India’s gem and jewellery exports remained broadly stable during April 2025–January 2026, reflecting resilience amid global trade headwinds and tariff-related pressures in key markets. Overall gross exports stood at US$ 23.19 billion (₹2,03,280.72 crore), registering a marginal decline of 0.64% in dollar terms while growing by 3.57% in rupee terms, compared to exports of US$ 23.33 billion (₹1,96,277.49 crore) recorded during the same period previous year. This performance underscores the sector’s underlying stability despite volatile global conditions.
The export outcome was significantly influenced by a sharp contraction in shipments to the United States, India’s largest gem and jewellery export destination, where exports declined by over 45% due to elevated tariffs and pricing disadvantages.
However, the recently announced India–US trade deal, which restores tariff access for gems and jewellery at 18%, is expected to be a major inflection point. The tariff rollback is projected to lift India’s gem and jewellery exports by up to US$ 3 billion in the near term, driven by renewed price competitiveness and trade re-creation.
Even as exports to the US faced temporary pressure, India successfully diversified its export markets, recording strong growth across several key destinations.
During April 2025 – January 2026, exports to the United Arab Emirates grew 23.71%, Hong Kong rose 33.5%, while Australia and France posted robust growth of over 36% each. Other markets such as Belgium, Thailand and Israel also recorded double-digit growth, demonstrating India’s growing global footprint and the industry’s ability to adapt to shifting trade dynamics.
Shri Kirit Bhansali, Chairman, GJEPC said, “India’s gem and jewellery exports have remained broadly stable during April–January at US$ 23.19 billion, despite global headwinds, with a marginal decline in dollar terms and positive growth in rupee terms underscoring the sector’s resilience. The announcement of the framework for India–US trade deal has brought much-needed relief, with the revised 18% tariff on jewellery and Zero duty on diamonds and coloured gemstones, will place India in a structurally superior position over key competitors—across diamonds, coloured gemstones and studded gold jewellery. This advantage is expected to help Indian exporters regain lost ground in the US market and re-create trade, potentially adding up to US$ 3 billion in the near term. Supported by market diversification and a strong pipeline of trade agreements, the industry is well positioned for recovery and sustained growth in FY 2026–27.”
“This outward-looking trade strategy has been strongly complemented by domestic reforms. Union Budget 2026–27 is highly positive for the gem and jewellery sector, with a clear focus on ease of doing business, customs reforms, faster clearances and improved access to finance. Measures such as digital appraisals, advance filing of Bills of Entry, concessional SEZ-to-DTA sales and targeted MSME support will reduce costs, improve cash flow and strengthen export competitiveness. Overall, the Budget lays a solid foundation for growth, job creation and export expansion, aligned with the sector’s long-term vision of achieving US$ 100 billion in exports by 2047.” adds Bhansali.
During April 2025–January 2026:
- Cut and polished diamond exports during April–January 2026 stood at US$ 9.97 billion, registering a 7.46% year-on-year decline
- Total gold jewellery exports, including plain and studded jewellery, grew 5.53% year-on-year to US$ 9.71 billion during the period. Within this, plain gold jewellery exports rose marginally by 1.57%, while studded gold jewellery exports recorded a stronger growth of 8.69%, supported by higher value-added demand.
- Silver jewellery exports surged sharply by 51.21% to US$ 1.28 billion, driven by robust international demand and higher silver prices.
- Platinum jewellery exports grew 49.09% to US$ 215.15 million, aided by growing acceptance in niche and premium markets, along with price appreciation.
- Polished lab-grown diamond exports declined 9.73% year-on-year in value to US$ 923.62 million, even as export volumes increased significantly, indicating price softness.
- Coloured gemstone exports stood at US$ 342.34 million, marginally lower by 3.38% year-on-year, reflecting stable but subdued demand.