Gem and jewellery exports demonstrated resilience with 2.44% growth to $9.17 billion (₹87,078 crore) in the April-July 2026 period, compared to $9.01 billion in the same period last year, according to GJEPC data. In rupee terms, the exports jumped 13.58% to ₹87,078 crore against ₹77,299 crore, primarily driven by rupee depreciation. For July 2026 specifically, exports remained largely stable at $2.35 billion (₹22,512 crore), representing a marginal increase of 0.38% in US dollar terms and 11.68% in rupee terms compared to July 2025. The four-month performance was led by value-added jewellery segments, with gold jewellery exports comprising plain and studded jewellery rising 5.87% to $4.03 billion during April-July. As per ANI, gold jewellery, including plain and studded jewellery, remained the largest product segment with exports rising 5.87% to $4.03 billion during April-July.
Gold jewellery emerged as the key growth driver, with studded gold jewellery exports surging 21.09% to $2.24 billion (₹21,225 crore) during April-July 2026, as reported by GJEPC data. This growth was attributed to strong demand from UAE, Hong Kong, Singapore, Saudi Arabia, and UK markets. For July 2026 specifically, gold jewellery exports increased 8.73% to $1.04 billion (₹9,972 crore), with studded gold jewellery growing 21.36% to $569.44 million driven by demand from UAE, Hong Kong, and Singapore. Gold prices continued to ease during July, declining 3.88% month-on-month to $4,073.92 per troy ounce from $4,238.32 in June, following a 10.28% correction in June. The performance comes against the backdrop of easing international gold prices, which was expected to support demand in key consuming markets. However, the shift towards value-added jewellery is particularly notable as plain gold jewellery exports fell 8.46% to $1.80 billion during the period, indicating a strategic move towards higher-value products.
Cut and polished diamond exports faced significant headwinds, declining 18.23% to $876.39 million during July 2026, according to GJEPC data. However, polished lab-grown diamond exports provided some relief, increasing 7.47% to $408.50 million (₹3,881 crore) driven by strong demand from Hong Kong, Israel, and Canada. Silver jewellery shipments surged 72.19% to $508.18 million (₹4,796 crore), while platinum jewellery exports increased 17.20% to $77.82 million (₹738 crore) during the April-July period. During July specifically, cut and polished diamonds exports declined 18.23% to $876.39 million, and polished lab-grown diamond exports also declined 8.23% to $112.26 million. Coloured gemstone exports also declined 13.04% to $103.54 million during the four-month period. The traditional diamond trade continued to weigh on broader export performance, with cut and polished diamond exports declining 8% to $3.60 billion in April-July compared with $3.91 billion in the year ago period. Other segments recorded weaker July numbers, with silver and platinum jewellery exports also registering marginal declines during the month.
Kirit Bhansali, Chairman of GJEPC, highlighted the industry's encouraging resilience despite challenging global conditions, as reported by GJEPC data. He noted that value-added segments including studded gold jewellery, silver and platinum jewellery are leading the growth trajectory. On the recently introduced Taxation and Other Laws (Amendment) Bill 2026, Bhansali emphasized that the new law removes a long-standing structural barrier by providing 15-year income tax exemption to foreign companies trading rough diamonds through Special Notified Zones, positioning India as the world's leading centre for cutting and polishing diamonds. He also highlighted that IIJS Bharat Premiere 2026 was a resounding success, attracting over 61,000 visitors, including more than 5,000 international visitors from 80 countries, with business generated expected to translate into shipments in coming months. With studded jewellery and other value-added categories gaining traction while polished diamond exports remain under pressure, the export mix is increasingly reflecting a shift towards higher-value finished product. The key challenge remains the weakness in India's cut and polished diamond exports, with demand shifting towards jewellery and value-added products, making the industry's export growth increasingly dependent on India's ability to move further up the value chain.
