Gem and jewellery exports remain fairly stable in April-Jan. at $23.19 bn

MUMBAI

India’s gem and jewellery exports broadly remained stable during April 2025–January 2026, amid global trade headwinds and tariff-related pressures in key markets. As per data released by the Gem & Jewellery Export Promotion Council ( GJEPC), the overall gross exports during the period stood at $23.19 billion (₹2,03,280.72 crore), registering a decline of 0.64% in dollar terms, while growing by 3.57% in rupee terms, compared with exports of $23.33 billion (₹1,96,277.49 crore) during the same period in the previous year. 

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 of 50% and pricing disadvantages, GJEPC said. However, the recently announced India–U.S. trade deal, which restores tariff access for gems and jewellery at 18%, is expected to be a major inflection point, it said. 

The tariff rollback is projected to lift India’s gem and jewellery exports by up to $3 billion in the near term, driven by renewed price competitiveness and trade re-creation, it added.

Recently, India had 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 outbound shipments to Australia and France posted a robust growth of over 36% each. Exports to other markets such as Belgium, Thailand and Israel also recorded double-digit growth, the trade body said.

Kirit Bhansali, Chairman, GJEPC said, “The announcement of the framework for India–U.S. trade deal has brought the much-needed relief. 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 U.S. market and re-create trade. Supported by market diversification and a strong pipeline of trade agreements, the industry is well positioned for recovery and sustained growth in FY2026-27,” he added.

As per data released by GJEPC, 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 rose sharply by 51.21% to $1.28 billion, driven by robust international demand and higher silver prices. Platinum jewellery exports grew 49.09% to $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 $923.62 million, even as export volumes increased significantly, indicating price softness.

Coloured gemstone exports stood at $342.34 million, marginally lower by 3.38% year-on-year, reflecting stable but subdued demand.