India’s Gems and Jewellery Sector Expected to Reach $128 Billion by 2029
India’s gems and jewellery industry is set to grow rapidly and is projected to reach $128 billion by 2029. This growth will be fueled by both increasing demand within India and strong export opportunities. The sector’s growth will also be driven by several factors such as rising incomes, the country’s rich cultural connection to jewellery, and new business strategies.
Main Drivers of Growth
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Rising Incomes: As more people in India earn higher wages, many will be able to buy more jewellery. With a growing middle class, demand for gold, diamonds, and other precious items is expected to increase significantly. People are more likely to invest in jewellery as their financial situation improves.
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Cultural Importance: Jewellery is an important part of Indian culture, especially during festivals, weddings, and other special occasions. People often buy gold and diamond jewellery as gifts or as investments. This ongoing cultural connection will continue to support the sector’s growth.
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Increase in Exports: India is a major exporter of gold and diamonds, and the demand for these items around the world is rising. India’s position as one of the top suppliers of these products makes it well-placed to grow even further in the global market.
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Digital and E-Commerce Growth: The rise of online shopping and digital platforms has opened new markets for Indian jewellery brands. People worldwide can now buy Indian jewellery through e-commerce websites, making it easier for businesses to reach customers far beyond India’s borders.
Government and Industry Support
The government and industry leaders are taking steps to help the sector grow. The Gem and Jewellery Export Promotion Council (GJEPC) has been working to increase exports by organizing international trade shows and helping small businesses enter global markets. The Indian government is also investing in creating new infrastructure to support the industry, such as export hubs in different regions.
Conclusion
India’s gems and jewellery industry is set to experience significant growth over the next few years, reaching $128 billion by 2029. The combination of rising incomes, cultural demand, and strong export potential will drive this expansion. As the sector grows, it will play a key role in India’s economy, creating more jobs and increasing its global trade presence.