27-May-2020
The gem and precious stone industry play a vital role in the Indian economy. The industry contributes 7% to the Indian GDP and 15% of the total goods exported by India. The sector presently employs over 4.64 million workers and is expected to employ 8.23 million by 2022. India is considered to be the hub of the global jewelry market because of the low but highly skilled workforce.
Gems and precious stones import data shows India imported 23.71 billion USD in 2019. The imports made for 5.2% of total imports to the country. There has been a fall in imports when compared to imports in 2018 showed a high of 33 billion USD. In the financial year, 2017-18 gems and precious stones became the 2nd highest imported item. In 2017-18 the finance ministry increased import duty to 7.5% from the earlier rate of 5%.
The gems and precious stones import data collected from custom ports. The information is collated from land port, airport, and seaports across India.
The import data contains product description with the equivalent HS code, unit and total quantity, total cost of the shipment, name of importers and exporters, port of origin, and destination port. The gems and precious stones import data forms for the basis for importers form their business strategy.
The import of precious stones, gems, coins, and imitation jewelry is regulated by government regulations. The importer needs to provide test reports from authorized laboratories. Usually three sets of samples from a laboratory approved by the environment and forest department. These reports need to be retained for at least two years. A necessary certificate from the pollution department needs to be added as a part of your import documentation. Government registration is required to become an importer. Some of the materials are prohibited from import from certain countries the importer should cross-check with regulations before placing an order.
The gems and precious stones importing partners of India can be broadly classified into importing partners for precious stones and gems and importing partners of diamonds.
India imported 22 billion dollars of diamonds in 2019 was the largest importer of diamonds in the world. The top importing partners of diamonds to India was:-
The top importing partners of gems to India was:-
The main gems and precious Stones importers in India
The industry has become more organized spearheaded by established brands. The growth of gems and precious stones in India will be headed by new players. Online sales are expected to account for 1-2% of sales. With the various incentives provided by the government, the sector is very bullish about its growth prospects.
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