India is the world's diamond-processing capital: about 90% of the world's diamonds are cut and polished in India, with Surat the main hub. Gems & jewellery has long been one of India's biggest export earners and employs about 43 lakh people. Exports stood at $29.8 billion in 2024-25 and $28.2 billion in 2025-26, and the industry is now moving up the value chain into lab-grown diamonds and branded jewellery.
Gems & Jewellery
Gems & Jewellery
India is the world's diamond-cutting capital — about 90% of the world's diamonds are cut and polished here, with Surat the main hub — and gems & jewellery is one of its biggest export earners, employing about 43 lakh people. India has also moved early into lab-grown diamonds, with about 15% of global production in 2022. Exports were $28.2 billion in 2025-26. The counter shows gems & jewellery exports.
$28.2 bn
Gems & jewellery exports (FY26)
~90%
World's diamonds cut & polished in India
~43 lakh
People employed
Gems & jewellery exports
| Year | Gems & jewellery exports |
|---|---|
| 2014 | 41.4 $ bn |
| 2020 | 35.9 $ bn |
| 2021 | 26.0 $ bn |
| 2022 | 39.1 $ bn |
| 2023 | 38.0 $ bn |
| 2024 | 32.7 $ bn |
| 2025 | 29.8 $ bn |
| 2026 | 28.2 $ bn |
| Dashed bars are years the source does not publish; the shape between published years is drawn, not measured. | |
2014
0.0$ bn
Gems & jewellery exports
20142026
Since 2014
Reduced
−13.2 $ bn
2014
41.4 $ bn
2026
28.2 $ bn
Dashed bars are years the source does not publish; the shape between published years is drawn, not measured.
Why it matters The sector is a huge employer and forex earner and a symbol of Indian craftsmanship, but it is exposed to global luxury demand and disruptive lab-grown diamonds.
- Gems & jewellery exports: $28.2 bn (2025-26), $29.8 bn (2024-25)
- ~90% of world's diamonds cut and polished in India, Surat the main hub; ~43 lakh jobs
- Source: Dept of Commerce (via PIB); Invest India
History
Notable shifts
The big disruption is lab-grown diamonds, where India had about 15% of global production in 2022 — cheaper, greener stones reshaping the whole market. The government has allowed duty-free import of small cut-and-polished diamonds under the Diamond Imprest scheme and signed trade agreements with the UAE (2022) and UK (2025) to open new markets.
How it works
India's edge in gems is skilled hand labour at scale: rough diamonds and gold are imported, cut, polished and crafted here, then re-exported as finished jewellery — a classic value-addition trade. India cuts and polishes the vast majority of the world's diamonds, with Surat the main hub, while cities like Mumbai and Jaipur handle gold and coloured stones. The industry lives on imported raw material and export demand, so it's sensitive to both.
Outlook
Gems and jewellery exports were $28.2 billion in 2025-26, India's share of world gems and jewellery exports was about 3.5% in 2023, and India still cuts and polishes about 90% of the world's diamonds. The path forward is moving up-market — as lab-grown diamonds grow (a segment India is racing to lead), and as buyers want branded, designed, hallmarked jewellery rather than just cut stones. The goal is to shift from a commodity trade to higher-margin finished products.
By the numbers
$28.2 bn exports (2025-26), down from $41.4 bn in 2013-14. ~90% of world's diamonds cut and polished in India. ~43 lakh jobs. Sources: Dept of Commerce (via PIB); Invest India.
Data current to: FY 2025-26 (provisional)
Source: Department of Commerce quick estimates (via PIB) — exports of the gems & jewellery commodity group, including re-exports, US$ billion, by financial year: 41.4 (2013-14), 35.9 (2019-20), 26.0 (2020-21), 39.1 (2021-22), 38.0 (2022-23), 32.7 (2023-24), 29.8 (2024-25) and 28.2 (2025-26, provisional, linked). No official full-year figure was found for 2014-15 to 2018-19. · link