The Union Home Minister and Minister of Cooperation addressed the 52nd India Gems and Jewellery Awards ceremony in Mumbai, highlighting the sector’s potential to establish India as a global hub. The awards recognised exporters, manufacturers, bankers and women entrepreneurs from the gems and jewellery industry. The Home Minister outlined government support for the sector, particularly around emerging technologies like lab-grown diamonds.
Key announcements and figures
The gems and jewellery industry reached a value of ₹2.44 lakh crore in 2025, making up 6.3 per cent of India’s merchandise exports. The sector provides direct and indirect employment to around 75 lakh people.
India currently processes more than 90 per cent of the world’s cut and polished diamonds, with Surat alone handling nearly nine out of every ten diamonds cut and polished globally.
The government has granted tax exemptions for 15 years to companies trading rough diamonds in specially notified areas, aimed at making India a global rough diamond trading hub. This exemption was introduced through the Taxation and Other Laws (Amendment) Act, 2026.
The Bharat Ratnam Mega Common Facility Centre at SEEPZ in Mumbai, recently inaugurated, spans 1.25 lakh square feet and offers facilities including 3D printing, casting and refining. The India Jewellery Park project is expected to attract investment of approximately ₹50,000 crore and generate employment for one lakh people.
The lab-grown diamond market is expected to grow to nearly 50 times the size of the current diamond market, presenting a significant opportunity for Indian industry.
What this means for you
If you work in or supply to India’s gems and jewellery sector, these announcements signal government backing for industry expansion and technology adoption. Companies focused on lab-grown diamonds and rough diamond trading in designated zones can benefit from tax incentives and infrastructure support. The sector’s growth trajectory suggests continued employment opportunities for workers, artisans and entrepreneurs across manufacturing, trading and retail segments. Consumers may see more Indian branded jewellery products available globally as Indian companies develop stronger presence in international markets.