India’s gem and jewellery exports reached ₹2,44,827.26 crore for the financial year April 2025 to March 2026, marking a 0.93% increase in rupee terms compared with the previous year. In US dollar terms, exports totalled US$27.72 billion, representing a decline of 3.32% year on year.
The figures reflect a trading environment shaped by geopolitical developments, tariff changes and shifting consumer demand across key markets.
Market Diversification and Regional Performance
Export performance indicates a shift in market distribution, with growth recorded across several regions. The United Arab Emirates remained the largest export destination, with shipments rising 10.52% to US$8.70 billion. Hong Kong recorded growth of 30.99% to US$5.97 billion, while Australia and Canada saw increases of 38.33% and 115.01% respectively.
In contrast, exports to the United States declined by 44.92% to US$5.09 billion, reflecting the impact of tariff changes and softer demand.
Kirit Bhansali, chairman of the Gem and Jewellery Export Promotion Council (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.”
He added: “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.”
Bhansali also said: “Free Trade Agreements with the UAE and Australia have played a role in supporting export diversification and maintaining growth.”
Product Category Trends
Cut and polished diamonds remained the largest export category, accounting for 43.9% of total shipments. Exports in this segment declined by 8.52% year on year to US$12.16 billion, reflecting tariff impacts, inventory adjustments and reduced discretionary spending.
Gold jewellery exports were largely stable at US$11.36 billion. Within this category, plain gold jewellery declined by 7.42% to US$4.84 billion, while studded gold jewellery increased by 6.27% to US$6.52 billion.
Silver jewellery exports increased by 52.21% to US$1.47 billion, supported by global demand and price dynamics. Platinum jewellery exports rose by 39.32% to US$254.60 million.
Lab-grown diamond exports declined by 10.55% to US$1.13 billion despite higher volumes, indicating price adjustments in the segment. Gold jewellery set with lab-grown diamonds increased by 31.30% to US$1.43 billion.
Coloured gemstone exports were broadly stable, with a marginal decline of 0.71% to US$437.31 million.
