The Gem & Jewellery Export Promotion Council (GJEPC) has unveiled an ambitious vision that could redefine India's position in the global gems and jewellery market. According to their strategic roadmap, the sector is poised to achieve a monumental $100 billion in exports by 2047, coinciding with India's 100th year of independence.
Strategic Growth Initiatives
Vipul Shah, Chairman of GJEPC, revealed that the council has submitted a comprehensive plan to the government outlining key strategies to achieve this historic target. The roadmap focuses on several critical areas that will drive exponential growth in the coming decades.
Key Focus Areas for Expansion
- Manufacturing Infrastructure Enhancement: Upgrading production facilities and adopting advanced technologies
- Global Market Penetration: Expanding footprint in emerging and established international markets
- Skill Development: Creating specialized training programs to enhance workforce capabilities
- Sustainability Integration: Implementing eco-friendly practices across the value chain
Current Performance and Future Projections
The Indian gem and jewellery sector has demonstrated remarkable resilience, with exports reaching approximately $39 billion in the 2023-24 fiscal year. This strong foundation provides the launching pad for the ambitious $100 billion target, representing nearly triple the current export figures.
Shah emphasized that the industry's growth trajectory aligns perfectly with the government's broader economic vision. "Our sector has the potential to become one of the largest contributors to India's export economy," he stated during recent industry discussions.
Government Collaboration and Policy Support
The GJEPC is working closely with various government ministries to create an enabling environment for this exponential growth. The proposed measures include:
- Streamlined regulatory frameworks for international trade
- Enhanced export incentives and duty structures
- Infrastructure development in major manufacturing hubs
- International marketing and branding initiatives
Global Competitive Positioning
India currently holds a dominant position in several segments of the global gems and jewellery market, particularly in diamond processing where it commands about 95% of the world's polished diamond manufacturing. The new roadmap aims to strengthen this leadership while expanding into new product categories and markets.
The $100 billion export vision represents not just economic growth but the transformation of India into the undisputed global leader in the gem and jewellery industry, creating millions of jobs and establishing new benchmarks for quality and innovation worldwide.
