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.