India’s strength in gems and jewellery is not that it mines most of the gold it uses. It is that the country imports raw materials, processes them, cuts and polishes diamonds, and makes jewellery for domestic and overseas markets. The distinction matters: consumer demand measures what people in India buy; exports measure what the industry sells abroad.
How can India be both a major gold consumer and an export hub?
Those positions describe different parts of the value chain. Indian households buy substantial quantities of gold jewellery, while Indian businesses import significant amounts of raw gold and turn it, alongside other materials, into products for domestic sale and export. NITI Aayog’s Q3 FY 2025–26 Trade Watch describes this pattern as importing raw gold, processing it and re-exporting value-added products.
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That makes India’s role principally one of processing and manufacture—not gold mining. The country’s export strength is most clearly visible in labour-intensive activities such as diamond cutting and jewellery making. A large domestic market supports the industry, but domestic purchases should not be counted as exports or treated as proof of export competitiveness.
What do the export figures actually measure?
NITI Aayog’s Trade Watch reports that India exported USD 29.5 billion in gems and jewellery in 2024 when raw gold is excluded. That represented 7.8% of the corresponding global market. The distinction in scope is important: the report gives a much larger value for all global trade under HS 71, which includes raw and semi-processed gold.
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| Measure | Value | Scope and date |
|---|---|---|
| Global HS 71 trade | USD 1.05 trillion | 2024; includes raw and semi-processed gold, according to NITI Aayog. |
| Global market excluding raw gold | USD 378.1 billion | 2024; the comparison basis for India’s 7.8% share, according to NITI Aayog. |
| India’s gems and jewellery exports | USD 29.5 billion | 2024; raw gold excluded, according to NITI Aayog. |
The figures should not be mixed: India’s 7.8% share applies to the USD 378.1 billion ex-raw-gold market, not to the broader USD 1.05 trillion HS 71 total. NITI Aayog also says gold, gold jewellery and diamonds together accounted for 85.4% of global demand in the broader HS 71 context.
Which products dominate India’s export basket?
The 2024 basket breakdown in NITI Aayog’s report is concentrated in two categories:
| Export category | Share of India’s 2024 basket shown in the report |
|---|---|
| Cut and polished diamonds | 45.9% |
| Gold jewellery | 37.2% |
These shares describe the basket shown in the report; they are not shares of all global jewellery exports. Together, the categories illustrate why India’s role is best understood through specialist manufacturing and value addition rather than a claim to lead every segment of the worldwide trade.
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How did gold refining capacity develop?
India’s formal refining sector expanded substantially during the period documented by the World Gold Council (WGC). Its 2022 analysis says the number of formal refineries grew from fewer than five in 2013 to 33 in 2021, while organized capacity increased from 300 tonnes to 1,800 tonnes. These are historical figures for those years, not a current count or a fresh measure of capacity.
The WGC linked part of the expansion to import-duty advantages for gold doré compared with refined bullion. But refinery numbers alone do not make a country a globally competitive refining hub. The council identified reliable doré or scrap supplies, the ability to export bars, clear standards and supporting infrastructure as important conditions. The available figures show growth in capacity over 2013–2021; they do not establish India’s current refinery position or settle how competitive it is today.
What do craft, design and quality assurance contribute?
India’s jewellery sector combines organized businesses with a fragmented production base and artisan work. In a 2022 study, the WGC estimated that karigars handmade 55% of manufactured jewellery and described the industry as fragmented. The same historical account said 15–20% of manufacturing units operated as organized, large-scale facilities. Neither statistic should be read as a current 2026 estimate.
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Quality assurance is also part of the sector’s development. The WGC’s 2022 account notes that mandatory hallmarking for specified purities took effect on 16 June 2021. That date is a historical milestone, not a description of every current rule or product category. Hallmarking matters to the value chain because a reliable indication of metal purity can help establish trust between makers, sellers and customers.
How does domestic gold demand fit into the export story?
The WGC’s report on full-year 2024 puts Indian jewellery demand at 563 tonnes, down 2% from 2023, with demand value of INR 3.6 trillion. These are measures of domestic jewellery demand, not export sales.
The WGC linked the year’s buying pattern to record gold prices and a July 2024 import-duty cut: the cut encouraged buying in the third quarter, while high prices weighed on demand in the final quarter. This is a dated account of how consumers responded to market conditions and policy in 2024, not a statement of current duties or a guide to today’s purchasing conditions.
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What is India aiming to change next?
In an August 2026 announcement, the Department of Commerce and the Gems and Jewellery Export Promotion Council (GJEPC) set an ambition to reach USD 100 billion in gems and jewellery exports by 2040. The announcement cited approximately USD 28 billion recorded in FY 2025–26 as the starting point. The USD 100 billion figure is a target, not an achieved result or a forecast.
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The roadmap emphasizes innovation, design leadership, value addition and global branding. It also frames movement beyond lower-margin original equipment manufacturing (OEM)—making products to another company’s specifications—as an aspiration. That distinction captures the next step policymakers and industry leaders want: not only manufacturing at scale, but earning more through distinctive design, brand identity and stronger market positioning.
Commerce Secretary Rajesh Agrawal described the proposed shift as building “a comprehensive ecosystem driven by innovation, global design leadership and trust.” The quote expresses the ambition behind the 2040 goal; it does not change the goal’s status as a target.
What does “global powerhouse” mean in this case?
It is most defensible as a description of specific capabilities and dated trade results: India’s significant exports excluding raw gold, its large positions in cut and polished diamonds and gold jewellery, and its processing and manufacturing base. It does not mean India mines most of its gold, leads every jewellery category, or has already achieved its 2040 export ambition.
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The value-chain view explains the progression: consumer demand supports a large market; imported inputs feed refining and manufacturing; cutting, polishing, craft and design add value; and export performance is measured separately from what Indian consumers buy. Each measure has its own date and scope, so comparisons are meaningful only when those are kept clear.
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