
For the strategy it is also not just about natural diamonds and traditional jewellery. New areas of growth include lab-grown diamonds and gold mining and refining and other things which are being explored in laboratories.
India will also keep on building on its already established strength in diamond processing. The country is already processing a large portion of the world’s cut and polished diamonds and so there is a lot of gold mining and refining capability for jewellery to go to those higher value.
Exports are also starting to show signs of improvement and that could help support the longer term plan. In April-July 2026, total gems and jewellery exports in India increased by 2.44% to $9.17 billion, with studded gold jewellery exports rising by more than 21%.
But cut and polished diamond exports were under pressure and dropped about 8% in the same period. The mixed performance illustrates the opportunities and challenges faced by the industry as it tries to come up with an entire product and market mix.
So reaching $100 billion by 2040 will require so much more than increasing production volumes. India has to develop globally renowned brands, strengthen design capabilities, invest in technology, trade facilitation and expand access to international consumers.
The roadmap could transform India’s role in the global gems and jewellery supply chain from a big manufacturing and processing center to a global hub of jewellery design, product development, branding and exports.
