India is the global leader in diamond polishing, with 95% market share
Glittering India India is one of the largest exporters of Gems and Jewellery. The industry plays a vital role in the Indian economy for its role as a major contributor to the total foreign exchange reserves of the country. The overall net exports of Gems and Jewellery registered an annual growth of 9.1% to reach $ 35.6 bn during 2016-17. Exports of cut and polished diamonds, gold jewellery and silver jewellery registered a growth of 10.2%, 1.9% and 35.9%, respectively during 2016-17.
Exports of gold coins and medallions from India stood at $ 1.9 bn, while exports of silver jewellery stood at $ 3.3 bn during April 2017-February 2018. India is also a major importer of gems and jewellery. The imports of gems and jewellery increased at a CAGR of 7.8% from $ 11.63 bn in 2004-05 to $ 28.8 bn in 2016-17. The imports during April 2017-February 2018 stood at $ 28.3 bn.
US, Hong Kong and UAE are the major exporters, who accounted for 75% of the total gems and jewellery exports from India during 2016-17. Other big importers of Indian jewellery include Russia, Singapore, Latin America and China.