Gems and jewelery exports from India remained largely flat in the first 11 months of FY26 as strong growth in segments such as silver and platinum jewelery was offset by a decline in diamonds and lab-grown diamonds, according to provisional data released by the Gems and Jewelery Export Promotion Council (GJEPC).
Total gross exports during April 2025 to February 2026 were $25.93 billion, up 0.07% from $25.92 billion a year ago. In rupee terms, exports increased by 4.3%. ₹2.28 trillion, reflecting currency movements and changes in commodity prices.
Gems and jewelery imports grew faster in the period, up 6.8% year-on-year to $18.64 billion, indicating continued demand for raw materials and intermediates used in the export-oriented industry, according to the industry council.
This assumes significance as the gems and jewelery sector contributes about 7% to India’s GDP and accounts for about 15% of the country’s total merchandise exports, making it a critical component of the country’s trade basket.
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The muted export performance was largely due to weakness in the diamond segment, which remains the backbone of India’s jewelery exports, the report said.
“The data published by the GJEPC is provisional. As data from the Directorate General of Commercial Intelligence and Statistics (DGCI&S) is not yet available for the period April 2025 to February 2026, comparisons have only been made with the data available to the Council,” it said.
Cut and polished diamond exports declined 6.7% to $11.32 billion during April-February FY26 compared to $12.14 billion a year ago. In terms of volume, shipments fell 2.2% to 147.69 lakh carats, reflecting weaker global demand and price pressures.
Similarly, exports of lab-grown polished diamonds fell 8.6% year-on-year to $1.04 billion, even as export volumes surged more than 35%, suggesting a drop in prices per carat in the segment.
In contrast, the export of gold jewelery recorded stable growth in the given period.
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Total exports of gold jewelery (impure and set) rose nearly 6% to $10.71 billion during April-February FY26, compared to $10.10 billion in the year-ago period.
Within this category, exports of pure gold jewelery increased by 2.4% to $4.64 billion, while shipments of combed gold jewelery increased by 8.9% to $6.07 billion.
Industry experts noted that the increase in the value of exports partly reflects the sharp increase in gold prices during this period. Figures in the report show that the average price of gold bullion rose by more than 50% between April and February of FY26 and the corresponding period a year ago.
“India’s gems and jewelery sector has consistently demonstrated resilience despite global challenges. Global economic headwinds caused by geopolitical tensions pose a significant challenge to volatility in precious metal prices as well as end-consumer demand,” said Colin Shah, managing director of Kama Jewelry, a Mumbai-based manufacturer and exporter of gold diamonds.
“While we have managed to navigate through it, the ongoing conflict in West Asia is likely to have a major impact on exports as key markets such as the UAE are witnessing trade restrictions along with skyrocketing oil prices making foreign trade more expensive. We hope the tensions are resolved diplomatically soon and trade picks up,” Shah said.
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Among the best-performing segments was silver jewellery, whose exports jumped 55.4% to USD 1.39 billion in April-February FY26 from USD 897.86 million in the previous year.
The report noted that the increase in the value of exports was driven by a surge in global silver prices, which rose more than 68% in dollar terms during the period.
Platinum jewelery exports also saw strong growth, rising 43.8% to US$236.62 million during the period, supported by rising platinum prices and demand in international markets.
In February alone, India’s gross exports of gems and jewelery rose 3.9% year-on-year to $2.7 billion, compared to $2.6 billion in the same month a year earlier.
Imports rose even faster during the month, rising 10.9% to $1.59 billion, reflecting continued purchases of raw materials such as rough diamonds and precious metals used in jewelry.
“Despite weak diamond exports, the overall performance underscores the diversification of the sector across jewelery categories and emerging segments such as silver and platinum products,” the GJEPC said.
The data suggests that precious metal price volatility and fluctuations in global demand continue to affect export trends in the sector, which remains one of India’s biggest foreign exchange earners.
