India’s Gem and Jewellery Exports Rise 9.43% to $2.95 Billion in September 2026, Driven by Gold Jewellery and Lab-Grown Diamonds

India’s gem and jewellery exports recorded significant growth in September 2026, increasing by 9.43% year-on-year to $2.95 billion (₹28,157.55 crore), supported by strong international demand for studded gold jewellery and polished laboratory-grown diamonds. The performance reflects the resilience of India’s jewellery manufacturing and export industry despite elevated gold prices, changing global trade conditions and continuing challenges in important overseas markets.

According to provisional data released by the Gem and Jewellery Export Promotion Council (GJEPC) on October 14, 2026, exports increased from $2.70 billion (₹23,813.91 crore) in September 2025. In rupee terms, the sector registered a stronger growth rate of 18.24%, reflecting the impact of currency movements alongside changes in export value.

For the first half of the financial year 2026–27, covering April to September, India’s gross gem and jewellery exports reached $14.30 billion (approximately ₹1.36 lakh crore). This represented growth of 3.07% in US dollar terms and 13.40% in rupee terms compared with the corresponding period of the previous financial year.

The latest figures highlight the growing contribution of value-added jewellery, particularly studded gold products and laboratory-grown diamonds, to India’s export performance. Industry representatives have also emphasised the importance of product innovation, market diversification and improved international trade access in sustaining growth.

India’s Gem and Jewellery Exports Reach $14.30 Billion in First Half of FY 2026–27

India’s gem and jewellery industry maintained positive export momentum during the first six months of the financial year despite uncertainties affecting international demand and precious metal prices. Gross exports during April–September 2026 reached approximately ₹1,36,068.27 crore, compared with the corresponding period of the previous financial year, registering growth of 13.40% in rupee terms.

In US dollar terms, exports increased by 3.07% to $14.30 billion from approximately $13.88 billion a year earlier. The difference between rupee-denominated and dollar-denominated growth reflects changes in exchange rates during the reporting period.

The sector’s export performance was supported by several jewellery categories, particularly studded gold jewellery, silver jewellery and polished laboratory-grown diamonds. These products helped offset weaker export values in some traditional segments, including cut and polished natural diamonds and plain gold jewellery.

India’s gem and jewellery manufacturing industry comprises a large network of exporters, manufacturers, designers, artisans and specialised processing enterprises. Major production and trading centres include Surat, Mumbai, Jaipur, Thrissur and other established jewellery manufacturing clusters.

The industry’s continued export growth supports employment across diamond processing, gold jewellery manufacturing, gemstone cutting, jewellery design and associated services. It also strengthens India’s position as an important supplier of finished jewellery and processed gemstones to international markets.

Studded Gold Jewellery Exports Surge 31.31% to $3.69 Billion

Studded gold jewellery emerged as one of the strongest-performing categories during April–September 2026, with exports increasing by 31.31% in US dollar terms to $3.69 billion (₹35,139.71 crore). In rupee terms, the segment registered growth of 44.60%, demonstrating strong demand for higher-value jewellery products in international markets.

The September performance was particularly encouraging, with studded gold jewellery exports increasing by approximately 50.23% to $812.62 million, compared with $540.89 million during September 2025. The sharp increase contributed significantly to the sector’s overall export growth during the month.

Studded gold jewellery incorporates diamonds, precious gemstones and other decorative elements into finished jewellery designs. These products generally involve greater craftsmanship, design expertise and processing activities than conventional plain gold jewellery, creating opportunities for higher value addition within India’s manufacturing industry.

GJEPC Chairman Kirit Bhansali attributed the strong performance to improved market access under international trade agreements, reduced US tariffs and better demand conditions in important markets. He particularly highlighted Hong Kong, Singapore and France as destinations contributing to the segment’s export growth.

The expansion of studded jewellery exports demonstrates the increasing importance of design-led manufacturing and product differentiation. Indian exporters are responding to changing consumer preferences by developing jewellery collections that combine traditional craftsmanship with contemporary international designs.

Plain Gold Jewellery Exports Face Pressure from Rising Gold Prices

While studded gold jewellery recorded strong growth, plain gold jewellery exports experienced more difficult market conditions during the first half of FY 2026–27.

Exports of plain gold jewellery declined by 8.81% in US dollar terms to $2.53 billion (₹24,126.58 crore) during April–September 2026. The segment faced challenges arising from elevated international gold prices and weaker demand conditions in important Middle Eastern markets.

Higher gold prices can influence jewellery purchasing decisions because they increase the cost of finished products. Consumers may respond by reducing the weight of jewellery purchases, selecting alternative designs or postponing discretionary expenditure.

The Middle East remains an important destination for Indian gold jewellery exports, with Dubai serving as a significant international trading and distribution centre. Changes in regional market conditions therefore influence the performance of Indian manufacturers and exporters.

However, September 2026 showed signs of improvement in the plain gold jewellery segment. Exports during the month increased by 8.76% to $378.03 million, compared with $347.58 million during September 2025.

According to the GJEPC, improving commercial conditions in Dubai contributed to this recovery. The monthly increase indicates renewed demand in an important export market, even as the cumulative performance for the first half of the financial year remained below the previous year’s level.

Cut and Polished Diamond Export Volumes Rise Despite Lower Dollar Earnings

India’s cut and polished diamond industry recorded an increase in export volumes during April–September 2026, although export earnings declined in US dollar terms.

According to the GJEPC, the volume of cut and polished diamond exports increased by 4.64% to approximately 83.98 lakh carats during the six-month period.

However, the value of exports declined by 6.96% in US dollar terms to $5.81 billion (₹55,336.16 crore), compared with approximately $6.25 billion during the corresponding period of the previous financial year.

In rupee terms, the segment recorded growth of 2.31%, reflecting the influence of currency movements on export valuations.

The divergence between higher export volumes and lower dollar earnings indicates weaker average realisation per carat. This means exporters shipped a greater quantity of polished diamonds but received a lower average value for those shipments.

During September alone, cut and polished diamond exports declined by 5.44% to $1.29 billion, compared with $1.37 billion in September 2025.

India remains a major global centre for diamond cutting and polishing, with Surat serving as one of the industry’s most important processing hubs. The sector supports specialised employment in diamond cutting, polishing, grading, trading and associated manufacturing activities.

The increase in physical export volumes provides an encouraging indication of continuing commercial activity, while lower export values highlight the need for improved price realisation and stronger demand for processed natural diamonds.

Laboratory-Grown Diamond Exports Increase 17.08% to $685 Million

Polished laboratory-grown diamonds emerged as another important growth category during the first half of FY 2026–27.

India’s exports of polished laboratory-grown diamonds increased by 17.08% in US dollar terms to $685.10 million (₹6,522.15 crore) during April–September 2026.

The segment recorded even stronger growth during September, when exports increased by approximately 40.72% to $151.43 million, compared with $107.61 million during the corresponding month of 2025.

Laboratory-grown diamonds are produced through controlled technological processes that replicate the conditions required for diamond crystal formation. The two principal manufacturing methods are High Pressure High Temperature (HPHT) and Chemical Vapour Deposition (CVD).

Both processes produce diamonds with essentially the same crystal structure and chemical composition as natural diamonds, although their origins differ.

India has developed capabilities in laboratory-grown diamond production, cutting, polishing and jewellery manufacturing. The industry combines specialised equipment, advanced materials processing and traditional diamond craftsmanship.

The growth in laboratory-grown diamond exports reflects expanding international demand for this category of gemstones, particularly in jewellery segments where buyers seek different price points and product options.

The segment also creates opportunities for Indian manufacturers to strengthen their technological expertise in crystal growth, precision processing and advanced gemstone manufacturing.

Silver Jewellery Exports Grow 23.10% as International Demand Strengthens

Silver jewellery recorded strong export growth during the first half of the financial year, contributing to the overall performance of India’s gem and jewellery sector.

According to the GJEPC, silver jewellery exports increased by 23.10% in US dollar terms to $729.32 million (₹6,908.90 crore) during April–September 2026.

In rupee terms, exports registered growth of 34.36%, compared with ₹5,142.20 crore during the corresponding period of the previous financial year.

The segment has benefited from international demand for design-oriented silver jewellery, including contemporary fashion products and handcrafted collections.

Silver jewellery occupies an important position in India’s traditional manufacturing industry, with several regional clusters specialising in intricate designs, gemstone settings and handcrafted ornaments.

Indian manufacturers combine conventional craftsmanship with modern production methods to serve international retailers, wholesalers and jewellery brands.

Despite the positive cumulative performance, silver jewellery exports declined by 12.49% during September 2026 to $134.46 million. This indicates that the segment’s first-half growth was supported by stronger performance in earlier months rather than consistent monthly expansion.

The overall increase nevertheless demonstrates the continuing contribution of silver jewellery to India’s diversified export portfolio.

International Trade Agreements Improve Market Access for Indian Jewellery

The GJEPC has highlighted the importance of international trade arrangements in supporting India’s jewellery exports.

The India–UK trade agreement and changes in US tariff conditions have contributed to improved market opportunities for certain jewellery categories, particularly studded gold products.

Trade agreements can reduce tariff barriers, establish more predictable commercial arrangements and improve access to international markets. These benefits are particularly relevant to finished jewellery products, where duties and other market-entry costs influence their competitiveness.

India’s jewellery industry serves a geographically diverse customer base that includes the United States, the United Arab Emirates, Hong Kong, Singapore and several European markets.

GJEPC Chairman Kirit Bhansali highlighted the strong performance of studded gold jewellery exports in Hong Kong, Singapore and France, indicating the importance of maintaining diversified international demand.

Market diversification also helps exporters reduce their dependence on individual destinations and respond more effectively to changes in consumer demand, economic conditions and trade policies.

The industry’s growing focus on design innovation, premium products and value addition complements efforts to expand market access through international trade partnerships.

Value-Added Jewellery Manufacturing Strengthens India’s Export Competitiveness

The latest export data reflects the increasing contribution of value-added jewellery products to India’s international trade.

While traditional segments such as natural diamonds and plain gold jewellery continue to form an important part of the industry, studded gold jewellery and laboratory-grown diamonds are providing additional opportunities for growth.

Value addition involves activities such as jewellery design, gemstone processing, setting, precision manufacturing, finishing and quality certification. These processes allow manufacturers to transform raw materials into finished products with greater commercial value.

India possesses a longstanding tradition of jewellery craftsmanship supported by established production centres and a substantial skilled workforce.

The integration of modern technologies, computer-aided design, precision manufacturing and advanced gemstone processing is expanding the capabilities of these traditional industries.

Greater investment in product development and quality improvement can help Indian jewellery manufacturers address the requirements of international buyers while strengthening their competitiveness in premium and specialised market segments.

The GJEPC has emphasised that innovation, value addition and wider market access will remain important priorities for sustaining the industry’s export growth.

India’s Jewellery Industry Maintains Growth Despite Global Trade Challenges

India’s gem and jewellery exports reaching $2.95 billion in September 2026 represents an encouraging development for one of the country’s major export-oriented manufacturing industries.

The 9.43% increase in monthly exports was supported by particularly strong demand for studded gold jewellery and polished laboratory-grown diamonds. Meanwhile, first-half exports reaching $14.30 billion demonstrate continued growth despite challenges associated with elevated gold prices and weaker price realisation in the natural diamond segment.

The performance also reveals changing trends within the industry. Higher-value finished jewellery, innovative designs and new gemstone technologies are playing an increasingly important role alongside traditional diamond processing and plain gold jewellery manufacturing.

India’s established manufacturing clusters, skilled artisans and expanding technological capabilities provide a foundation for further development across these segments.

By strengthening product innovation, improving value addition and expanding access to international markets, India’s gem and jewellery industry is working to increase its contribution to manufacturing, employment and export earnings.

The latest GJEPC figures highlight the industry’s ability to adapt to changing international market conditions while reinforcing India’s position as a major global centre for jewellery manufacturing, gemstone processing and craftsmanship.

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References

1. Gem and Jewellery Export Promotion Council (GJEPC). Provisional Export Performance of India’s Gem and Jewellery Sector, September 2026 and April–September 2026. Data released October 14, 2026.https://gjepc.org/
2. Business Standard / Press Trust of India. Gems and Jewellery Exports Rise 9.43% to $2.95 Billion in September. October 14, 2026.https://www.business-standard.com/industry/news/gems-and-jewellery-exports-rise-9-43-to-2-95-billion-in-september-126101401093_1.html
3. The Economic Times. India’s Gem and Jewellery Exports Up 9.43% Year-on-Year in September. October 14, 2026.https://economictimes.indiatimes.com/industry/cons-products/fashion-/-cosmetics-/-jewellery/indias-gem-and-jewellery-exports-up-9-43-on-year-in-september/articleshow/134940317.cms
4. Ministry of Commerce and Industry, Government of India. Gem and Jewellery Sector and India’s Export Promotion Initiatives.https://www.commerce.gov.in/

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