Precious stones and jewellery adorned by them are an integral part of several cultures from around the world. Likewise, gemstones are treated with a lot of care and respect in India as they have been a part of our economy for centuries. Precious stones exports from India have gained popularity around the world since ancient times and over the years our country has become a gems export centre.

India was one of the first countries in the world to make fine jewellery using minerals, metals, and gemstones. As a result, over the years, India has become a gems export centre for the world, producing some of the most exquisite pieces the world has ever seen. The gemstone industry generates employment for a large section of India’s population thanks to high foreign exchange earnings via exports. Even back in 2012, jewellery and gems exported from India accounted for almost 14% of our country’s total merchandise exports.

Top Exporting Countries of Precious Stones: 

·         Australia ($912M)

·         Russia ($891M)

·         Peru ($641M)

·         Bulgaria ($615M)

·         Kazakhstan ($595M)

·         United States ($62,683.68K, 129,555,000 carat)

·         Ireland ($43,433.72K )

·         European Union ($18,194.96K,147,233,000 carat)

·         China ($17,073.24K).

 It contributed 64% to the total gems and jewellery export. India's top export destinations for gems and jewelry are US, Europe, Japan and China. US accounts for nearly one-fourth of the country's total gems and jewelry export.

Zambia is the top country by ores and metals exports in the world. As of 2020, ores and metals exports in Zambia were 78.8 %.

Value of Gems Exported from India in Financial Year 2021, by Leading Destination (in billion Indian rupees)

Top Importing Countries of Precious Metals from India:

    1.    United Arab Emirates
2.    United States of America
3.    Russia
4.    Singapore
5.    Hong Kong
6.    Latin America 
7.    China 

Documents required for Exporting Precious Metals:

•      ·         Company incorporation certificate
  ·         Import Export Code
  ·         Kimberly Process Certificate 
  ·         Pollution certificate from the Pollution Control Board of India
  ·         Pre-shipment inspection certificate
  ·         Certificate of Origin 
  ·         Company PAN
  ·         ID and address proof of the business owners along with their passport-sized photographs
  ·         Bank certificate 
  ·         Memorandum or Articles of Association / Partnership deed
  ·         Latest Income Tax returns
  ·         Additionally, any company that wishes to export  gemstones from India must have the following;
  ·         Bank account
  ·         Permanent Account Number
  ·         Import-Export Code 
  ·         Business Identification Number 
  ·         Registration Cum Membership Certificate from the Gem and Jewellery Export Promotion Council
  ·         Enrolment No from the Director-General of Foreign Trade

Procedure to Export Precious Stones from India

• ·        The entrepreneurs will first need to study the global precious stones export market and decide on what type of products they wish to export. Afterwards, entrepreneurs must open a bank account for the company and obtain a company Permanent Account Number. 
  

• ·        To partake in the gem exports industry in India, individuals must first register with the Director-General of Foreign Trade. Additionally, once they have registered with the DGFT, companies can apply for an Import Export Code
  

• ·        Next, exporters must decide what products they wish to ship to foreign nations and identify the Harmonized System codes and product classification codes for the same
  

• ·        All traders must ensure that they comply with the guidelines laid out regarding the handling and transporting of hazardous wastes in India. Moreover, the Ministry of Environment and Forest is responsible for regulating and controlling the import and export of gemstones, jewellery, pearls, and precious metals in India.
  

• ·        In certain cases, gem exporters will also have to submit test and analysis reports from laboratories certifying the quality of the products. Additionally, this certificate ensures that the trade of diamonds does not lead to the financing of violent rebel movements.
  

• ·        Once your company has all the required documentation, you can start searching for vendors and buyers in importing countries.