Total gem and jewelry exports from India reached $25.93 billion between April 2025 and February 2026.
This compares with $25.92 billion for the same period of the previous financial year, according to the figures released by the Gem and Jewellery Export Promotion Council (GJEPC). In February alone, gem and jewelry exports totaled $2.68 billion, a 3.86% increase from February 2025.
According to Kirit Bhansali, Chairman of the GJEPC, the past year was challenging for the global jewelry industry, driven by changing US tariff policies, geopolitical uncertainty, and shifting consumer preferences in key markets. "Despite these challenges," he noted, "the Indian jewelry sector has demonstrated remarkable resilience."
Exporters actively diversified their export markets, strengthening their presence in the UAE and Australia, where free trade agreements played a significant role. At the same time, the Hong Kong market continued to provide significant support. "The Government of India’s proactive trade diplomacy through FTAs has been instrumental in opening new opportunities and helping the industry diversify its export base. This strategic shift is reflected in the sector’s overall performance during the year," he said.
Recent changes to the US tariff system have provided some support to the inlaid jewelry segment: the effective duty on Indian jewelry exports is currently around 15.5%, significantly lower than previously proposed levels. Meanwhile, the industry is awaiting greater clarity regarding the final tariff regime for natural diamonds and certain categories of rough diamonds, which are currently subject to a 10% import duty under a US presidential executive order.
Regarding geopolitical tensions in the Middle East, Bhansali added: "The industry remains watchful of evolving geopolitical developments and global trade conditions as we move into the final phase of the financial year. Exporters are closely monitoring the situation and working with trade partners to ensure continuity of shipments and supply chains."
Military action in the Middle East has caused significant disruptions to global gem, gold, and jewelry supply chains, primarily due to the paralysis of logistics in Dubai, a key global hub accounting for 20% of global gold and a significant portion of rough diamonds. Due to missile attacks and the closure of UAE airspace in March 2026, air travel was suspended, effectively halting export and import operations in the region. As a result, India, the global diamond-cutting center for 90% of all diamonds, faced a shortage of rough diamonds shipped through Dubai. Cargo rerouting and logistical complications led to increased freight costs and insurance premiums, while disruptions in gold and silver supplies triggered sharp fluctuations in global prices for these metals.
Hélène Tarin, Editor-in-Chief of the Asian Bureau, Rough&Polished
