Indian Gem & Jewelry Market Set to Grow from $85 Billion to $130 Billion by 2030

Overview
Currently valued at USD 85 billion, the Gem & Jewellery Export Promotion Council (GJEPC), the leading trade association for the gem and jewelry sector, projects that the Indian market would grow quickly to USD 130 billion by 2030.

De Beers Group Collabaration
GJEPC chairman Vipul Shah stated at a press conference that the organization has so far spent Rs 150 crores on generic diamond advertising worldwide. In order to bolster this endeavor, GJEPC and De Beers inked a formal Memorandum of Understanding on January 7th, 2025 to promote diamonds through the Retail Alliance in India.

The world’s top diamond firm, De Beers Group, and GJEPC announced the start of a strategic partnership aimed at enhancing the natural diamond narrative in the Indian gem and jewelry industry. The Indian Natural Diamond Retailer Alliance, or INDRA, is a partnership that will empower independent shops in India by providing them with capabilities that go above the norm, such as using artificial intelligence to develop tailored retailer marketing.

From September 11–13, 2025, GJEPC will hold its first exhibition in Saudi Arabia. This event would facilitate to bolster bilateral trade between India and the GCC region by way of opening up previously unheard-of possibilities for cooperation and positive change. Mr. Shah claims that this will pave the way for further trade between India and the GCC on a bilateral basis.

Shah further added that by leveraging the nation’s vibrant youth, the emergence of organized players, and the growing demand for bridal, everyday wear, fashion, and entry-level jewelry, INDRA is positioned to capitalize on this momentum. This program embodies a common goal of raising consumer demand, empowering retailers, and educating stakeholders—all while emphasizing the natural diamonds’ eternal value.

India is the world’s second-largest market for diamond jewelry retail sales, according to Sandrine Conseiller, CEO of De Beers, and it has room to develop in terms of diamond production and commerce. India still has a lot of unrealized potential, though, given its thriving economy, expanding youth population, and numerous well-known diamond companies. The current percentage of natural diamond penetration in the retail jewelry industry in India is just about 10%, far lower than that of more developed jewelry markets like the US. Within the next three years, plans are underway to raise it to fifty percent. We will contribute to the expansion of consumer demand for all forms of natural diamond jewelry, including bridal, daily wear, and entry-level items, through our new partnership with the GJEPC, Conseiller stated further.

He further highlighted the current state of affairs by stating that the global diamond jewelry business is valued at $89 billion. Regarding the US and India, the US is the biggest consumer of polished diamond and custom jewelry, while India is a significant market for these items. By 2030, India’s GDP is expected to have grown from its current value of 3.5 trillion dollars to $7.9 trillion. The jewelry and gem industries are among the coveted products that have seen significant growth in the Indian market.

Memorandum of Understanding with DHL Express
Additionally, GJEPC inked a Memorandum of Understanding with DHL Express, the world leader in international express services, to enable the effective transportation of jewelry made in India throughout the world, as part of an effort to increase gem and jewelry exports through e-commerce, Mr. Shah stated.

Mr. Shah maintained his optimism for 2025 in terms of exports. In the near future, demand for jewellery and diamonds is set to rise as US President Donald Trump is back at the White House there is increasing optimism that the geopolitical environment will stabilize, commerce will pick up and at the same time, supply chains are set to streamline. But, according to Mr. Shah, GJEPC is constantly looking into new markets while bolstering its position in current ones.

West Bengal as a global centre for costume and fashion jewelry
GJEPC intends to turn Singur, West Bengal, into a major hub for the export of fashionable jewelry and costumes worldwide. Women make up approximately 20% of the workforce in the manufacturing facilities in and around Singur, Hooghly, where about 1 lakh skilled Bengali artisans labor. The growth of Singur as an export hub would also benefit the local cottage industry. Recently, Singur began producing high-quality imported gypsum as well. The Hooghly district’s Singur is perfectly situated in the middle, near five train stations, and along the NH-2, which connects to Kolkata International Airport.

The artisanal heritage of Singur is based on the well-known craftsmanship of Kolkata, which provides a wealth of artistic abilities that Singur’s jewelry makers can utilize. He continued by saying that Singur’s manufacturers have a strategic chance to address this need and improve their worldwide visibility as a result of the US shifting global trade dynamics and shifting procurement away from China.

The image added is for representation purposes only