The 2040 roadmap targets Rs 15 lakh crore in manufacturing output and seeks to raise the sector’s contribution to 14 per cent of India’s merchandise exports
India is targeting USD 100 billion in gems and jewellery exports by 2040, more than three times the USD 27.72 billion recorded in 2025-26, as the government seeks to move the industry towards higher-value segments driven by design, technology, innovation and global brands.
The target was discussed at a Chintan Shivir on the 2040 Roadmap for Gems & Jewellery held on 19 August by the Department of Commerce in association with the Gem & Jewellery Export Promotion Council (GJEPC). The roadmap focuses on expanding global market access, scaling up micro, small and medium enterprises (MSMEs), simplifying export-import processes, strengthening branding and developing next-generation talent and design capabilities.
Commerce Secretary Rajesh Agrawal said India would need to move beyond low-margin original equipment manufacturing and capture a larger share of the value created through innovation, design, technology and branding.
The broader objective is to transform India from a predominantly manufacturing-led market into a global hub for jewellery design, product development and home-grown brands.
Manufacturing And Jobs
Under the roadmap, manufacturing output is expected to double to around Rs 15 lakh crore by 2040, while the sector’s overall economic value is projected to reach nearly Rs 60 lakh crore.
The industry is targeting employment of 1 crore people by 2040. Its contribution is also projected to reach 1.2 per cent of gross domestic product (GDP) and 14 per cent of India’s merchandise exports.
Agrawal called for greater investment in skilled manpower and emerging technologies, including artificial intelligence and 3D printing. He also stressed the need for closer collaboration between academic institutions and the jewellery industry and encouraged companies to draw on India’s cultural heritage while developing products for international markets.
GJEPC Chairman Kirit Bhansali said recent trade agreements, policy support for MSMEs and tax reforms related to rough diamond trading had strengthened the industry’s foundation for expansion.
Tax And Market Access
Under a recently approved tax framework, eligible foreign companies will receive a 15-year income-tax exemption on income from rough diamond sales through India’s Special Notified Zones. The exemption will apply from 1 October 2026 to 31 March 2041.
The roadmap identifies five priority areas: global market access, MSME scale-up, faster export-import processes, the ‘Crafted by India’ branding initiative, and the development of next-generation talent and design.
The industry is also seeking to broaden its focus beyond natural diamonds and conventional jewellery, with opportunities identified in lab-grown diamonds, gold mining and refining.
Exports Show Mixed Trend
The roadmap comes at a time when India’s gems and jewellery exports are showing early signs of improvement. Gross exports rose 2.44 per cent to USD 9.17 billion during April-July 2026, while studded gold jewellery exports increased 21.09 per cent to USD 2.24 billion.
Cut and polished diamond exports, however, declined 8 per cent during the same period.
The 2040 strategy aims to preserve India’s manufacturing strength while enabling domestic companies to capture a larger share of the higher-margin segments of the value chain, particularly design, branding and retail.
