The Indian gems and jewellery industry is one of the fastest growing segments in the Indian economy with an annual growth rate of approximately 15 per cent. With exports of over US$ 20 billion in 2007-08, the gems and jewellery sector accounts for nearly 13 per cent of India's total exports. According to an ASSOCHAM report released in 2007, the gems and jewellery industry employs over 1.3 million people, directly or indirectly.
The report further states that worldwide, the industry is estimated to be around US$ 130 billion, while the Indian gems and jewellery market in 2006-07 was approximately worth US$ 13.5 billion. India is already the largest diamond cutting and polishing centre in the world—the Indian diamond cutting and polishing industry enjoys 60 per cent value share, 82 per cent carat share and 95 per cent share of the world market in terms of number of pieces. In other words, nearly 9 out of 10 diamonds sold worldwide are cut and polished in India.
But now, thanks to positive government policies such as 100 per cent Foreign Direct Investment (FDI) in gems and jewellery through the automatic route, India is on the verge of becoming the focal point of the global gems and jewellery industry. India has a long history of diamond mining and several diamonds, including the Kohinoor, were produced here. In fact, till 1725, India was the only producer of diamonds in the world.
The Golconda mines were world-famous and even today, a Golconda diamond fetches a very high price in the international market. With an increasing number of jewellery houses entering the branded jewellery sector, retail of jewellery is becoming organised. Moreover, the government allows 51 per cent FDI in single brand retail outlets, attracting both global and domestic players to this sector
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