The deliberations positioned the gems and jewellery sector as a key engine of India’s Viksit Bharat vision, with the sector aspiring to evolve from an Original Equipment Manufacturer (OEM) into a global Original Design Manufacturing (ODM) and branding powerhouse
Mumbai: The Department of Commerce, in association with the Gem & Jewellery Export Promotion Council (GJEPC), convened the ‘Chintan Shivir – 2040 Roadmap for Gems & Jewellery’, a high-level dialogue aimed at developing a comprehensive strategy to help India achieve its ambition of $100 billion in gems and jewellery exports by 2040. The roadmap envisages an increase in exports from the current $28 billion recorded in 2025-26 to $100 billion by 2040. The sector is projected to contribute 1.2% to India’s GDP and account for 14% of the country’s total merchandise exports by 2040.
Speaking on the outcomes of the Chintan Shivir, Rajesh Agrawal, Commerce Secretary, Government of India, said that the real catalyst for elevating India’s gems and jewellery sector to $100 billion lies in building a comprehensive ecosystem driven by innovation, global design leadership and trust. He emphasized that India’s strength lies not in mining gold, silver or rough diamonds, but in its vast pool of skilled craftspeople, and said that greater wealth creation would come from design, innovation and global branding rather than basic manufacturing. He stressed the need for India to move beyond low-margin OEM work and bridge the gap between institutions of learning and industry by partnering with academic incubators to address real-world industry challenges.
Agrawal further emphasized the need to invest in human capital by upgrading skills, making careers in craftsmanship aspirational and leveraging advanced technologies such as Artificial Intelligence and 3D printing to achieve product differentiation. He said that India’s rich history, culture and stories should be integrated into jewellery designs to strengthen the country’s soft power, while transparent and technology-driven trust networks should be established across domestic and export markets to respond to the evolving preferences of younger generations. He also called for developing greater risk appetite, addressing future-oriented industry challenges and mentoring young talent to build resilient supply chains and globally recognized Indian brands aligned with the vision of Viksit Bharat 2047.
The Chintan Shivir was organized under the guidance of Piyush Goyal, Union Minister of Commerce and Industry. The central theme of the deliberations was value addition, with emphasis on exporting finished, design-led and branded jewellery. The discussions focused on strengthening India’s manufacturing capabilities, expanding market access and positioning ‘Crafted in India’ jewellery as a globally recognized proposition.
Lav Agarwal, Director General, Directorate General of Foreign Trade (DGFT), said that India has already established a strong position in the global gems and jewellery trade and must now move decisively up the value chain. He emphasized the need to position India as a global brand and a destination for design and value-added jewellery. He also stressed the importance of a mission-mode approach, with Government and industry working together to create the right ecosystem, support new exporters and build the global value of Indian jewellery.
Kirit Bhansali, Chairman, GJEPC, said that India’s gem and jewellery industry stands at an important inflection point, with new FTAs, the 15-year tax exemption on rough diamond sales through Special Notified Zones and stronger support for MSMEs providing a strong policy foundation for growth. He emphasized that the next opportunity lies in accelerating value addition, expanding finished jewellery exports and leveraging India’s world-class craftsmanship and manufacturing capabilities. He added that achieving the ambition of $100 billion in exports by 2040 would require Government and industry to work together to unlock new markets, scale MSMEs and build a distinct identity for Indian products.
The deliberations during the day also focused on an addressable market of $128 billion across the midstream and downstream segments and highlighted opportunities for India to expand its presence in high-value segments. The discussions also centred around potential opportunities in areas such as the LGD+ ecosystem, as well as gold mining and refining.
The Chintan Shivir was structured around five priority missions – Global Market Access, MSME Scale-Up, Export-Import Fast Track, Crafted by India and Next-Generation Talent & Design – each taken up in dedicated breakout sessions chaired jointly by senior Government officials and industry leaders.
The Chintan Shivir concluded with a commitment to consolidate India’s leadership in traditional segments such as natural diamonds while aggressively capturing emerging value pools. The roadmap envisages doubling manufacturing output to approximately Rs 15 lakh crore and expanding the sector’s overall economic value to nearly Rs 60 lakh crore. The deliberations positioned the gems and jewellery sector as a key engine of India’s Viksit Bharat vision, with the sector aspiring to evolve from an Original Equipment Manufacturer (OEM) manufacturing base into a global Original Design Manufacturing (ODM) and branding powerhouse.
The event was also attended by Shiv Kumar Sharma, Director General, DGEP; Dnyaneshwar Patil, Development Commissioner, SEEPZ; Saket Kumar, Joint Secretary, Department of Commerce; R.K. Mishra, Additional DGFT; Sristiraj Ambastha, CMD, ECGC; Dr Tariq Thomas, Director, Department of Commerce; R.K. Rai, Additional Development Commissioner, Ministry of MSME; Dr Shyam Kumar Barik, Deputy Controller, CGPDTM, DPIIT; and Praveen Kumar, Senior Director, BIS. From GJEPC, Kirit Bhansali, Chairman; Shaunak Parikh, Vice Chairman; Sabyasachi Ray, Executive Director, along with members of the Committee of Administration, also participated in the deliberations.
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