Gems and Jewellery
The Future of Gems and Jewellery
How lab-grown diamonds, traceability, branding and new markets will shape India's gems and jewellery industry, and a recap of the module.
India’s gems and jewellery industry faces big changes.
Trends
- Lab-grown diamonds taking market share.
- Traceability demanded by buyers and regulators.
- Branded retail growth in India.
- Lightweight and everyday jewellery for young buyers.
- Online jewellery sales.
Challenges
- Weak global demand and US tariffs.
- Jobs at risk in natural diamond polishing.
- Compliance costs.
Opportunities
- Trade deals, like with the UAE (2022), which cut duties on Indian jewellery.
- Design and branding.
- Domestic demand for gold.
Module recap
- India’s gems and jewellery exports are large.
- Diamonds travel from mines through Surat to retail.
- De Beers once controlled supply.
- Lab-grown diamonds disrupted prices.
- Jaipur cuts coloured gems.
- Karigars earn low piece rates.
- Duty cuts in 2024 reduced gold smuggling.
- Tanishq sells trust.
- The Nirav Modi fraud exposed bank controls.
- The Kimberley Process targets conflict diamonds.
- Sanctions on Russian diamonds added costs.
The Dubai deal
Under the India-UAE trade agreement, Indian gold jewellery enters the UAE with lower duties, boosting exports to the Gulf.
Thinking the industry will stay unchanged
Lab-grown diamonds and traceability are reshaping it.
Key takeaways
- Lab-grown diamonds and traceability reshape the industry.
- Branded retail and online sales grow.
- Global demand and tariffs are challenges.
- Trade deals and design offer opportunities.
No recording for this one yet - EconReader can read it aloud for you.