- Gross gem & jewellery exports rise 3.14% to US$2.30 billion in August
- Studded gold jewellery jumps 51.22%, signalling stronger global appetite for finished, value-added products
- Diamond exports fall 4.93% in value, but volumes climb 3.23% — an early sign of demand revival
- Gold jewellery exports rise 11.81% despite elevated bullion prices and supply constraints
- Lab-grown diamonds, platinum and coloured gemstones post strong growth as India broadens its export basket
NE BUSINESS BUREAU
MUMBAI, SEPT 13
India’s gem and jewellery industry is increasingly proving that value addition, rather than sheer volume, could be the next big driver of export growth, with studded gold jewellery exports surging 51.22% in August even as conventional cut and polished diamond exports remained under pressure in value terms.
According to the latest data released by the Gem & Jewellery Export Promotion Council (GJEPC), India’s gross gem and jewellery exports rose 3.14% year-on-year in US dollar terms and 12.52% in rupee terms to US$2.30 billion (Rs.21,945.87 crore) in August 2026, compared with US$2.23 billion (Rs.19,503.52 crore) in August 2025.
The most striking development was the sharp rise in studded gold jewellery, whose exports jumped 51.22% in dollar terms to US$642.85 million, reflecting stronger international demand for finished and value-added jewellery.
At the same time, cut and polished diamond exports declined 4.93% in dollar terms to US$924.51 million. However, export volumes rose 3.23%, from 12.94 lakh carats in August 2025 to 13.36 lakh carats in August 2026, offering an early indication that demand in the global diamond market could be regaining momentum.
The contrasting trends point to a significant structural shift: India is not merely processing precious stones and metals for global markets but increasingly converting them into higher-value finished jewellery within the country, thereby retaining a larger share of value across the manufacturing chain and supporting employment.
GJEPC Chairman Kirit Bhansali said, “August’s export performance reflects the resilience and adaptability of India’s gem and jewellery industry.”
“The increase in diamond export volumes, along with the sharp growth in studded gold jewellery exports, highlights India’s growing ability to create greater value by transforming precious materials into finished jewellery,” he said.
“This marks an important step in India’s evolution from a major processing centre to a global hub for design, manufacturing and value addition. With continued policy support, innovation and access to international markets, India is well positioned to capture a larger share of value across the global jewellery supply chain,” Bhansali added.
Gold jewellery gains, but plain gold feels the price pinch
Total gold jewellery exports, comprising plain and studded jewellery, increased 11.81% in US dollar terms and 21.96% in rupee terms to US$999.83 million (Rs.9,546.12 crore).
The growth was supported by demand from the US, Hong Kong, Singapore, the UK and France.
However, the performance was sharply divided between the two segments. Plain gold jewellery exports fell 23.90% in dollar terms and 17% in rupee terms to US$356.97 million (Rs.3,408.32 crore).
The decline comes against the backdrop of elevated gold prices and limited availability of duty-free gold for exporters, pushing up input costs and affecting the competitiveness of plain gold jewellery.
Gold prices rose 8.27% month-on-month, from US$4,073.92 per troy ounce in July 2026 to US$4,410.89 per troy ounce in August.
Studded gold jewellery, in contrast, surged 51.22% in dollar terms and 64.96% in rupee terms to US$642.85 million (Rs.6,137.81 crore), with the US, UAE, Hong Kong, UK and France emerging as key demand markets.
Diamond volumes offer a glimmer of recovery
Cut and polished diamond exports declined 4.93% in dollar terms but recorded 3.74% growth in rupee terms, reaching US$924.51 million (Rs.8,828.65 crore).
More importantly, volumes increased 3.23% to 13.36 lakh carats from 12.94 lakh carats a year earlier.
The increase in physical volumes, despite a decline in dollar value, could indicate improving market movement even as pricing and realisations remain under pressure.
Other segments also delivered notable gains.
Polished lab-grown diamond exports rose 28.45% in dollar terms to US$125.17 million, driven by demand from Hong Kong, Israel, Thailand, Russia and Canada.
Platinum jewellery exports increased 29.09% to US$22.50 million, with the US, UK, Netherlands and Canada providing strong demand.
Coloured gemstone exports jumped 34.40% to US$49.07 million, led by Thailand, Hong Kong, Italy and the US.
Silver jewellery, however, remained under pressure, with exports declining 39.66% to US$86.68 million.
Five-month exports cross US$11.47 billion
For April–August 2026, India’s gross gem and jewellery exports reached US$11.47 billion (Rs.1,09,023.88 crore), representing growth of 2.58% in dollar terms and 13.36% in rupee terms over the corresponding period last year.
Gold jewellery exports during the five-month period rose 7% in dollar terms to US$5.03 billion. Within this, plain gold jewellery declined 11.44% to US$2.15 billion, while studded gold jewellery surged 26.73% to US$2.88 billion.
Cut and polished diamond exports declined 7.38% to US$4.52 billion, although rupee realisations increased 2.35%.
The broader export basket showed encouraging diversification. Silver jewellery exports rose 35.57% to US$594.86 million, platinum jewellery increased 19.67% to US$100.32 million, and polished lab-grown diamond exports grew 11.76% to US$533.67 million.
Coloured gemstone exports declined marginally by 1.92% to US$152.61 million in dollar terms, though they grew 8.45% in rupee terms.
The August numbers thus underline a changing equation for India’s gem and jewellery sector: the future may lie less in exporting raw value and more in creating, designing and exporting finished value.
