Gems and Jewellery - #SectorUpdates
The Indian Gems and Jewellery industry is one of the largest industries in the world and it accounts for more than 29% of the world’s jewellery consumption. More than 4.64 million people are employed by this sector, and it also includes more than 30,000 players in the gem and jewellery industries. India is now also a growing market for lab-grown diamond jewellery, and manufacturers will undoubtedly help India capitalise on the competitive edge of the new-age diamond. The good news is that millennial consumers are steadily increasing their demand for lab-grown diamonds. Lab-grown diamond shipments from April 2021 to January 2022 were $1.05 billion, according to the Gem and Jewellery Export Promotion Council. India is a significant supplier of lab-grown diamonds to Belgium, the United States, Hong Kong, Israel, and other countries. The demand is ramping up locally as well as globally, which has led the players of lab-grown manufacturers to make efforts to increase production drastically. In reality, the market for polished lab-grown diamonds in India is expanding at a rate of about 55% annually. The lab-grown industry in India has a promising future; it has significant potential for creating jobs, and actively contributes to the nation’s exports.