India gems and jewellery exports flat in Apr–Feb, diamonds drag

India’s gems and jewellery exports remained largely flat in the first 11 months of FY26, as the strong growth in segments such as silver and platinum jewellery was offset by declines in diamonds and lab-grown diamonds, according to provisional data released by the Gem & Jewellery Export Promotion Council (GJEPC).

Overall gross exports during April 2025–February 2026 were at $25.93 billion, up 0.07% from $25.92 billion a year ago. In rupee terms, exports rose 4.3% to ₹2.28 trillion, reflecting currency movements and commodity price changes.

Imports of gems and jewellery during the period grew faster, rising 6.8% year-on-year to $18.64 billion, indicating continued demand for raw materials and intermediate products used in the export-oriented industry, according to the industry council.

This assumes significance as the gems and jewellery sector contributes about 7% of India’s GDP and comprises around 15% of the country’s total merchandise exports, making it a critical component of the country’s trade basket.

The subdued export performance was largely due to weakness in the diamond segment that remains the backbone of India’s jewellery exports, the report said.

“The data released by GJEPC is provisional. Since data from the Directorate General of Commercial Intelligence and Statistics (DGCI&S) is not yet available for April 2025-February 2026, comparisons have been made only with figures available with the Council,” it said.

Exports of cut and polished diamonds declined 6.7% to $11.32 billion during April–February FY26 compared with $12.14 billion a year ago. In volume terms, shipments fell 2.2% to 147.69 lakh carats, reflecting softer global demand and price pressures.

Similarly, exports of polished lab-grown diamonds fell 8.6% year-on-year to $1.04 billion, even though export volumes rose sharply by more than 35%, indicating a decline in per-carat prices in the segment.

In contrast, gold jewellery exports saw steady growth over the period.

Total gold jewellery exports (plain and studded) rose nearly 6% to $10.71 billion during April-February FY26, compared with $10.10 billion in the year ago period.

Within this category, plain gold jewellery exports rose 2.4% to $4.64 billion, while studded gold jewellery shipments grew 8.9% to $6.07 billion.

Industry experts noted that the rise in export value partly reflects the sharp increase in gold prices during the period. Data in the report shows that the average price of gold bars rose over 50% between April–February FY26 and the corresponding period a year ago.

"The Indian gems & jewellery sector has been consistently demonstrating resilience despite the global challenges. The global economic headwinds caused by geopolitical tensions have posed a significant challenge causing volatility in prices of precious metals, as well as end-consumer demand,” said Colin Shah, managing director of Mumbai-based Kama Jewelry, a manufacturer and exporter of diamond, gold, and platinum jewellery.

“While we have managed to sail through, the currently ongoing conflict in West Asia is likely to have a major impact on exports as key markets like the UAE are witnessing trade constraints, along with the sky-rocketing crude prices making overseas trade costlier. We are hopeful that the tensions will soon be resolved diplomatically and business will regain pace,” said Shah.

Among the strongest-performing segments was silver jewellery, where exports jumped 55.4% to $1.39 billion during April-February FY26 from $897.86 million in the previous year.

The report noted that the rise in export value was influenced by the sharp increase in global silver prices, which rose by over 68% in dollar terms during the period.

Exports of platinum jewellery also saw robust growth, rising 43.8% to $236.62 million during the period, supported by rising platinum prices and demand in international markets.

In February alone, India’s gross gems and jewellery exports rose 3.9% year-on-year to $2.7billion, compared with $2.6 billion in the same month of the previous year.

Imports during the month rose even faster, rising 10.9% to $1.59 billion, reflecting continued purchases of raw materials such as rough diamonds and precious metals used in jewellery manufacturing.

“Despite weak diamond exports, the overall performance highlights the sector’s diversification across jewellery categories and emerging segments such as silver and platinum products,” the GJEPC said.

The data suggests that volatility in precious metal prices and fluctuations in global demand continue to shape export trends in the industry, which remains one of India’s largest foreign exchange earners.