India's gem and jewellery exports stood at $27.72 billion (Rs 2.44 lakh crore approx) in FY 2025-26, a 3.32% decline, amid global headwinds and tariff uncertainties, according to the Gem and Jewellery Export Promotion Council (GJEPC).

The performance comes amid a year marked by geopolitical uncertainties, evolving US tariff regimes, and emerging tensions in West Asia, yet underscores a deeper transformation underway in India's gem and jewellery export landscape.

GJEPC chairman Kirit Bhansali 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."

Cut and polished diamonds, accounting for 43.9% of exports, fell 8.52% year-on-year to $12.16 billion, while overall gold jewellery exports remained largely stable at $11.36 billion. Within this, plain gold jewellery declined 7.42% due to elevated prices, whereas studded gold jewellery rose 6.27%, signalling a tilt towards design-led, higher-value products.
Silver jewellery exports surged 52.21% to $1.47 billion, driven by affordability and rising global demand, while platinum jewellery shipments grew 39.32% to $254.6 million, indicating traction in premium segments.

On the other hand, polished lab-grown diamond exports declined 10.55% to $1.13 billion amid price corrections. However, according to GJEPC, studded jewellery using lab-grown diamonds rose sharply by 31.3%, indicating evolving consumer preferences and preference for affordable jewellery.

Exports to newer markets such as the UAE, Australia, Hong Kong and Canada remained relatively strong and resilient, supported by free trade agreements, with shipments to the UAE rising over 10% for the full year despite geopolitical disruptions. Gujarat, a key hub for diamond processing, recorded exports worth $2.40 billion, underlining its continued contribution to the sector's global positioning.

Courtesy : TOI