The Indian market for gemstones and jewelry could soon grow to 75 billion US$

5. February 2020

At the presentation of the 46th Indian Gold and Jewellery Awards in New Delhi in December 2019, Trade and Industry Minister Goyal praised the industry’s efforts, but also urged faster implementation and achievement of the Ministry’s target of $75 billion in annual sales. The Indian gemstone and jewelry industry has enormous growth potential and could create additional jobs, Goyal continued. His Ministry of Trade and Industry will continue to expand the promotion and support of this sector.

New support programs for entrepreneurs will soon be offered for taking out loans and exchanging their money into foreign currencies. Nationwide, four more test centres for gemstones and jewellery will be established in addition to the existing four, where retailers can have their goods tested and certified. The Minister also encouraged the industry’s leaders to introduce a programme for the purchase of scrap gold in order to avoid an increasing and unnecessary import of raw materials, mainly gold. Industry decision makers also discussed the creation of jewellery markets in the style of the Dubai Gold Souk to attract domestic and foreign buyers.

India already cuts and refines 14 out of 15 diamonds mined worldwide, so it is important for the diamond processing sector to train and regularly educate the relevant specialists. Minister Piyush urged the industry to develop further training centres and recruit skilled workers. In addition, India will have higher quality requirements for jewellery and raw materials, especially gold, from 2021 and imports will also be subject to certification. The Bureau of Indian Standards (BIS) introduced a labelling requirement for the purity of gold jewellery, which from 2021 must bear a stamp or hallmark to inform the consumer of the purity of the gold. We will be happy to inform you whether your products are also affected by the mandatory BIS registration or labelling. In addition, we are available as a partner for the application and procedure of a BIS certification.