According to a quarterly trade report by NITI Aayog, India's gems and jewellery sector, which employs over 5 million workers, needs to reorient itself towards higher value addition and market diversification to enhance its global competitiveness. Currently, India holds a 7.8% share of the $378 billion global gems and jewellery market, but its overall global share has declined from 6.1% in 2015 to just 2.9% in 2024 when raw gold is included. The report identifies structural weaknesses, including limited value addition and weak integration into global trading ecosystems, as factors hindering competitiveness. It suggests that high-value segments such as branded luxury jewellery and lightweight fashion jewellery remain largely underdeveloped despite rising global demand. Furthermore, the report highlights a divergence between exports and imports, noting that while India's exports have diversified, imports remain concentrated, particularly in mineral fuels and electronics. NITI Aayog vice-chairman Suman Bery emphasized the importance of free trade agreements (FTAs) in enhancing competitiveness and called for a shift towards design-intensive production. The report also outlines measures to improve the sector's competitiveness, including promoting design-led manufacturing and expanding financial access for micro, small, and medium enterprises (MSMEs). Additionally, it addresses the impact of the West Asia crisis on India's trade, particularly with the UAE, which accounts for approximately 36.5% of India's jewellery exports.