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India’s gem and jewellery exports for the financial year April 2025 – March 2026 stood at ₹2,44,827.26 crore, registering a growth of 0.93% in rupee terms compared to ₹2,42,559.39 crore in the previous financial year. In dollar terms, exports were recorded at US$ 27.72 billion, reflecting a moderate decline of 3.32% year-on-year. The performance comes amid a year marked by geopolitical uncertainties, evolving U.S. tariff regimes, and emerging tensions in West Asia, yet underscores a deeper transformation underway in India’s gem and jewellery export landscape. Mr. Kirit Bhansali, Chairman, GJEPC, said, “FY 2025–26 marks a phase of structural reset for the Indian gem and jewellery industry, where growth is becoming more broad-based and less dependent on a single market. Exporters have actively diversified into new geographies, strengthened value-added segments, and adapted swiftly to evolving global trade dynamics.” “Even as the U.S. market saw a decline due to tariff-related uncertainties, markets such as the UAE, Hong Kong, Australia, and Canada have demonstrated strong growth. “Free Trade Agreements with the UAE and Australia have played a pivotal role in supporting export diversification and sustaining growth momentum. While exports to the UAE witnessed strong growth of over 22% during April–February 2026, the emerging tensions in the region moderated the overall growth to 10.52% for the full financial year, with exports reaching USD 8.70 billion. “At the same time, markets like Australia have shown robust growth of 38.33%, reinforcing the importance of FTA-led market expansion in building a more resilient and broad-based export ecosystem. The anticipated implementation of FTAs with the UK and EU this year is expected to further support the growth of India’s gem and jewellery exports.” During April 2025–March 2026: Cut and polished diamonds remained the largest product category within the overall gem and jewellery basket, contributing 43.9% of total exports in FY 2025–26. Exports of cut and polished diamonds were recorded at US$ 12.16 billion (Rs. 1,07,461.34 crores), registering a year-on-year decline of 8.52% (-4.41% in rupee terms). This contraction was primarily influenced by the impact of US tariff increases implemented in the previous year, along with global inventory corrections, structural headwinds in key markets, subdued discretionary spending, and increasing competition from alternative luxury segments. Gold jewellery exports, including both plain and studded segments, remained largely stable at US$ 11.36 billion (Rs. 1,00,277.64 crores) in FY 2025–26, registering a marginal decline of 0.03% year-on-year (+4.18% in rupee terms). Within this, plain gold jewellery exports declined by 7.42% year-on-year (-3.98% in rupee terms) to US$ 4.84 billion (Rs. 42,597.79 crores), largely impacted by elevated gold prices, which weighed on demand, particularly in price-sensitive markets. On the other hand, studded gold jewellery exports grew by 6.27% year-on-year (+11.16% in rupee terms) to US$ 6.52 billion (Rs. 57,679.85 crores), supported by sustained demand for value-added, design-led jewellery. This growth reflects a clear shift in consumer preference towards higher-value products and underscores the resilience of the studded segment despite rising gold prices. Silver jewellery exports surged significantly by 52.21% year-on-year (+59.95% in Rs. terms) to US$ 1.47 billion (Rs. 13,013.54 crores). This outstanding performance was driven by strong global demand, supported by rising silver prices and increasing affordability appeal. Silver continues to gain traction among a growing middle-class consumer base, particularly in emerging markets, positioning it as a high-growth category with significant upside potential within the gem and jewellery sector. Platinum jewellery exports grew by 39.32% year-on-year (+45.88% in Rs. terms) to US$ 254.60 million (Rs. 2,257.24 crores), reflecting increasing traction in niche and premium segments. Exceptional growth reflecting increased global acceptance of platinum jewellery, representing a strategic opportunity. Polished lab-grown diamond exports declined by 10.55% year-on-year (-6.52% in rupee terms) to US$ 1.13 billion (Rs. 10,012.97 crores) in FY 2025–26, even as volumes increased, indicating ongoing price correction. At the same time, gold jewellery studded with lab-grown diamonds recorded strong growth of 31.30%, rising to US$ 1,425.51 million from US$ 1,085.65 million in the previous year, reflecting evolving product segmentation and shifting demand patterns across jewellery categories. Coloured gemstone exports were recorded at US$ 437.31 million (Rs. 3,870.87 crores), witnessing a marginal decline of 0.71% year-on-year (+3.76% in Rs. terms), reflecting stable yet subdued demand. Region-wise, exports from key gem and jewellery clusters across India showed varied performance. The Western Region, comprising major hubs such as Mumbai and Mumbai suburbs continued to lead with exports worth US$ 18,579.41 million in FY 2025–26. The Gujarat Region, a key centre for diamond processing and manufacturing, also recorded strong performance with exports of US$ 2,400.61 million, reflecting its steady contribution to the sector. India’s Gem & Jewellery Exports Rank Countries 2024-25 2025-26 % growth US$million US$million (y-o-y) 1 United Arab Emirates 7,868.16 8,696.27 10.52 2 Hongkong 4,559.14 5,972.24 30.99 3 United States Of America 9,236.46 5,087.33 -44.92 4 Belgium 1,190.00 1,390.98 16.89 5 United Kingdom 777.69 711.72 -8.48 6 Thailand 525.56 675.20 28.47 7 Israel 548.27 596.68 8.83 8 Singapore 529.39 566.02 6.92 9 Australia 260.41 360.21 38.33 10 France 266.60 356.12 33.58 11 Canada 148.63 319.57 115.01 12 Others 2,759.23 2,985.07 8.18 Total 28669.53 27717.40 -3.32

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