In India, the gems and jewellery industry contributes towards nearly 7% of the country’s GDP and constitutes almost 15% of the total merchandise exports of India. India exports more than 75% of all polished diamonds manufactured in the world and contributes to 29% of jewellery consumption, globally. The gems and jewellery industry provides employment to nearly 46.4 lakh workers and it is estimated to provide employment to 82.3 lakh workers by 2022. Currently, the gems and jewellery market is comprised of nearly 3,00,000 small and big manufacturers who account for a total market size of $75 billion USD.
(Source-IBEF*, September 2019) *IBEF: India Brand Equity Foundation
The Gem & Jewellery Export Promotion Council (GJEPC) introduced by Government of India aims to promote the gems and jewellery products and industry. GJEPC is considered to be one of the leaders in diamond manufacturing and trading. The council is a central administrative and statutory body looking over the gems and jewellery industry in India. The council is a representative of nearly 6000 manufacturers and exporters in India with headquarters in Mumbai and regional offices in New Delhi, Kolkata, Jaipur and Surat, which also happen to be major centres of manufacture and export of precious stones, gems and jewellery.