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.
Quick Summary
- India’s exports reached USD 27.72 billion in FY 2025–26
- Structural reset with reduced dependence on a single market
- Silver jewellery saw massive 52.21% growth
- Platinum jewellery exports surged by 39.32%
- Studded gold jewellery showed resilience and growth
- Lab-grown diamond prices corrected despite volume rise
- UAE, Australia, Canada emerged as strong growth markets
Global Challenges & Industry Transformation
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.
Industry Leadership Perspective
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.”
Market Diversification Trends
“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.
Role of Free Trade Agreements
“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.
Emerging Growth Markets
“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.”
Product Category Performance Overview
During April 2025–March 2026:
Cut & Polished Diamonds
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 Performance
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).
Plain Gold Jewellery
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.
Studded Gold Jewellery
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 Growth
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 Growth
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.
Lab-Grown Diamond Segment
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.
Studded Jewellery with Lab-Grown Diamonds
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 Gemstones Performance
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.
Regional Export Performance
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.
Export Destinations Overview
India’s Gem & Jewellery Exports:
| Rank | Country | 2024-25 (US$ Million) | 2025-26 (US$ Million) | % Growth (Y-o-Y) |
|---|---|---|---|---|
| 1 | United Arab Emirates | 7,868.16 | 8,696.27 | 10.52 |
| 2 | Hong Kong | 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 | 28,669.53 | 27,717.40 | -3.32 |
About 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 10900+ 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.
FAQ’s
What is the total export value of India’s gem and jewellery sector in FY 2025–26?
USD 27.72 billion.
Which segment recorded the highest growth?
Silver jewellery exports grew the fastest at 52.21%.
Why did diamond exports decline?
Due to U.S. tariffs, global inventory correction, and reduced discretionary spending.
Which markets showed strong growth?
UAE, Hong Kong, Australia, and Canada.
What role did FTAs play?
FTAs with UAE and Australia significantly supported export diversification.
Is platinum jewellery gaining popularity?
Yes, it is seeing strong growth in premium and niche segments globally.
Source: SVAR Media Network
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