India’s gems, gold and jewellery value chain
The headline import bill combines very different flows: gold for domestic demand, rough stones for processing, silver for industry and investment, and jewellery inputs for export.
$109.4bn
$28.3bn
$81.1bn
+34.0%
since FY21–22
-27.8%
since FY21–22
Imports, exports and the widening gap
Current US$ customs values for the selected HS-4 product group. The latest year is FY25–26.
● Imports
● Exports
The products inside the headline total
Import value, export offset and the economic role of each large line. Coverage is exports divided by imports for the same HS-4 code.
Gold, unwrought or semi-manufactured
HS 7108 · Domestic demand
$72.0bn
$0.2bn
0.3%
Gold dominates the bill and has almost no direct merchandise-export offset.
Diamonds
HS 7102 · Processing input
$16.4bn
$12.4bn
75.8%
Rough stones support cutting and polishing; exports recover about three-quarters of import value.
Silver
HS 7106 · Mixed demand
$12.1bn
$0.0bn
0.4%
Industrial, jewellery and investment uses make silver different from a pure processing input.
Jewellery and parts
HS 7113 · Export output
$4.9bn
$13.3bn
269.3%
Jewellery exports substantially exceed imports, capturing value added after design and fabrication.
Synthetic or reconstructed stones
HS 7104 · Processing input
$1.2bn
$1.2bn
106.1%
A smaller line where exports slightly exceed imports.
Precious and semi-precious stones
HS 7103 · Processing input
$0.8bn
$0.5bn
55.8%
Cutting, grading and trading create an export offset, though below the import value.
From imported input to Indian market
The same import total can support domestic consumption, processing, manufacturing or exports. This flow shows where value can be added.
01
Primary inputs
Gold, silver, rough diamonds and coloured stones
02
Processing
Refining, cutting, polishing, grading and certification
03
Manufacturing
Jewellery design, fabrication and finishing
04
Markets
Domestic savings and adornment, plus global exports
Where the chapter-level imports come from
Share of HS71 imports among the major partners available in the local partner dataset. This is a directional chapter proxy, not an exact supplier split for the selected HS-4 basket.
Observed major-partner share · HS71 proxy
U ARAB EMTS
37.9%
SWITZERLAND
31.7%
HONG KONG
15.3%
U S A
10.5%
SINGAPORE
2.5%
SAUDI ARAB
1.7%
RUSSIA
0.6%
Scale and value creation in India
Import type matters: rough stones are productive inputs, jewellery is a downstream export, and much of gold demand serves the domestic market.
$72.0bn
$16.4bn
$12.4bn
$13.3bn
Sources & method
Trade values are current US$ millions from India’s Ministry of Commerce TradeStat HS-4 world tables. Sector totals sum the listed HS-4 codes; they are analytical baskets rather than a claim that every code in the wider HS chapter belongs to the sector. Partner shares use HS71 chapter data for the major countries captured locally, so they are labelled as a proxy.