India's gems and jewellery sector targets $100 bn exports amid FTA utilization and artisan upskilling
Contents4
Livemint - Economy · 30 Sept 2026 · 2 min read
Prelims · Economy Mains · GS3 Economy High relevance
India's gems and jewellery sector aims for $100 billion exports by leveraging FTAs and artisan upskilling, with current exports at $27.72 billion in FY26, highlighting its role in trade competitiveness and Viksit Bharat 2047 goals.
Key points
Viksit Bharat 2047: The gems and jewellery sector's $100 billion export target aligns with India's broader economic vision to grow from $4.5 trillion to $30 trillion by 2047, emphasizing sectoral contributions to national GDP.
FTA utilization: India's current $8 billion share in the $55 billion FTA jewellery market indicates significant untapped potential, with Rajasthan positioned to lead due to its 97% share in coloured gemstone exports.
Artisan upskilling: Lok Sabha MP Praveen Khandelwal emphasized the need to upskill artisans to enhance product quality and global competitiveness, directly linking craftsmanship to export growth.
Swarnim Udaan 2047: This roadmap outlines the industry's growth potential, targeting 20-25% of India's gold consumption from domestic mines, reducing import dependency.
Global demand: India accounts for 27% of global gold jewellery demand in Q2 2026, with high prices shifting consumer preferences toward lightweight and design-driven jewellery.
[GS3-Economy] The sector's export growth contributes to India's merchandise exports, which reached $442 billion in FY26, reflecting broader economic resilience and competitiveness.
Household gold holdings: With 31,000 tonnes of gold held by Indian households and a median age of 28, financialisation and innovation can unlock economic value.
Way Forward: India should enhance FTA utilization through targeted policy advocacy for MSMEs, invest in artisan training programs under Skill India, and promote high-margin design innovation to capture global market share.
Key terms
- Free Trade Agreement (FTA)
- A treaty between two or more countries to reduce or eliminate trade barriers, enhancing market access. For UPSC, FTAs are critical for India's export strategy and economic diplomacy, impacting sectors like gems and jewellery.
- Swarnim Udaan 2047
- A sector-specific roadmap for India's gems and jewellery industry, aiming to boost exports and domestic production. For UPSC, it exemplifies targeted policy frameworks to achieve Viksit Bharat goals.
- Artisan upskilling
- Training programs to enhance the skills of craftsmen, particularly in traditional sectors like jewellery. For UPSC, this connects to Skill India and employment generation, crucial for inclusive growth.
- Viksit Bharat 2047
- A strategic vision to transform India into a developed economy by 2047, focusing on sustainable growth, infrastructure development, and global competitiveness. For UPSC, it represents long-term economic planning and sectoral targets.
Practice question
Discuss the role of India's gems and jewellery sector in achieving the Viksit Bharat 2047 vision, focusing on export growth, FTA utilization, and artisan upskilling. (250 words, 15 marks)
GS3 15 marks 250 words Mains
Key terms to include: Viksit Bharat 2047 Free Trade Agreement (FTA) Swarnim Udaan 2047 Artisan upskilling Skill India Merchandise exports Financialisation Global competitiveness
Answer framework
Introduction
Briefly introduce the gems and jewellery sector's current contribution to India's economy and its alignment with Viksit Bharat 2047 goals.
Export Growth Potential
Current export figures ($27.72 billion) and target ($100 billion) by leveraging global demand (27% of global gold jewellery demand).
Role in boosting India's merchandise exports ($442 billion in FY26) and economic resilience.
FTA Utilization
India's $8 billion share in the $55 billion FTA jewellery market and untapped potential.
Rajasthan's leadership in coloured gemstone exports (97% share) as a case study.
Artisan Upskilling and Innovation
Need for upskilling artisans to enhance product quality and global competitiveness.
Linkage with Skill India and employment generation for inclusive growth.
Policy and Strategic Initiatives
Swarnim Udaan 2047 roadmap: reducing import dependency (20-25% domestic gold consumption target).
Financialisation of household gold holdings (31,000 tonnes) for economic value.
Conclusion
Suggest a way forward: enhanced FTA utilization through policy advocacy, investment in artisan training, and design innovation to capture global market share, aligning with Viksit Bharat 2047.
Fact check
Issues found Overall severity: medium
current exports at $27.72 billion in FY26
The source states that India’s gems and jewellery exports reached $27.72 billion in FY26, but it doesn't specify if this is the current figure or a projected one. Severity: medium
India's current $8 billion share in the $55 billion FTA jewellery market
The source confirms this figure, but it's from June this year (2026), so it's not clear if it's still current. Severity: medium
Rajasthan positioned to lead due to its 97% share in coloured gemstone exports
The source confirms Rajasthan accounts for 97% of India’s coloured gemstone exports. Severity: none
Lok Sabha MP Praveen Khandelwal emphasized the need to upskill artisans
The source confirms Praveen Khandelwal's statements about upskilling artisans. Severity: none
Swarnim Udaan 2047: This roadmap outlines the industry's growth potential, targeting 20-25% of India's gold consumption from domestic mines
The source mentions Swarnim Udaan 2047 and the target of 20-25% domestic gold consumption. Severity: none
India accounts for 27% of global gold jewellery demand in Q2 2026
The source confirms this figure for Q2 2026. Severity: none
India's merchandise exports, which reached $442 billion in FY26
The source states merchandise exports stood at $442 billion in FY26. Severity: none
With 31,000 tonnes of gold held by Indian households and a median age of 28
The source confirms these figures. Severity: none