India’s gem and jewellery exports declined 6% year-on-year to $4.27 billion during April-May 2026 from $4.55 billion in the corresponding period last year, according to data released by the Gem & Jewellery Export Promotion Council (GJEPC).
In rupee terms, however, exports rose 4% to ₹40,399 crore from ₹38,848 crore during the period.
Gold jewellery drags exports
The decline was primarily due to a sharp fall in plain gold jewellery exports, which dropped 40% year-on-year to $636 million from $1 billion in the corresponding period of the previous year.
The industry attributed the slowdown to elevated gold prices, limited availability of gold for export production and regulatory bottlenecks affecting the supply of gold through banking channels.
Leadership comment
“Studded Gold Jewellery exports grew 7% year-on-year to $964 million compared with $903 million. This growth reflects the positive impact of India’s Free Trade Agreements, which are enhancing market access and strengthening the competitiveness of Indian jewellery exports in key markets,” said Gem & Jewellery Export Promotion Council Chairman Kirit Bhansali.
“One of the key reasons for this decline in plain gold jewellery exports has been the tightening in gold imports, which has affected the availability of gold for export manufacturing. We have taken up this matter with the Government and are hopeful of a positive resolution,” he added.
Product performance
Cut and polished diamond exports declined 9% to $1.87 billion from $2 billion, while total gold jewellery exports (plain and studded) fell 19% to $1.60 billion from $1.97 billion.
Studded gold jewellery exports rose 7% to $964 million, while polished lab-grown diamond exports increased 2% to $195 million.
Silver jewellery exports recorded the strongest growth, surging 173% to $366 million from $134 million. Platinum jewellery exports rose 25% to $41 million from $33 million.
Coloured gemstone exports declined 10% to $56 million from $62 million.
Industry outlook
The strong growth in studded gold jewellery, lab-grown diamonds, silver jewellery and platinum jewellery partially offset weakness in plain gold jewellery and cut and polished diamond exports, reflecting changing demand trends in global markets.