India’s gross gem and jewellery exports rose 2.44 per cent year-on-year in US dollar terms to $9.17 billion during April-July 2026, supported by strong growth in studded gold, silver and platinum jewellery, according to data released by the Gem and Jewellery Export Promotion Council (GJEPC).
The growth was led by value-added jewellery segments, with studded gold jewellery exports rising 21.09 per cent during the four-month period. Silver jewellery exports surged 72.19 per cent, while platinum jewellery shipments increased 17.20 per cent.
Gold jewellery, including plain and studded jewellery, remained the largest export segment, with shipments rising 5.87 per cent to $4.03 billion during April-July. Within this, studded gold jewellery exports stood at $2.24 billion.
Polished lab-grown diamond exports also increased 7.47 per cent during the period to $408.50 million.
However, the overall export performance remained uneven. Cut and polished diamond exports declined 18.23 per cent during April-July, highlighting continued pressure on India’s traditional diamond export business.
July exports remain largely flat
In July alone, India’s gem and jewellery exports remained almost unchanged at $2.35 billion, compared with $2.34 billion in the same month last year, marking a growth of just 0.38 per cent.
Gold jewellery exports performed better, rising 8.73 per cent during the month. Studded gold jewellery exports increased 21.36 per cent, driven by demand from key markets such as the UAE, Hong Kong and Singapore.
Gold prices also eased during July, falling 3.88 per cent to $4,073.92 per troy ounce from $4,238.32 in June. Prices had already declined 10.28 per cent month-on-month in June.
More from BusinessOther segments recorded weaker July numbers. Cut and polished diamond exports fell 18.23 per cent, while polished lab-grown diamond exports declined 8.23 per cent. Silver and platinum jewellery exports also registered marginal declines during the month.
Value addition emerges as key export driver
The export data points to a shift towards higher-value jewellery products as India’s traditional diamond trade faces pressure. Strong growth in studded gold, silver and platinum jewellery suggests exporters are increasingly benefiting from demand for finished and value-added products rather than relying solely on polished diamonds.
GJEPC Chairman Kirit Bhansali said the industry remained optimistic about the export outlook following the success of IIJS Bharat Premiere 2026, which attracted more than 61,000 visitors, including over 5,000 international visitors from 80 countries.
Business generated at the exhibition is expected to translate into shipments in the coming months, potentially providing further support to India’s jewellery exports.
Bhansali also said the Taxation and Other Laws (Amendment) Bill 2026 could strengthen India’s position as a global diamond trading hub by offering foreign companies trading rough diamonds through Special Notified Zones a 15-year income tax exemption.
The key challenge, however, remains the weakness in India’s cut and polished diamond exports. With demand shifting towards jewellery and value-added products, the industry’s export growth is increasingly dependent on India’s ability to move further up the value chain.
