- Gem and jewellery exports climb 2.44% in dollar terms and 13.58% in rupee terms during April–July 2026
- Studded gold jewellery exports leap 21.09% to $2.24 billion; silver jewellery dazzles with 72.19% growth
- Platinum jewellery rises 17.20%, while polished lab-grown diamonds advance 7.47% during the four-month period
- July exports hold firm at $2.35 billion despite global headwinds; studded gold jewellery jumps 21.36%
- GJEPC chief Kirit Bhansali sees strong export momentum ahead, backed by easing gold prices and IIJS Bharat Premiere 2026
NE BUSINESS BUREAU
MUMBAI, AUG 13
India’s gem and jewellery export story is acquiring a brighter lustre—with studded gold jewellery emerging as the star performer and value-added segments increasingly cushioning the industry against global headwinds. Gross gem and jewellery exports rose 2.44% in US dollar terms to $9.17 billion (₹87,078.01 crore) during April–July 2026, while growth in rupee terms stood at a robust 13.58%.
The four-month performance was powered by a striking 21.09% surge in studded gold jewellery exports, which touched $2.24 billion, alongside a spectacular 72.19% jump in silver jewellery exports to $508.18 million.
Platinum jewellery exports also sparkled, rising 17.20% to $77.82 million, while polished lab-grown diamond exports advanced 7.47% to $408.50 million.
The numbers underline a significant shift towards value-added jewellery segments, even as India’s traditional cut-and-polished diamond exports remained under pressure.
Studded gold takes centre stage
Gold jewellery—plain and studded—exports rose 5.87% to $4.03 billion (₹38,306.90 crore) during April–July, compared with $3.81 billion a year earlier.
But the real glitter came from studded gold jewellery. Exports climbed 21.09% to $2.24 billion, against $1.85 billion in the year-ago period, with demand led by the US, UAE, Hong Kong, Saudi Arabia and the UK.
Plain gold jewellery, by contrast, declined 8.46% to $1.80 billion.
The contrast highlights the growing importance of design-rich, value-added products in India’s jewellery export basket.
Silver, platinum add more sparkle
Silver jewellery emerged as the fastest-growing major jewellery category during the four-month period, with exports soaring 72.19% to $508.18 million, from $295.13 million.
Demand was driven by Hong Kong, the US, the UK, Thailand and Germany.
Platinum jewellery exports increased 17.20% to $77.82 million, compared with $66.40 million a year earlier, supported by demand from the US, Switzerland and Germany.
Polished lab-grown diamond exports also remained in positive territory, rising 7.47% to $408.50 million, with Hong Kong, Israel and Canada emerging as key markets.
However, cut-and-polished diamond exports fell 8% to $3.60 billion, from $3.91 billion, while coloured gemstone exports declined 13.04% to $103.54 million.
July holds the golden line
The industry maintained its resilience in July, with gross gem and jewellery exports registering $2.35 billion (₹22,511.64 crore), compared with $2.34 billion (₹20,157.76 crore) in July 2025.
That represented a modest 0.38% year-on-year rise in dollar terms, but a healthier 11.68% increase in rupee terms.
Gold jewellery exports rose 8.73%, with studded gold jewellery again stealing the spotlight by registering 21.36% growth to $569.44 million.
Demand during the month was driven particularly by the UAE, Hong Kong and Singapore.
However, cut-and-polished diamond exports declined 18.23% to $876.39 million. Polished lab-grown diamonds fell 8.23% to $112.26 million, while silver and platinum jewellery exports declined marginally by 0.23% and 6.33%, respectively.
Gold price easing may revive demand
A further easing in gold prices during July could provide an additional tailwind to jewellery demand.
Gold prices declined 3.88% month-on-month, from $4,238.32 per troy ounce in June 2026 to $4,073.92 in July. This followed a 10.28% correction in June, marking a second consecutive month of softening prices.
The correction could potentially improve affordability in key consuming markets and support jewellery demand.
Kirit Bhansali, Chairman, GJEPC, said: “Despite a challenging global environment, India’s gem and jewellery exports have shown encouraging resilience, with value-added segments such as studded gold jewellery, silver and platinum jewellery leading the way.”
“The easing of gold prices is also expected to support demand in key consuming markets. Looking ahead, we remain optimistic,” he added.
Bhansali pointed to the strong response to IIJS Bharat Premiere 2026, which attracted more than 61,000 visitors, including over 5,000 international visitors from 80 countries.
“The business generated at the show is expected to translate into shipments in the coming months, and we are confident this will contribute positively to India’s export performance ahead,” he said.
15-year tax break may transform India into diamond trading hub
Bhansali also welcomed the recently introduced Taxation and Other Laws (Amendment) Bill 2026, describing it as a potential structural turning point for the diamond industry.
“This is a defining moment for India’s diamond industry. India is already the world’s leading centre for cutting and polishing diamonds, yet we have been entirely dependent on imports for rough diamonds,” he said.
“By providing a 15-year income tax exemption to foreign companies trading rough diamonds through our Special Notified Zones, this new law removes a long-standing structural barrier.”
“It positions India to evolve from a processing powerhouse into a global diamond trading hub,” Bhansali said.
The policy move, coupled with India’s established cutting and polishing ecosystem, could strengthen the country’s position across a larger portion of the global diamond value chain.
The four-month export scorecard
| Segment | April–July 2026 exports | YoY growth |
| Gold Jewellery — Plain & Studded | $4.03 bn | 5.87% |
| Studded Gold Jewellery | $2.24 bn | 21.09% |
| Plain Gold Jewellery | $1.80 bn | -8.46% |
| Cut & Polished Diamonds | $3.60 bn | -8.00% |
| Silver Jewellery | $508.18 mn | 72.19% |
| Platinum Jewellery | $77.82 mn | 17.20% |
| Polished Lab-Grown Diamonds | $408.50 mn | 7.47% |
| Coloured Gemstones | $103.54 mn | -13.04% |
The export numbers therefore present a two-speed picture: conventional cut-and-polished diamonds and coloured gemstones remain challenged, while India’s value-added jewellery segments are increasingly demonstrating resilience.
With studded gold jewellery, silver and platinum showing strong traction—and with softer gold prices and the business pipeline generated by IIJS Bharat Premiere providing additional optimism—the industry’s glittering growth story could gather further momentum in the months ahead.
