Gems and jewelry export value in India FY 2023, by leading destination

In the financial year 2023, India exported over one trillion Indian rupees worth of precious gems and jewelry to the United States. The North America country was the primary export destination during that financial year, followed by Hong Kong and the United Arab Emirates. The export value of gems and jewelry across India was estimated to be around 32.4 billion U.S. dollars in fiscal year 2022. 

What type of jewelry and gems are exported from India?

India's multibillion-dollar gems and jewelry export market is dominated by cut and polished diamond exports, accounting for over 22 billion U.S. dollars. Gold jewelry also holds substantial significance, with the jewelry fabrication sector contributing to the global demand for gold. Other gems and jewelry exported from India are silver jewelry, lab-grown diamonds, rough diamonds, and colored gemstones.

The dynamic landscape of India's jewelry export market

India, China, and Switzerland have always been one of the leading jewelry-exporting nations worldwide. Furthermore, precious and semiprecious stones, including pearls were an important commodity of trade, accounting for seven percent of the exports from the South Asian country in the financial year 2022. That same year, gold and other jewelry exports stood at 2.6 percent. Projections indicate that by 2024, India will see more than 81 billion U.S. dollars in revenue.