India's gem and jewelry exports in the 2025-26 fiscal year reached $27.72 billion, according to the data released by the Gem and Jewellery Export Promotion Council (GJEPC).
Compared to the previous year, exports in rupee terms grew by a modest 0.93%, while in dollar terms they registered a decline of 3.32% year-on-year.
The GJEPC noted that the figures indicate a structural shift toward broad-based growth and reduced dependence on the single market, despite a year marked by geopolitical uncertainty, changing US tariff regimes, and escalating tensions in West Asia. According to Kirit Bhansali, Chairman of the Council, in the past financial year, "exporters have actively diversified into new geographies, strengthened value-added segments, and adapted swiftly to evolving global trade dynamics."
Despite the decline in the US market, the UAE, Hong Kong, Australia, and Canada markets demonstrated significant growth.
During this period, cut and polished diamonds remained the largest product category in total gem and jewelry exports, accounting for 43.9% ($12.16 billion). The 8.52% year-on-year decline was primarily due to the impact of US tariff increases, as well as global inventory adjustments, structural challenges in key markets, weakening consumer spending, and increased competition from alternative luxury goods segments. Gold jewelry exports, including both plain and gem-studded, remained largely stable at $11.36 billion, registering a marginal decline of 0.03% year-on-year.
Within this, plain gold jewelry exports declined 7.42% year-on-year to $4.84 billion, largely due to high gold prices, which weighed on demand, particularly in price-sensitive markets, GJEPC explained.
On the other hand, inlaid gold jewelry exports increased 6.27% year-on-year to $6.52 billion, driven by robust demand for value-added designer jewelry. This growth reflects a shift in consumer preferences toward higher-end items and underscores the resilience of the inlaid jewelry segment despite rising gold prices. Silver jewelry exports grew significantly, up 52.21% year-on-year to $1.47 billion, driven by strong global demand, supported by rising silver prices and increased availability. Silver continues to gain popularity among the growing middle class, particularly in emerging markets, making it a fast-growing category with significant growth potential in the jewelry sector.
Platinum jewelry exports increased 39.32% year-on-year to $254.60 million, reflecting growing popularity in niche and premium segments amid record high gold prices.
Meanwhile, polished lab-grown diamond exports declined 10.55% year-on-year to $1.13 billion in the 2025-2026 fiscal year, despite increasing volumes, indicating an ongoing price correction. Meanwhile, exports of gold jewelry with lab-grown diamonds demonstrated robust growth of 31.30%, reaching $1.4 billion, reflecting changing product segmentation and a shift in demand patterns across various jewelry categories.
Colored gemstone exports totaled $437.31 million, a slight decline of 0.71% year-on-year, reflecting stable but subdued demand.
In terms of regional distribution of Indian exports, the country's western region, home to major hubs such as Mumbai and its suburbs, led the way with exports valued at $18.6 billion. Gujarat, a key diamond processing and manufacturing hub, also performed strongly with exports valued at $2.4 billion.
Hélène Tarin, Editor-in-Chief of the Asian Bureau, Rough&Polished
