India’s gem and jewellery industry is entering a defining decade, with industry leaders highlighting the country’s growing role as a global manufacturing, trading and design hub. At a press conference organised by the Gem & Jewellery Export Promotion Council (GJEPC), industry leaders discussed India’s growth prospects, the evolution from OEM to ODM, the future of natural and lab-grown diamonds, coloured gemstones, and the need to strengthen India’s position in the global jewellery market.

Kirit Bhansali: Building Towards a $100 Billion Opportunity

Kirit Bhansali highlighted the scale of opportunity before the Indian jewellery industry, with the sector working towards a $100 billion ambition.

He noted that the industry is witnessing a new generation of entrepreneurs and professionals who are bringing a different approach to business, combining traditional industry knowledge with new-age thinking and technology.

According to Bhansali, the focus must increasingly be on building “Brand India” in the global jewellery marketplace. The next generation, he said, is working with a greater sense of urgency and is positioned to take the industry forward through innovation, professionalism and global engagement.

Shaunak Parikh: From OEM to ODM and Building India as a Global Jewellery Trading Hub

Shaunak Parikh: From OEM to ODM, Building India’s Global Jewellery Hub

Shaunak Parikh highlighted the strategic roadmap outlined in the Boston Consulting Group (BCG) study commissioned by GJEPC, “Roadmap to $100 Billion by 2040: India’s Growth Blueprint.” The study identifies a significant opportunity for India’s gem and jewellery industry to expand its global footprint, with exports potentially rising from the current baseline of approximately $29 billion to $125–130 billion by 2040.

He noted that India is already a global leader in natural diamonds, while significant opportunities are emerging across lab-grown diamonds and coloured gemstones. The broader jewellery sector also presents substantial long-term growth potential, making the next 15 years particularly important for the industry.

According to Parikh, India’s opportunity now extends well beyond its traditional strength as a diamond processing centre. The country needs to move from OEM to ODM, developing greater capabilities in design, product development and value creation.

With its manufacturing ecosystem, skilled workforce and growing creative capabilities, India has the potential to become a global jewellery manufacturing hub, catering to markets across the world.

Parikh also stressed the opportunity to position India as a global trading hub for jewellery, complementing its established manufacturing leadership. The $100 billion roadmap, therefore, represents not merely an export target, but a broader ambition to move India higher up the global jewellery value chain.

India can aspire to become a jewellery manufacturing hub for the world, while simultaneously developing the infrastructure and ecosystem required to make the country a major trading hub for the global jewellery market.

Sabyasachi Ray: Moving From Price Taker to Price Keeper

Sabyasachi Ray emphasised the growing importance of India in driving business across the region and the opportunities emerging from an increasingly globalised jewellery market.

He highlighted that IIJS Bharat is known as the “Festival of Jewellery”, and the importance of strengthening India's international export focus, including markets such as Canada.

Referring again to the BCG report, Ray said the coming decade could mark a significant shift for the Indian industry, with the country moving from being a “price taker” to becoming a “price keeper.”

He also pointed to the long-term potential of industrial applications of lab-grown diamonds, noting that industrial usage of LGDs is expected to thrive as technology and applications continue to evolve.

Ashish Borda: Strengthening Processing Capabilities

Ashish Borda highlighted the opportunity for India to further strengthen its capabilities in the processing of rough diamonds and coloured gemstones.

The country’s established manufacturing ecosystem provides a strong foundation, but continued investment in skills, technology and processing capabilities will be important for India to capture a larger share of the global value chain.

TNJ Bureau Question

India today has significant leadership in the global diamond industry, including its role in organisations such as the World Federation of Diamond Bourses (WFDB), the World Diamond Council (WDC) and the Kimberley Process. What initiatives are being undertaken to strengthen India’s market position in diamonds and diamond jewellery globally?

Response

India’s global engagement is expanding beyond its traditional strengths in diamond manufacturing.

India is also part of the Natural Diamond Council (NDC) and is engaged with international initiatives, including the Luanda Accord, while continuing to work towards strengthening trade relationships with key markets.

Greater focus is being placed on Free Trade Agreements (FTAs) and creating new opportunities for international trade. India’s relationships with several countries remain among its strongest strategic advantages, providing a foundation for expanding exports and strengthening the country’s position in global jewellery.

The response also emphasised India’s significant creative capital. While the country has established itself as a global centre for diamond processing, the next opportunity is to leverage its design capabilities and become a leading jewellery manufacturing destination for the world.

To achieve this, the Indian industry needs to understand design preferences and consumer trends across different international markets and develop products that cater specifically to those markets.

The larger vision is therefore not simply to remain the world’s diamond manufacturing centre, but to build India into a global hub for jewellery manufacturing, design and trade.