For decades, India’s competitive advantage in gems and jewellery has been relatively straightforward: manufacture for the world. On 19th August 2026, that proposition was put on the table for a much bigger rewrite.
At the ‘Chintan Shivir: 2040 Roadmap for Gems & Jewellery’, held at Bharat Ratnam Mega CFC in SEEPZ, Mumbai, the Government and the Gem & Jewellery Export Promotion Council (GJEPC) set out an ambition that would require India to do considerably more than polish, manufacture and export. The target is US$100 billion in gems and jewellery exports by 2040, up from US$27.72 billion in FY2025-26.
The more consequential part of the target, however, is not the number. It is the proposed change in where India captures value. The Chintan Shivir, chaired by Commerce Secretary Rajesh Agrawal, brought together senior officials from the Department of Commerce and DGFT, GJEPC leadership, financial institutions and industry representatives to consider how India can move from being predominantly a manufacturing base to becoming a global centre for jewellery design, product development and brands.
Agrawal framed the challenge in terms of value rather than volume, highlighting that "the real catalyst for elevating India’s gems and jewellery sector from around USD 29 billion to USD 100 billion lies in building a comprehensive ecosystem driven by innovation, global design leadership and trust."
He emphasized that India’s core strength lies not in mining raw precious materials, but in its vast pool of skilled craftspeople. "Greater wealth creation would come from design, innovation and global branding rather than basic manufacturing," Agrawal noted, stressing the urgent need for India to move beyond low-margin original equipment manufacturing (OEM) work and bridge the gap between learning institutions and industry by partnering with academic incubators.
Furthermore, Agrawal pointed out "the need to invest in human capital by upgrading skills, making careers in craftsmanship aspirational and leveraging advanced technologies such as Artificial Intelligence and 3D printing to achieve product differentiation." He added that integrating India's rich history, culture, and stories into designs can strengthen national soft power, while establishing transparent, tech-driven trust networks to meet the preferences of younger consumers. He called on the industry to embrace a greater risk appetite, mentor young talent, and build resilient supply chains and globally recognised Indian brands aligned with the vision of Viksit Bharat 2040–2047.
Rather than treating the 2040 target as a single export number, the Shivir was organised around targeted missions. The initial sessions examined India's competitive position before moving into the Global Market Access Mission, which focuses on leveraging trade agreements and policy access strategically.
Highlighting this momentum, GJEPC’s Chairman Kirit Bhansali stated: "Our industry has entered a new phase of extraordinary policy progress. With trade agreements in force with the UAE, Australia, Oman and the UK, and more in the pipeline, Indian exporters now have preferential access to global markets like never before."
The deliberations then turned to the MSME Scale-Up Mission, recognizing that growth cannot remain concentrated among a few large entities. Access to finance, technology, and international markets were categorized as critical drivers to empower smaller enterprises to expand globally.
In the Next-Generation Talent and Design Mission, discussions focused on cultivating designers, technologists, and craftsmen who can build a distinctly Indian identity for international consumers. The objective is not simply to make more jewellery, but to make products that command higher margins.
To support this shift, the Export-Import Fast-Track Mission examined ways to reduce trade friction. A pivotal enabler discussed was the 15-year income-tax exemption on rough diamond sales through Special Notified Zones (SNZs). Commenting on these structural reforms, Bhansali noted: "The 15-year tax exemption on rough diamond sales through Special Notified Zones, along with the Export Promotion Mission, further strengthens India’s position as a global trading and manufacturing hub. The foundation is in place. Our ambition now is to reach US$100 billion in exports by 2040, aligned with the vision of Viksit Bharat 2047."
Expanding on this strategy, Bhansali reinforced the shift needed on the production floor: "The path forward is clear: move up the value chain. Rather than simply exporting more of the same, we must accelerate value addition by shifting from loose stones to finished jewellery. This will not only capture greater value in India but also create significantly more employment. The opportunity is here. Now, we must build on it."
The final major pillar, Crafted by India, aims to shift the narrative from manufacturing origin to national brand identity, elevating Indian craftsmanship to a global asset built on provenance and desirability.
Director General of Foreign Trade (DGFT) Lav Agarwal pushed the proposition further, calling for India to transition from a trade participant into a global brand and design leader, targeting an increase in India's share of global trade from 6.25% to 15%.
The day's progression revealed what the $100-billion target really represents: a complete value-capture strategy. Economic projections indicate that manufacturing output could reach roughly ₹15 lakh crore by 2040, with the wider sector contributing nearly ₹60 lakh crore to the economy, employing around 10 million people, and accounting for 1.2% of GDP alongside 14% of India's merchandise exports.
By replacing pure polishing capacity with design leadership, the Chintan Shivir proposed a new metric for success: how much value created between mine and consumer is retained at home. By 2040, India's ambition is no longer simply to manufacture the world's jewellery, but to shape what the world wants to wear—and why it chooses to buy it from India.