India’s gem and jewellery exports continued their growth trajectory in September 2026, with gross exports rising 9.43% in US dollar terms and 18.24% in rupee terms year-on-year to US$ 2.95 billion (Rs. 28,157.55 crore), compared to US$ 2.70 billion (Rs. 23,813.91 crore) in September 2025.
For April–September 2026, India’s gross gem and jewellery exports reached US$ 14.30 billion (Rs. 136,068.27 crore), registering growth of 3.07% in US dollar terms and 13.40% in rupee terms over the corresponding period last year. The performance reflects continued export growth despite global uncertainties, with strong gains in studded gold jewellery, silver jewellery and polished lab-grown diamonds helping support the sector.
Commenting on the export performance, Shri Kirit Bhansali, Chairman, GJEPC, said, “The 9.43% growth in exports in September and the 3.07% increase during the first half of FY2026–27 are encouraging, demonstrating that India’s gem and jewellery exports continue to grow despite an uncertain global trade environment.
Studded gold jewellery has emerged as a strong performer, with exports growing 31.31% in US dollar terms to US$ 3.69 billion during April–September 2026. The growth reflects the benefits of improved trade access under the India–UK trade agreement and reduced US tariffs, alongside strong performance in key markets such as Hong Kong, Singapore and France.
Gold prices rose 31.17% in US dollar terms to US$ 4,415.70 per troy ounce during April–September 2026, compared to US$ 3,366.44 per troy ounce in the corresponding period last year.
“The sharp rise in gold prices has added to the challenges facing plain gold jewellery exports, which declined 8.81% to US$ 2.53 billion. Demand and market conditions remain challenging, particularly in the Middle East, an important destination for plain gold jewellery exports.”
“Cut and polished diamonds are showing encouraging signs, with prices improving in recent months and export volumes increasing 4.64% to 83.98 lakh carats during April–September 2026. In value terms, exports stood at US$ 5.81 billion, decline of 6.96%, however, recorded 2.31% growth in rupee terms. The rise in export volumes, coupled with improving diamond prices and positive growth in rupee terms, signals a gradual recovery in the cut and polished diamond segment.
“Polished lab-grown diamonds have also delivered positive results, with exports growing 17.08% to US$ 685.10 million, supported by steady prices. Silver jewellery exports rose 23.10%, reflecting growing demand for higher-value, design-led collections in international markets. These trends highlight the industry’s ability to adapt to changing market
conditions through product innovation, value addition and market diversification. We remain optimistic that these positive developments will help sustain export growth in the coming months.”
April–September 2026: Product-wise Export Performance
1) Gold Jewellery (Plain & Studded) exports increased 37% in US dollar terms and 22.73% in rupee terms to US$ 6.23 billion (Rs. 59,266.28 crore) during April–September 2026, compared to US$ 5.59 billion in the corresponding period last year.
2) Plain Gold Jewellery exports declined 81% in US dollar terms and 0.58% growth in rupee terms to US$ 2.53 billion (Rs. 24,126.58 crore) during April–September 2026, compared to US$ 2.78 billion in the corresponding period last year.
3) Studded Gold Jewellery exports grew 31% in US dollar terms and 44.60% in rupee terms to US$ 3.69 billion (Rs. 35,139.71 crore) during April–September 2026, compared to US$ 2.81 billion in the corresponding period last year.
4) Cut & Polished Diamonds exports declined 96% in US dollar terms and a +2.31% growth in rupee terms to US$ 5.81 billion (Rs. 55,336.16 crore) during April–September 2026, compared to US$ 6.25 billion in the corresponding period last year.
5) Silver Jewellery exports grew 10% in US dollar terms and 34.36% in rupee terms to US$ 729.32 million (Rs. 6,908.90 crore) during April–September 2026, compared to US$ 592.44 million in the corresponding period last year.
6) Platinum Jewellery exports increased 75% in US dollar terms and 27.19% in rupee terms to US$ 123.29 million (Rs. 1,172.75 crore) during April–September 2026, compared to US$ 106.51 million in the corresponding period last year.
7) Polished Lab-Grown Diamonds exports increased 17.08% in US dollar terms and 28.85% in rupee terms to US$ 685.10 million (Rs. 6,522.15 crore) during April–September 2026, compared to US$ 14 million in the corresponding period last year.
8) Coloured Gemstones exports declined 80% in US dollar terms and a 5.37% growth in rupee terms to US$ 227.55 million (Rs. 2,163.22 crore) during April–September 2026, compared to US$ 236.55 million in the corresponding period last year.
September 2026: Product-wise Export Performance
1) Gold Jewellery (Plain & Studded) exports increased 01% in US dollar terms and 44.82% in rupee terms year-on-year to US$ 1.19 billion (Rs. 11,368.96 crore).
2) Plain Gold Jewellery exports increased 76% in US dollar terms and 17.48% in rupee terms year-on-year to US$ 378.03 million (Rs. 3,609.23 crore).
3) Studded Gold Jewellery exports increased 24% in US dollar terms and 62.39% in rupee terms year-on-year to US$ 812.62 million (Rs. 7,759.73 crore).
4) Cut & Polished Diamonds exports declined 44% in US dollar terms and a 2.15% growth in rupee terms year-on-year to US$ 1.29 billion (Rs. 12,335.79 crore).
5) Silver Jewellery exports declined 49% in US dollar terms and -5.29% in rupee terms year-on-year to US$ 134.46 million (Rs. 1,285.01 crore).
6) Platinum Jewellery exports increased 27% in US dollar terms and 9.57% in rupee terms year-on-year to US$ 22.97 million (Rs. 219.38 crore).
7) Polished Lab-Grown Diamonds exports grew 72% in US dollar terms and 52.07% in rupee terms year-on-year to US$ 151.43 million (Rs. 1,445.53 crore).
8) Coloured Gemstones exports declined 44% in US dollar terms and -0.39% in rupee terms year-on-year to US$ 74.94 million (Rs. 711.73 crore).
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Heera Zhaveraat (HZ International) A Diamond, Watch and Jewellery Trade Promotion Magazine provide dealers and manufactures with the key analytical information they need to succeed in the luxury industry. Pricing, availability and market information in the Magazine provides a critical edge.
