Gems & jewellery.

Gems & jewellery turns US$72 billion of imported gold and silver, and nine-tenths of the world's diamonds by piece count cut and polished in Surat, into an estimated ₹1.9 lakh crore of value added (0.6% of national GVA, of which gems & jewellery proper is about ₹1.6 lakh crore and other manufacturing such as toys, sports goods and stationery about ₹0.3 lakh crore). Households hold roughly 25,000 tonnes of gold worth about ₹290 lakh crore, but manufacturing GVA is only the wages of about five million karigars and diamond workers plus workshop margins, because value is paid per gram or carat worked rather than per rupee of metal: listed jewellery companies report ₹9.28 lakh crore of revenue and only ₹0.09 lakh crore of profit, as 99% of that revenue is simply the price of gold passing through. Value added grew about 8.4% a year FY05-FY26 even as jewellery demand by weight drifted down from about 600 tonnes a year (FY10-15) to about 450 tonnes (FY26) and diamond value added fell outright since FY22 on a natural-diamond slump and an ~80% collapse in lab-grown diamond prices. The base case takes GVA to about ₹2.8 lakh crore by FY30 and ₹4.5 lakh crore by FY35 (about 10% a year), driven by rising studded-jewellery mix, jewellery-retail formalisation (organised share from ~40% toward 48-55%), and a slow diamond-export recovery.

Estimated GVA

1.9 ₹ lakh crore (0.6% of national GVA; gems & jewellery ~1.6 + other manufacturing ~0.3) · FY26

Gold & silver imports

72 US$ bn (+20% y/y; 9.3% of merchandise imports) · FY26

Gems & jewellery exports

43.6 US$ bn (cut & polished diamonds ~US$14 bn; gold jewellery ~US$13 bn) · FY26

Household gold stock

~25,000 tonnes (≈ ₹290 lakh crore at mid-2026 prices, ~80-85% of GDP) · FY26

Listed revenue / PAT

9.28 / 0.09 ₹ lakh crore (Ace 'Diamond & Jewellery'; PAT margin 1.0%) · FY26

Listed market cap

5.4 ₹ lakh crore (60x trailing PE; Titan ~60% of the aggregate) · FY26

Employment

~5 mn (diamond ~0.8 mn Surat; jewellery karigars ~3 mn; other manufacturing ~1 mn); ~85% informal · FY26

Listed and major private companies

~35 listed, 10 large private count · FY26