The Indian Gems & Jewellery sector is contributing to the Indian economy by generating huge employment opportunities and forex earnings. This sector is boosting mainly due to the manufacturing of gold and diamonds in India at a cheaper rate than the rest of the world and thus, getting competitive advantage due to huge, skilled, and cheap labour availability and therefore, actively contributing to the “Make in India” initiative. India reigns supreme as a major exporter of diamonds in the international market, with an envious 20.6% share in 2020. This revenue is a major factor that contributes to the GDP of our country, which needs a boost to continue performing well in future. This sector ranks in the top ten countries globally, which is a testament to the importance and immense potential of this sector, which is renowned for its finest craftsmanship and diversified range of products. This sector contributes to a major proportion of Indian Exports and thus contributes around 7.5% to GDP (Gross Domestic Product) and 14% to India’s total merchandise export. As per statistics from the Gem & Jewellery Export Promotion Council (GJEPC), India is exporting 95% of the world’s diamonds. India is deemed to be the hub of the global jewellery market.  Various studies have been conducted on the gems and jewellery sector but yet no attempt has been made to study the financial performance of gems and jewellery companies in India. Therefore, there is need to study this so far untouched research area. Keeping in view the importance of potential of growth of the gems and jewellery sector in India, the proposed research topic is selected as it will be helpful to witness the performance of the gems and jewellery sector in India and recommend various measures to improve the performance of this sector. In the past few years, many studies have been undertaken on the performance of listed companies of different sectors on the same parameters. Therefore, the present paper is an attempt to highlight the various related studies conducted by different authors in a detailed manner. The objective of the paper is to review the related research papers which includes the performance of gems and jewellery sector, EVA & MVA analysis and SPEL analysis of listed companies of same or related sector. For this purpose, the authors have reviewed 35 research papers related to time period of 2005 to 2021 and have done detailed analysis of the selected research papers. Various studies revealed the history, origin and export-import performance of gems and jewellery sector in India. Further, the studied literature has investigated the relationship between EVA and MVA, profitability and liquidity of the selected companies and provide the direction for the researchers to do future research related to this topic.

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Keywords: G&J (Gems and Jewellery), BSE (Bombay Stock Exchange), SPEL (Solvency, Profitability, Efficiency, and Liquidity Ratios), EVA (Economic Value Added), MVA (Market Value Added).