The Indian Chamber of Commerce (ICC) organised the Diamond Conclave 2.0, themed “India Shining for the Global Stage,” bringing together policymakers, industry leaders, and experts to deliberate on the opportunities and challenges shaping India’s gem and jewellery sector. The conclave highlighted India’s unparalleled dominance in diamond processing, the sector’s role in employment and exports, as well as the impact of recent U.S. tariffs and global trade dynamics
GJEPC Executive Director Address
Mr. Sabyasachi Ray, Executive Director, Gem & Jewellery Export Promotion Council (GJEPC), in his address, underscored India’s central role in the global diamond trade. “India today commands unparalleled dominance in the global diamond industry, with an estimated 90% of the world’s cutting and polishing taking place here and 14 out of every 15 diamonds worldwide processed by Indian artisans. While the United States remains the largest market, accounting for nearly half of global diamond jewellery consumption, India’s domestic market is expanding rapidly, recording annual growth of 20–25% and projected to reach 30% of global demand by 2030. This surge is driven by changing consumer preferences, especially among younger generations, for whom diamonds symbolise modernity and aspiration.” He added that sustaining this leadership requires addressing tariffs, ease of doing business, sustainability, and technological upgradation. Highlighting measures undertaken by the Gem & Jewellery Export Promotion Council (GJEPC), Ray said: “Through schemes like Shastra Ratna and Shastra Kosh, health insurance has been extended to over 800,000 workers with more than ₹140 crore disbursed in claims. Mega common facility centres in SEEPZ, Mumbai, skill development in clusters like Ankurhati and Jaipur, and a dedicated start-up ecosystem with IIT Madras are all aimed at strengthening resilience, inclusivity, and innovation in the sector.”
Industry Growth Outlook
Expanding on the growth outlook, industry leaders highlighted the scale of opportunity ahead. The Indian gems and jewellery sector is set for robust expansion, driven by both consumer demand and innovation. “The Indian gems and jewellery market, valued at nearly USD 80–85 billion in FY24, is poised to reach around USD 130 billion by 2030,” Mr. Amit Pratihari, Managing Director, De Beers India said. “Within this, the diamond jewellery segment, which today contributes just under USD 10 billion, is expected to double in consumption by the end of the decade, reflecting annual growth of nearly 12 percent.”
Natural Diamond Penetration
Mr. Pratihari also outlined the growing penetration of natural diamonds. “Currently at 10 percent, we have set a five-year target of raising this to 15 percent,” the company stated. Supporting this expansion, the Indian Natural Diamond Retailer Alliance (INDRA), launched in collaboration with GJEPC and De Beers, is empowering independent jewellers with AI-driven marketing tools, customised campaigns, and training support, ensuring accessibility for both metros and smaller cities.
Long-Term Market Growth
The wider jewellery market is also set for long-term growth. “From USD 83–85 billion in 2024, it is projected to grow to approximately USD 128 billion by 2029, at a CAGR of 9.5 percent,” he said. “Gold will continue to dominate with nearly 86 percent of the market share, while lab-grown diamonds are emerging as a fast-growing segment, expected to rise from USD 345 million in 2024 to nearly USD 1.2 billion by 2033.”
Mr Vinod Bamalwa’s Welcome Address Highlights Innovation and Collaboration
Mr. Vinod Bamalwa, Chairman of the ICC National Expert Committee on Jewellery & Lifestyle and Director of Nemichand Bamalwa & Sons, delivered an engaging welcome address at the ICC Diamond Conclave 2.0, held at The Lalit Great Eastern Hotel in Kolkata.
In his address, Mr. Bamalwa emphasised the significance of innovation and sustainability in the jewellery industry and highlighted the importance of collaboration among industry stakeholders to foster growth and excellence. His insights set a positive tone for the conclave, inspiring attendees to explore new opportunities within the diamond and jewellery sectors.
Bengal’s Role
Speaking on Bengal’s role, Ms Vandana Yadav, Principal Secretary, Government of West Bengal, emphasised the state’s artisan-driven edge. “The gems and jewellery sector contributes over USD 40 billion annually to India’s exports and employs more than 4.3 million people nationwide. Bengal’s unique strength lies in its highly skilled artisans whose craftsmanship has sustained this industry from traditional units to globally competitive enterprises. Facilities like the Gems & Jewellery Park at Ankurhati, spread over 5.76 acres, have modernised working conditions, while training pipelines under the JOSH (Jewellery Occupational Skilling Hub) initiative are preparing artisans for the future.”
Resilience and Challenges
She further noted the importance of resilience in the face of global challenges: “The recent U.S. tariff hike on Indian jewellery imports to 50% highlights the need for enhanced duty drawback benefits and sustained investment in infrastructure and human capital. Our priority is to ensure that growth benefits every stakeholder, from global brands and MSMEs to small artisans and shop owners.”
Macroeconomic Perspective
Addressing the macroeconomic perspective, Dr. V. Anantha Nageswaran, Chief Economic Adviser to the Government of India, said: “The imposition of an additional 25% U.S. tariff has introduced new challenges, prompting consultations between industry and government to formulate support measures. Despite this, India’s economy remains resilient. Real GDP grew by 7.8% in Q1 of FY 2025–26, with manufacturing gross value added rising 7.7% in real terms. Macroeconomic stability has been reinforced by fiscal consolidation, with the deficit reduced from 9.2% of GDP in 2020–21 to 4.4% this year, alongside India’s sovereign credit rating upgrade from BBB- to BBB.” He also highlighted policy initiatives including income tax relief for dual-income households earning up to ₹26.7 lakh, rationalisation of GST, and an employment-linked incentive scheme. “While uncertainties remain from U.S. tariff actions and penalties on Russian oil, India continues to advance free trade agreements with partners including the UAE, UK, Oman, and Bahrain. The private sector must diversify exports, innovate, and strengthen competitiveness.”
Trade Data and Sector Analysis
Providing trade data and sectoral analysis, Dr. R. Arulanandan, Director, Department of Commerce, Ministry of Commerce & Industry, Government of India highlighted the scale of India’s global role and the risks ahead. “India processes nearly 90 percent of the world’s rough diamonds by volume, employing over one million workers directly in cutting and polishing and more than 2 million across jewellery manufacturing. In 2021–22, India’s rough diamond imports were USD 18 billion, with polished exports at USD 24 billion. By 2023–24, imports dropped to USD 14 billion and exports to USD 13.1 billion, reflecting weak global demand. In FY 2024–25, imports declined further by 24 percent to USD 10.8 billion, while exports contracted by 16.75 percent to USD 13.2 billion.”
U.S. Tariff Impact
Adding on the fallout from U.S. tariff hikes, he said, “Raising tariffs from 25 to 50 percent threatens up to 200,000 jobs, particularly in Surat, which alone accounts for nearly 90 percent of India’s diamond workforce. Additionally, G7 sanctions on Russian-origin diamonds have disrupted supply chains, particularly for small-stone polishing. India is actively engaging with the African Diamond Producers Association and expanding trade with the UK, EU, Australia, and the Eurasian Economic Union to mitigate these challenges.”
Industry Outlook and Acknowledgement
Addressing at the conclave, Mr. Suvankar Sen, Co Chairman, ICC National Expert Committee on Jewellery & Lifestyle; Managing Director & CEO, Senco Gold Ltd. said, “India’s gems and jewellery market, valued at USD 80–85 billion in 2024, is projected to reach USD 130 billion by 2030, with diamond jewellery expected to double in demand within this period. De Beers’ roadmap to raise natural diamond penetration from 10 to 15 percent, supported by initiatives such as the INDRA platform with over 3,500 retailers onboard and impactful campaigns like “Second Piercing,” which reached 278 million people and boosted awareness by 20 percent, reflects the unified effort driving this growth. With India’s economy on track to double from USD 4.1 trillion to USD 8 trillion by 2030, the opportunity for our industry is immense. On behalf of all stakeholders, I extend our sincere thanks for your time, insights and continued encouragement.”
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