The Indian gems and jewelry industry has two major segments: gold, which comprises around 80% of the market, and diamonds/gemstones. It is one of the largest cutting and polishing industries for diamonds in the world. Major domestic players include Gitanjali Gems, Tanishq, Malabar Gold and Diamonds, and PC Jewelers. Internationally, India faces competition from Italy, China, and Thailand in gold jewelry and Belgium and China in diamonds. The industry is financially strong with a total market size of over $415 billion but also faces threats from low-cost competitors and lack of technology adoption.