India’s gem and jewellery exports remained broadly stable: GJEPC

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.

Mumbai: 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, according to the Gem and Jewellery Export Promotion Council (GJEPC), the apex body of the industry.

Overall gross exports stood at $23.19 billion (Rs 2,03,280.72 crore), registering a marginal decline of 0.64 per cent in dollar terms while growing by 3.57 per cent in rupee terms, compared to exports of $23.33 billion (Rs 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 per cent 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 per cent, is expected to be a major inflection point. 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.

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 per cent, Hong Kong rose 33.5 per cent, while Australia and France posted robust growth of over 36 per cent 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.

“India’s gem and jewellery exports have remained broadly stable during April–January at $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 per cent 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,” said Shri Kirit Bhansali, Chairman, GJEPC.

According to him, this advantage is expected to help Indian exporters regain lost ground in the US market and re-create trade, potentially adding up to $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.

April 2025–January 2026:

• Cut and polished diamond exports during April–January 2026 stood at US$ 9.97 billion, registering a 7.46 per cent year-on-year decline

• Total gold jewellery exports, including plain and studded jewellery, grew 5.53 per cent year-on-year to $9.71 billion during the period. Within this, plain gold jewellery exports rose marginally by 1.57 per cent, while studded gold jewellery exports recorded a stronger growth of 8.69 per cent, supported by higher value-added demand.

• Silver jewellery exports surged sharply by 51.21 per cent to $1.28 billion, driven by robust international demand and higher silver prices.

• Platinum jewellery exports grew 49.09 per cent 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 per cent 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 per cent year-on-year, reflecting stable but subdued demand.