India is a major importer of gems and jewellery as well. Its imports of gems and jewellery stood at USD 28.3 bn during April 2017-February 2018 which increased at a compound annual growth rate (CAGR) of 7.8% from USD 11.63 bn in FY2004-05 to USD 28.8 bn in FY2016-17. US, Hong Kong and UAE are the major exporters who accounted for 75% of the total gems and jewellery exports from India during FY 2016-17. While on the other hand UAE, US, Russia, Singapore, Hong Kong, Latin America and China are the biggest importers of Indian jewellery. Gems and jewellery sector in India contributes about 16% to India’s total merchandise exports and has grown at a CAGR of over 14.8% over the last 50 years. India’s gems and jewellery sector is one of the largest in the world contributing 29% to the global jewellery consumption. Its market size is about USD 60 bn as of 2017 which is expected to reach USD 110 bn by 2022. It currently employs more than 4.5 mn people and is expected to provide employment opportunities to more than 8.2 mn people by 2022. Gems & Jewellery could be divided in the following subsectors:

• Diamonds
• Gemstones
• Pearl
• Gold, Silver & Platinum Jewellery

India being the largest manufacturer of cut and polished diamonds in the world (almost 12 out of 14 diamonds sold in the world are either polished or cut in India),its global diamond market share is 60% & 90% in value & volume terms respectively.