The overall gross exports of gems and jewellery in February 2026 were recorded at US$ 2.68 billion (Rs. 24,340.05 crores), registering a growth of 3.86% (8.37% in Rs. terms) compared to US$ 2.58 billion (Rs. 22,460.13 crores) in February 2025.
Export Performance Overview
For the period April 2025 to February 2026, the overall gross exports of gems and jewellery reached US$ 25.93 billion (Rs. 2,28,230.06 crores), marking a marginal growth of 0.07% (4.34% in Rs. terms) compared to US$ 25.92 billion (Rs. 2,18,737.62 crores) during the same period of the previous financial year.
Industry Perspective
Kirit Bhansali, Chairman, GJEPC, said “The past year has been a challenging one for the global gem and jewellery industry, shaped by evolving U.S. tariff policies, geopolitical uncertainties, and changing consumer preferences across key markets. Despite these headwinds, the Indian gem and jewellery sector has demonstrated remarkable resilience.”
Export Market Diversification
“Exporters have actively diversified their export markets, strengthening their presence in destinations such as the UAE and Australia, where Free Trade Agreements have played a significant role, while markets like Hong Kong have continued to provide strong support.
The Government of India’s proactive trade diplomacy through FTAs has been instrumental in opening new opportunities and helping the industry diversify its export base. This strategic shift is reflected in the sector’s overall performance during the year.”
U.S. Tariff Developments
“Recent developments in the U.S. tariff framework have also provided some support to the studded jewellery segment. As per the current understanding, the effective duty on jewellery exports from India is around 15.5%, which is significantly lower than earlier proposed levels and helps maintain competitiveness in this category. At the same time, the industry awaits greater clarity regarding the final tariff treatment for natural diamonds and certain loose stone categories, which are currently subject to a 10% import duty under the prevailing U.S. executive order.” Bhansali added.
Geopolitical Considerations
Talking about the geopolitical tension in the Middle East region, Bhansali, said, “The industry remains watchful of evolving geopolitical developments and global trade conditions as we move into the final phase of the financial year. Exporters are closely monitoring the situation and working with trade partners to ensure continuity of shipments and supply chains.”
Market Performance By Region
Market-wise performance during April 2025–February 2026 shows strong growth in the UAE and Hong Kong. Overall gem and jewellery exports to the United Arab Emirates rose 22.19% to US$ 8.41 billion, while shipments to Hong Kong increased 30.91% to US$ 5.54 billion. Exports to the United States were valued at US$ 4.65 billion, down 44.28% year-on-year.
During April 2025–February 2026:
- Cut and polished diamond exports were recorded at US$ 11.32 billion (Rs. 99,662.52 crores), registering a 6.71% year-on-year decline (-2.68% in Rs. terms).
- Total gold jewellery exports, including plain and studded jewellery, grew 5.99% year-on-year (10.38% in Rs. terms) to US$ 10.71 billion (Rs. 94,171.44 crores).
- Plain gold jewellery exports grew 2.44% year-on-year (6.29% in Rs. terms) to US$ 4.64 billion (Rs. 40,669.66 crores).
- Studded gold jewellery exports recorded a stronger growth of 8.87% year-on-year (13.70% in Rs. terms) to US$ 6.07 billion (Rs. 53,501.78 crores), supported by higher value-added demand.
- Silver jewellery exports surged sharply by 55.41% (63.24% in Rs. terms) to US$ 1.40 billion (Rs. 12,343.94 crores), driven by robust international demand and higher silver prices.
- Platinum jewellery exports grew 43.81% (50.40% in Rs. terms) to US$ 236.62 million (Rs. 2,090.06 crores), aided by growing acceptance in niche and premium markets along with price appreciation.
- Polished lab-grown diamond exports declined 8.58% year-on-year in value (-4.67% in Rs. terms) to US$ 1.04 billion (Rs. 9,124.97 crores), even as export volumes increased significantly, indicating price softness.
- Coloured gemstone exports were recorded at US$ 414.43 million (Rs. 3,657.50 crores), marginally lower by 0.80% year-on-year (+3.48% in Rs. terms), reflecting stable but subdued demand.
About The Gem and Jewellery Export Promotion Council (GJEPC)
The Gem & Jewellery Export Promotion Council (GJEPC), set up by the Ministry of Commerce, Government of India (GoI) in 1966, is one of several Export Promotion Councils (EPCs) launched by the Indian Government, to boost the country’s export thrust, when India’s post-Independence economy began making forays in the international markets. Since 1998, the GJEPC has been granted autonomous status. The GJEPC is the apex body of the gems & jewellery industry and today represents 10700+ members in the sector. With headquarters in Mumbai, GJEPC has Regional Offices in New Delhi, Kolkata, Chennai, Surat and Jaipur, all of which are major centres for the industry. It thus has a wide reach and is able to have a closer interaction with members to serve them in a direct and more meaningful manner. Over the past decades, GJEPC has emerged as one of the most active EPCs and has continuously strived to both expand its reach and depth in its promotional activities as well as widen and increase services to its members.
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