Union Home Minister and Minister of Cooperation Shri Amit Shah addressed the 52nd India Gems and Jewellery Awards ceremony in Mumbai as Chief Guest, outlining India's strategic vision to dominate the global gems and jewellery sector. The event recognized exporters, manufacturers, bankers, and women entrepreneurs who have set new benchmarks for India's growth in this industry.
Industry Significance and Historical Context
The gems and jewellery industry has been an integral part of India's identity for over 6,000 years, with historical records indicating substantial trade even during Roman times. Surat processes nearly nine out of every ten diamonds cut and polished worldwide, while Mumbai has established itself as the financial capital supporting this export pillar. The industry currently provides direct and indirect employment to approximately 75 lakh people and accounted for ₹2.44 lakh crore in exports during 2025, representing 6.3% of India's merchandise exports.
Government Initiatives and Support
The Modi government has implemented several supportive measures including the Taxation and Other Laws (Amendment) Act, 2026, which grants companies engaged in rough diamond trading in specially notified areas exemption from income tax for 15 years. The recently inaugurated Bharat Ratnam Mega Common Facility Centre at SEEPZ, Mumbai spans 1.25 lakh square feet with state-of-the-art facilities including 3D printing, casting, and refining. The India Jewellery Park project is expected to attract investments of approximately ₹50,000 crore and generate employment for one lakh people directly and indirectly, with the Maharashtra Government providing incentives such as stamp duty exemption, electricity concessions, and enhanced subsidy rates.
Lab-Grown Diamond Opportunity
The most significant strategic focus is on lab-grown diamonds, with the market expected to grow to nearly 50 times the current diamond market size. Minister Shah emphasized the need for India to control the entire ecosystem and complete manufacturing value chain—from machine manufacturing and diamond production to jewellery making, brand development, and global showroom operations. The government has committed to providing all possible support through appropriate policies, with both Gujarat and Maharashtra governments developing supportive policies for this emerging sector.
Export Expansion and Global Positioning
India has emerged as a major source of jewellery imports for the United States, Middle East, Hong Kong, and Europe. Free Trade Agreements with the European Union, United Arab Emirates, Australia, Oman, and United Kingdom are identified as major avenues for expanding trade. India currently processes more than 90% of the world's cut and polished diamonds, demonstrating the industry's global competitiveness.