GJEPC holds $30-billion export target, banking on lab-grown demand and FTAs

India’s gem and jewellery industry is gearing up for steady growth, driven by strong domestic demand, expansion into new export markets, and rising traction in lab-grown diamonds. The Gem & Jewellery Export Promotion Council (GJEPC) expects exports to maintain momentum despite global headwinds.

Kirit Bhansali, Chairman of GJEPC, said the council continues to hold its long-term export target even amid global uncertainties. “In spite of this geopolitical situation and tariffs, we have maintained that $30 billion target,” he noted, adding that domestic sales have also been growing at a healthy pace.

While exports to the US have shown resilience, the sector is consciously moving to reduce dependence on a single market. Bhansali said that new opportunities are emerging in Australia, Saudi Arabia, and smaller destinations as companies adapt to changing global trade dynamics. “You don’t depend only on one market. If you want to grow, you’ll have to explore new markets, and we are trying very hard for that,” he added.

China, too, is showing “small signs of improvement” in natural diamond demand, though still below expectations.

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Free trade agreements (FTAs) are emerging as a key growth lever for the industry. Bhansali highlighted that the FTA with the UAE, signed four years ago, has already delivered strong results. Exports of plain gold jewellery to the UAE have grown by 48% over the last two years.

Following that success, India recently concluded an FTA with the UK and is in talks for several more. “A number of FTAs are in the pipeline, and it looks good for the gem and jewellery sector in the years to come,” Bhansali said.

The lab-grown diamond segment continues to expand rapidly, creating a new growth engine for exports. According to Bhansali, production has risen from 3 million carats in the first year to an expected 25 million carats this year. The segment’s rise has not dented demand for natural diamonds, which remains stable.

“Lab-grown has created a new market, but I don’t see any impact on natural diamonds,” he said, suggesting both segments can coexist and contribute meaningfully to growth.

On the domestic front, GJEPC is working closely with the government under the ‘Viksit Bharat 2047’ initiative to boost domestic sales and infrastructure. Projects such as the upcoming India Jewellery Park in Navi Mumbai and the Bharat Ratnam facility in Surat are expected to create new business opportunities and employment.

“The latest equipment and new infrastructure are helping upcoming businesses take advantage of these facilities,” Bhansali noted.

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