India's gem and jewellery exports demonstrated robust growth in September 2026, rising 9.43% year-on-year to $2.95 billion (₹28,157.55 crore) compared to $2.70 billion (₹23,813.91 crore) in the same month last year, according to the Gem and Jewellery Export Promotion Council (GJEPC). In rupee terms, the growth was even more pronounced at 18.24%, highlighting the sector's resilience and strong international demand despite an uncertain global trade environment. The growth came despite elevated gold prices and challenging market conditions, demonstrating the sector's ability to expand against global headwinds. As per CNBC TV18, the increase in exports was led by gold jewellery and polished lab-grown diamonds, even as exports of cut and polished natural diamonds and silver jewellery declined during the month.
The positive momentum extended to the first half of FY27 (April-September), with overall gems and jewellery exports reaching $14.30 billion (₹1,36,068.27 crore), up 3.07% year-on-year in US dollar terms and 13.40% in rupee terms from $13.87 billion in the corresponding period of the previous fiscal year. As reported by GJEPC, this growth trajectory demonstrates the sector's continued expansion despite global trade uncertainties and challenging market conditions, with the ₹1.36 lakh crore rupee-denominated exports showing strong domestic currency performance. According to CNBC TV18, cumulative exports during April-September 2026 grew 3.07% to $14.30 billion, compared with $13.88 billion in the corresponding period last year. Imports during the six-month period rose 5.29% to $11.05 billion from $10.49 billion a year earlier.
Studded Gold Jewellery emerged as the strongest performer, with exports surging 50.24% in US dollar terms to $812.62 million (₹7,759.73 crore) during September 2026, according to GJEPC Chairman Kirit Bhansali. This growth was supported by improved conditions in Dubai, enhanced market access through Free Trade Agreements, reduced US tariffs, and strong performance in key markets including Hong Kong, Singapore and France. However, the surge in gold prices continued to weigh on plain gold jewellery exports, with gold prices rising 31.17% to $4,415.70 per troy ounce during April-September 2026, compared with $3,366.44 a year earlier, resulting in plain gold jewellery exports declining 8.81% to $2.53 billion despite the sector's overall positive performance. With a semblance of normalcy returning to Dubai, exports of Plain Gold Jewellery grew by 8.76% to $378.03 million (₹3,609.23 crore) in September compared to $347.58 million (₹3,072.23 crore) in the same month last year. For April-September, gold jewellery exports rose 11.37% to $6.23 billion, with studded gold jewellery exports growing 31.31% to $3.69 billion and plain gold jewellery exports declining 8.81% to $2.53 billion.
The sector showed varied performance across different product categories during September. Cut and Polished Diamonds exports declined 5.44% to $1.29 billion (₹12,335.79 crore) from $1.37 billion (₹12,076.35 crore) in the previous year, though export volumes rose 4.64% to 83.98 lakh carats during April-September 2026. However, Polished Lab Grown Diamonds demonstrated strong growth, increasing 40.72% to $151.43 million (₹1,445.53 crore) compared to $107.61 million (₹950.58 crore) in September 2025, with the segment recording 17.08% growth to $685.10 million during April-September. Silver Jewellery exports rose 23.10% to $729.32 million during the first half of FY27, supported by demand for higher-value, design-led collections, while Platinum jewellery exports also grew 15.75% to $123.29 million. However, Silver Jewellery exports dipped year-on-year by 12.49% to $134.46 million (₹1,285.01 crore) compared to $153.65 million (₹1,356.77 crores) in 2025. Coloured gemstones declined 7.44% to $74.94 million in September and fell 3.8% to $227.55 million for April-September.
India's gems and jewellery imports increased significantly, rising 25.48% to $2.08 billion in September 2026, according to provisional data released by GJEPC. Cumulative imports during April-September rose 5.29% to $11.05 billion from $10.49 billion a year earlier. The import surge was particularly pronounced in natural diamonds, with imports of cut and polished diamonds rising 22.92% to $152.33 million in September and cumulatively increasing 45.52% to $824.20 million during April-September. Rough diamond imports rose 15.14% to $1.05 billion in September, with volumes increasing 65.65% to 130.17 lakh carats. However, the trend was different over the six-month period, as rough diamond imports declined 16.81% in value to $5 billion during April-September, even as import volumes rose 16.47% to 592.24 lakh carats. Colin Shah, managing director of Kama Jewelry, noted that the increase in exports was encouraging amid geopolitical tensions and economic volatility, attributing the trend partly to domestic festive demand and the holiday season in Western markets. He also highlighted that upcoming free trade agreements could help Indian exporters diversify their markets and manage the impact of US tariffs.
