India's gems and jewellery sector projected to reach $128 billion by 2029

New Delhi: India's gems and jewellery industry is expected to surge from USD 83 billion in 2024 to USD 128 billion by 2029, growing at a compound annual growth rate (CAGR) of 9.5 per cent, a report showed.

Gold continues to dominate the market with an 86 per cent share, but lab-grown diamonds (LGDs) are emerging as a powerful growth catalyst, said the report by 1Lattice.

The LGD segment, currently valued at USD 345 million (2024), is projected to grow at a CAGR of 15 per cent to reach USD 1.2 billion by 2033.

India now contributes 15 per cent of global LGD production, with exports growing 8 times over the past four years, reaching USD 1.3 billion in FY24.

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