India’s gem and jewellery exports record a steady recovery in the first half of FY2025–26, witnessing a growth of 3.66% to US$ 14.09 billion between April and September 2025 compared to US$ 13.60 billion in the same period last year. This growth comes despite global headwinds, reflecting the resilience and adaptability of India’s jewellery exporters as festive and wedding season demand gains momentum.
In September 2025 alone, overall exports rose 6.55% to US$ 2.91 billion, signalling improved market sentiment following months of volatility.
Speaking on the Gem & Jewellery Export performance, Kirit Bhansali, Chairman, GJEPC, said, “The first half of this financial year reflects encouraging signs of recovery for the industry. Demand for gem and jewellery products has strengthened across key markets such as the UAE, Hong Kong, and the UK, with exports registering consistent growth. The upcoming festive and wedding season among the Indian diaspora, together with the holiday season demand in global markets, is expected to further sustain this positive momentum in the coming quarter.”
However, the United States — a crucial destination for Indian gem and jewellery exports — continued to face challenges due to tariff-related factors. For the period of April to September 2025, overall exports to the USA declined 40.28% to US$ 2,770.66 million, while exports of cut and polished diamonds fell 53.62% to US$ 1,175.09 million.
Commenting on this, Bhansali noted, “GJEPC remains in close coordination with the Government of India as exporters and manufacturers catering to the US market face significant stress due to the prevailing tariff situation. The Council is actively engaging with the government to advocate for pragmatic, relief-oriented measures to stabilise the sector. Key recommendations include deferment of interest on working capital loans, relief in pre-shipment finance, extension of the Interest Equalisation Scheme, permission for reverse job work in SEZs, allowing sales from SEZs to the Domestic Tariff Area (DTA), and provision of liquidity support packages for affected MSMEs.
He further added, “Safeguarding workers’ welfare is a key priority. We have proposed concessional loans and liquidity support, restructuring of personal loans for affected workers, an education grant of ₹1,000 per girl child, and temporary inclusion under Ayushman Bharat for healthcare cover. These measures aim to ease financial pressures and provide vital social protection until normalcy returns.”
Commenting on the outlook, Bhansali added, “With global retail markets entering their busiest quarter, we expect the next few months to strengthen export performance further. India’s reputation as a reliable sourcing destination, supported by its craftsmanship and scale, continues to drive international demand.”
Gold jewellery exports (plain and studded) grew strong with increase of 21.97% to US$ 5.79 billion in April–September 2025 compared to US$ 4.75 billion in the same period last year.
* Plain Gold Jewellery exports surged 46.74% to US$ 2.80 billion, buoyed by rising gold prices and strong orders from the Middle East market.
* Studded Gold Jewellery exports rose 5.35% to US$ 3.00 billion.
Plain & Studded Gold jewellery exports for the period of April to September 2025 to the UAE surged by 61.37% to US$ 3,192.87 million, compared to US$ 1,978.55 million in the same period last year, reaffirming the UAE’s position as a leading destination for Indian jewellery. Exports to the United Kingdom grew by 17.01% to US$ 155.50 million, driven by steady retail demand and an appreciation for Indian design aesthetics. Meanwhile, exports to Saudi Arabia witnessed a growth of 124.10%, reaching US$ 128.90 million, underscoring the Kingdom’s rising preference for Indian jewellery and strengthening trade relations.
The average gold price rose nearly 36% year-on-year during the period, reflecting both global market dynamics and increased investor confidence in gold as a safe-haven asset.
Exports of Cut and Polished Diamonds, for the period of April 2025 to September 2025, touched US$ 6.25 billion, a decline of 9.57% compared to US$ 6.91 billion in the same period last year. However, September data indicates early signs of recovery, with monthly exports rising 5.91% to US$ 1.37 billion.
For the period of April 2025 to September 2025, Cut and polished diamond exports to USA declined 53% to USD 1175.09 million as compared to same period last year. However, shipments to the UAE witnessed a remarkable increase of 65.23% to US$ 1,299.71 million, reflecting Dubai’s growing role as a global trading hub for diamonds. Exports to Hong Kong also increased by 18.08%, reaching US$ 2,057.02 million, supported by improving demand from jewellery manufacturers and retailers ahead of the festive and holiday season.
The per-carat value of natural diamond stood at US$ 778.29, indicating stable pricing and gradual improvement in market confidence.
For the period of April 2025 to September 2025, exports of Polished Lab-Grown Diamonds declined 7.99% to US$ 586.63 million. The per-carat export value during April–September 2025 stood at US$ 58.66, consistent with global pricing trends amid increased production and inventory corrections.
For the period of April 2025 to September 2025, Silver jewellery exports posted a 17.43% rise to US$ 596.41 million, while Platinum jewellery exports climbed 25.37% to US$ 106.54 million, reflecting growing global consumer interest in diversified precious metals. Exports of Coloured Gemstones rose marginally by 0.75% to US$ 236.66 million.
The industry remains optimistic as the festive and wedding season unfolds, supported by improving consumer sentiment in key markets and upcoming trade engagements that are expected to open new business avenues in the Middle East and beyond.
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