Amit Shah Sets $100 Billion Gems Export Target

MUMBAI : India’s gems and jewellery industry has set its sights on a US$100 billion export target by 2040, with Union Home Minister Amit Shah calling for a shift from manufacturing scale to technology, branding, value addition and global market leadership.

Shah was the chief guest at the 52nd India Gems & Jewellery Awards (IGJA) organised by the Gem & Jewellery Export Promotion Council (GJEPC). The event brought together Maharashtra Chief Minister Devendra Fadnavis, Deputy Chief Minister Eknath Shinde, Gujarat Deputy Chief Minister Harsh Sanghavi, senior ministers, Rajya Sabha MP Govind Dholakia and leading industry representatives.

Shah said India has the capabilities needed to emerge as a global hub and urged the industry to build the entire value chain, including manufacturing, technology, jewellery, branding and retail.

“India has the infrastructure, capital, capability and entrepreneurs to become the world’s gems and jewellery hub,” Shah said. He added that India should build global brands and focus on opportunities such as lab-grown diamonds.

GJEPC Chairman Kirit Bhansali said the industry had remained resilient despite geopolitical tensions, tariff pressures and softer demand in key markets. He said companies were responding by exploring new markets, adopting technology and increasing value addition.

“Our next chapter must focus on design, innovation and value addition,” Bhansali said, stressing the need to combine India’s traditional craftsmanship with technology to create globally recognised brands.

The industry recorded US$27.72 billion in gem and jewellery exports in FY2025-26, broadly maintaining the previous year’s level despite global uncertainty. GJEPC said the sector’s next phase would focus on transforming India from a manufacturing base into a comprehensive global centre for design, innovation, technology, luxury and international trade.

Maharashtra Chief Minister Fadnavis said the state was strengthening the sector through policy and infrastructure, including a modern jewellery ecosystem in Navi Mumbai that could attract ₹1 lakh crore investment and generate 50,000 jobs.

The awards recognised achievements across diamond manufacturing, exports, jewellery, lab-grown diamonds, CSR, branding and entrepreneurship. Special Recognition went to Arvind Chhotalal Parikh, while Kiran Gems founder Vallabhbhai Patel received the Lifetime Achievement Award.