Editor’s Note
India’s gem and jewellery exports have shown resilience in FY2025–26, with overall figures holding steady despite a sharp drop in shipments to the key U.S. market.
According to data released by the Gem & Jewellery Export Promotion Council (GJEPC), total exports during the period stood at approximately $23 billion, reflecting only a marginal year-on-year dip despite global demand pressures, inventory corrections and macroeconomic uncertainties.
Exports to the US reportedly fell sharply, impacted by cautious retailer buying, high interest rates, and continued soft consumer demand in the diamond jewellery segment. Given the US market’s dominant share in India’s overall exports, the contraction placed visible pressure on aggregate numbers.
However, diversification into alternative markets has played a stabilising role. Exports to the UAE, Hong Kong, Australia and select European markets recorded healthy growth, partially offsetting the US weakness.
The Middle East continues to emerge as a strategic growth corridor, driven by strong retail consumption, tourism-led luxury spending and India’s deepening trade relationships in the region.
Recent progress in India-US trade discussions is expected to provide some relief to exporters. Industry leaders believe that rationalized tariff structures and improved trade alignment could gradually revive competitiveness in the American market.
Segments such as silver jewellery and select gold jewellery categories are also showing improved traction, helping balance the ongoing correction in diamonds.
For Indian jewellery retailers and manufacturers, the current phase signals:
* A need for agile export planning
* Greater focus on market diversification
* Product realignment based on regional demand patterns
* Stronger emphasis on value-engineered collections
While the global diamond market remains in consolidation mode, India’s broader export ecosystem appears to be stabilising — supported by policy engagement, diversified trade routes and evolving consumption hubs.