Diamond Export from India

by Deepika Verma Content Writer

India has been very active in export and import of many goods for a long time. These goods include jewels and gems, spices, food items, garments etc.

The Indian Gems and Jewellery (G&J) sector contributes around 29 per cent to the global jewellery consumption and is one of the largest in the world. Diamonds constitute an important export component in our country and are one of the most exported items from our country. India also imports rough diamonds from overseas, cuts and polishes them and then exports them. Indian accounted for US$ 18.1 billion trade in diamond in FY17.As per the Diamond Export data, in 2018, India stood as the largest exporter of diamonds in the world.

Export Destinations

India’s top export destinations for gems and jewellery including diamonds are U.S, Europe, Japan and China. India also exports its lab-grown diamonds to France, Italy and Australia apart from other European and Asian countries. Nearly one-fourth of the country's total gems and jewellery are exported to the US.

Statistics

The Indian Gems and Jewellery (G&J) sector employs over 4.64 million and contributes 7 per cent to the Gross Domestic Product (GDP) of the country.
As of April 2019, polished diamond exports were down 17.33% to US$ 5.20 bn as compared to US$ 6.29 bn exported over the same months last year,
As of June2019, exports of cut and polished diamonds stood at US$ 1.68 billion. It registered a decline of 19.38% as compared to the US$ 2.08 bn exported in June 2018.
As per statistics from the Gems and Jewellery Export promotion Council (GJEPC), India exports 75 per cent of the world’s polished diamonds which accounts for a huge volume.

Government Regulations

The Ministry of Commerce and Industry oversees the export of Gems and Jewellery in our country. Gem & Jewellery Export Promotion Council (GJEPC) has been set up by the Ministry of Commerce and Industry with an aim to promote the Indian gem and jewellery industry and its products.

The Council is responsible for undertaking direct promotional activities such as organizing joint participation in international jewellery shows, sending and hosting trade delegations. It also focuses on sustained image building exercise through advertisements abroad, publications, audio visuals/corporate literature, members’ directory, etc.

The global market for Gems and Jewellery today is dominated by a handful of countries, namely- Italy, China, Thailand, USA and India. India is the global factory of cutting and polishing diamonds and the setting up of the Diamond Bourse in Mumbai is expected to ensure India’s strategic shift as a leading diamond trading market in Asia. The vision remains to make India the Global Jewellery Hub.

Summary:

The following article deals with the various aspects related to Diamond export from India. It also includes information about the regulations imposed on such imports. The article also throws light on various statistics and figures related to Diamond Export from India.