Thank you to all the above members for your replies. It's been years since I posted my query under distress. I have since then won my Consumer court case & recovered my losses on my own. I did seek the help of a social worker & an advocate on drafting some affadavits. But, overall the info is available at the consumer court & online & one can fight the case for themselves.
The full amount of my loss plus interest was paid to me. My case was exparte. The courier company's owner had to show up at the end stage to avoid arrest and his company being seized. Non compliance with the courts is a criminal offense.
Of course, a company is liable. They are providing a service to the public & being paid for it. That is an agreement, to complete their end, of delivery of goods after we have contracted them to provide a service. They failed and we're at loss. They must take responsibility. The Consumer court route is the best way to go. The police didn't cooperate & its difficult to follow up with criminal cases unless you have a lawyer handling the matter throughout. For recovery of losses, definitely take immediate action by filing in your consumer forum. Some people have said in their replies how can the courier company be liable & know if the gemstones were in the box .. ? All companies require declaration of what's being sent along with value for insurance purposes. Most even check the items before accepting it & sealing it in front of the customer. Of course, they're liable, regardless. The Consumer if always right in most parts of the World. Especially in USA, businesses strive to satisy consumers & get their feedback to improve. Only in India, businesses/employers argue with consumers, not take any constructive criticism, & believe they have no fault in service. That's why there are so many fraudulent companies fooling the public & getting away with it for years. They pay off the cops and continue earning. People must get informed of their consumer rights and take action. All the best.