India’s gem and jewellery exports showed clear signs of stabilisation and recovery during April-November 2025, supported by improving global demand conditions and strong performance across diversified international markets. Total exports for the period rose marginally by 0.07% year-on-year to $18.87 billion, compared to $18.85 billion in the corresponding period last year, underscoring the sector’s resilience amid a challenging global trade environment.
Export momentum during the period was led by robust growth across several key markets. The UAE recorded a strong 32.4% increase to $6.25 billion, while Hong Kong grew 22.72% to $3.78 billion. Other markets, including Australia (+35.79%), Thailand (+16.85%), Israel (+10.45%), and a broad range of emerging destinations, also contributed meaningfully, reflecting the continued success of India’s market diversification strategy.
November 2025 recorded a sharp rebound, with exports rising 19.6% to $2.51 billion. On a combined basis, exports in October and November stood at $4.77 billion, compared to $5.26 billion a year earlier, reflecting festive-related shipment deferments rather than a weakening of underlying demand.
Commenting on the overall performance, Kirit Bhansali, Chairman, GJEPC, said that improving market conditions and sustained diversification efforts are beginning to translate into tangible results. He noted that demand for cut and polished diamonds and studded gold jewellery has been particularly encouraging in markets such as Hong Kong and the UAE, supported by improving retail sentiment and seasonal buying across key consuming regions.
Bhansali further said that targeted promotional initiatives are helping reinforce demand in important markets. In China, collaborative efforts by GJEPC and De Beers, in partnership with Chow Tai Fook, are expected to further strengthen consumer sentiment and revive interest in natural diamonds, complementing the broader recovery underway across Asia and the Middle East.
Looking ahead, Bhansali expressed confidence in the medium-term outlook for the sector. He said that 2026 appears significantly more promising, with the India-EU Free Trade Agreement progressing steadily toward conclusion, offering long-term certainty and improved market access in one of the world’s largest jewellery markets. He also noted that the operationalisation of the India-UK FTA (CETA) is expected to further expand opportunities for Indian exporters.
He also underscored the importance of policy support in sustaining export momentum. Bhansali said that government initiatives such as the Export Promotion Mission, the Credit Guarantee Scheme for Exporters, and the RBI’s trade-relief measures will improve liquidity, ease financing costs, and enhance access to credit for MSMEs. These measures are expected to significantly strengthen India’s export competitiveness in 2026 and support broader-based growth across product categories.
During April-November 2025, cut and polished diamond exports declined by 8.76% to reach $8.20 billion, compared to $8.98 billion last year.
In November 2025, cut and polished diamond exports grew 38% to $919.74 million, compared to $666.34 million for the same period last year.
During April-November 2025, total gold jewellery exports grew by 10.14% to $7.94 billion, compared to $7.21 billion last year.
In November 2025, gold jewellery exports declined by 0.92% to $1.22 billion, compared to $1.23 billion in November 2024.
During April-November 2025, plain gold jewellery exports grew by 14.78% to $3.53 billion, compared to $3.08 billion last year.
In November 2025, plain gold jewellery exports declined by 42.17% to $390.63 million, compared to $675.45 million in November 2024.
During April-November 2025, studded gold jewellery exports grew by 6.68% to $4.40 billion, compared to $4.13 billion last year.
In November 2025, studded gold jewellery exports grew by 49.24% to $828.89 million, compared to $555.39 million in November 2024.
During April-November 2025, silver jewellery exports grew by 29.69% to $929.94 million, compared to $717.03 million in the same period last year.
During April-November 2025, platinum jewellery exports grew by 37.59% to $158.40 million, compared to $115.12 million last year.
During April-November 2025, coloured gemstone exports declined by 3.18% to $276.47 million, compared to $285.54 million last year.
During April-November 2025, polished lab-grown diamond exports declined by 11.05% to $757.27 million, compared to $851.39 million in the same period last year.
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