India’s Gem and Jewellery exports jump 9.43% in September; gold and silver shine

During April–September 2026, gross exports reached $14.30 billion (Rs 1,36,068.27 crore), registering growth of 3.07% in US dollar terms and 13.40% in rupee terms compared with the corresponding period last year.

The export performance reflects continued growth despite global uncertainties, supported by strong gains in studded gold jewellery, silver jewellery and polished lab-grown diamonds, according to the Gem and Jewellery Export Promotion Council (GJEPC).

Commenting on the performance, GJEPC Chairman Kirit Bhansali said the growth of 9.43% in September and 3.07% during the first half of FY2026–27 was encouraging, demonstrating the sector’s resilience amid an uncertain global trade environment.

“Studded gold jewellery has emerged as a strong performer, with exports growing 31.31% in US dollar terms to $3.69 billion during April–September 2026,” Bhansali said.

He attributed the growth to improved trade access under the India–UK trade agreement, reduced US tariffs and strong performance in key markets such as Hong Kong, Singapore and France.

However, rising gold prices have posed challenges for plain gold jewellery exports. Gold prices increased 31.17% in US dollar terms to $4,415.70 per troy ounce during April–September 2026, compared with $3,366.44 per troy ounce in the corresponding period last year.

“The sharp rise in gold prices has added to the challenges facing plain gold jewellery exports, which declined 8.81% to $2.53 billion. Demand and market conditions remain challenging, particularly in the Middle East, an important destination for plain gold jewellery exports,” Bhansali said.

Cut and polished diamonds, meanwhile, are showing signs of improvement, with prices recovering in recent months and export volumes rising 4.64% to 83.98 lakh carats during April–September 2026.

In value terms, exports of cut and polished diamonds stood at $5.81 billion, down 6.96% in US dollar terms, but up 2.31% in rupee terms. According to Bhansali, rising export volumes, improving prices and positive growth in rupee terms point to a gradual recovery in the segment.

Polished lab-grown diamond exports also recorded strong growth, increasing 17.08% to $685.10 million, supported by stable prices. Silver jewellery exports rose 23.10%, reflecting growing international demand for higher-value, design-led collections.

“These trends highlight the industry’s ability to adapt to changing market conditions through product innovation, value addition and market diversification. We remain optimistic that these positive developments will help sustain export growth in the coming months,” Bhansali said.