Editor’s Note
**Editor’s Note:** After a prolonged downturn, India’s gems and jewellery exports posted a sharp 26.51% rebound in June 2026, signaling stabilization amid global headwinds. Imports also rose 10.06% in the same month, though the quarterly trend remains mixed. While the uptick offers cautious optimism, sustained recovery will depend on global demand and policy support.
Gems & Jewellery exports show signs of stabilization amid global headwinds, with a rise of 26.51% in June 2026; imports also rise by 10.06% in the same period.
The overall gross gems & jewellery exports grew by 26.51% to US$ 2,212.65 million (Rs. 21,010.78 crores) in June 2026 after a long trail of decline. Quarterly performance for the April to June 2026 period also reflects a positive sign, with a rise of 0.04% to US$ 6,612.21 million (Rs. 62,588.61 crores) compared to last year.
Gross imports grew by 10.06% in June 2026 to US$ 1,720.68 million (Rs. 16,330.63 crores), whereas a decline of 5.9% to US$ 4,974.812 million (Rs. 47,048.56 crores) was witnessed in the April-June 2026 period. This positive shift is a welcome move and serves as a ray of hope for the Indian gems & jewellery sector amid the global economic headwinds the sector has been suffering for a long time.
This trend signifies the reinstatement of diamond jewellery demand in the international market and points towards positive holiday season sales, along with the preference of SEZs over DTA for trade. This sentiment will likely hold fort and further gain momentum as we move closer to the Oct-Dec quarter.
The drop in rough diamond trade continues to witness a decline as Indian jewellery manufacturers are looking at clearing off inventory before making new purchases given the volatility in overseas demand. However, we may see demand pick up at the consumers’ end, and that will automatically boost the import cycle of this product category.
Being on a continuous growth stride, finished lab-grown diamonds are witnessing a tremendous response in international markets as consumers are adopting a price-conscious approach in response to uncertainties. Alongside, this category has emerged as a lucrative alternative to natural diamonds for the price-sensitive audience. As a result, we are likely to see demand only get stronger in the days to come.
The total gross export of Gold Jewellery at US$ 1,087.74 million (Rs. 10,330.51 crores) in June 2026 shows a growth of (+)54.50%, compared to US$ 704.06 million (Rs. 6,047.43 crores) for the same period of the previous year. However, the total gross export of this category witnessed a decline of (-)2.35% to US$ 2,784.74 million (Rs. 26,357.04 crores), compared to US$ 2,784.74 million (Rs. 26,357.04 crores) in the previous year.
The total export of Plain Gold Jewellery at US$ 453.76 million (Rs. 4,311.43 crores) in June 2026 shows a growth of (+)25.34% compared to US$ 362.02 million (Rs. 3,109.57 crores) for the same period of the previous year. Contrastingly, the April-June 2026 period has witnessed a decline of (-)23.30% to US$ 1,130.86 million (Rs. 10,704.54 crores) compared to US$ 1,474.48 million (Rs. 12,611.39 crores) in the previous year.
The total export of Studded Gold Jewellery at US$ 633.97 million (Rs. 6,019.08 crores) in June 2026 shows a growth of (+)85.35% compared to US$ 342.04 million (Rs. 2,937.86 crores) for the same period of the previous year. For the April-June 2026 period, gross export of studded gold jewellery stood at US$ 1,653.88 million (Rs. 15,652.50 crores), underlining a growth of (+)20.10%, compared to US$ 1,377.13 million (Rs. 11,761.31 crores) for the previous year.
While the dip in quarterly performance of plain gold jewellery is due to the mixed monthly trend, it is noteworthy that gold jewellery exports in both categories have increased phenomenally overall. This can be attributed to the restoration of buyers’ sentiment due to some signs of stability in the global economic scenario. While this trend is likely to gain momentum in the near future, it is important to keep a watch on any untoward development when it comes to the current geopolitical scenario.
Gross export of all kinds of silver jewellery for the period April-June 2026 at US$ 1,653.88 million (Rs. 15,652.50 crores) showed a growth of (+)20.10%, compared to US$ 1,377.13 million (Rs. 11,761.31 crores) for the same period last year. Silver jewellery has been the best-preferred alternative among buyers, and the double-digit growth on a year-on-year basis stands as a true testament to the growing affinity of the world towards this product category given the factor of affordability compared to the yellow metal.
Gross export of Platinum Jewellery for the period April-June 2026 at US$ 58.67 million (Rs. 554.81 crores) shows growth of (+)27.66% compared to US$ 45.96 million (Rs. 393.23 crores) for the previous year. Platinum jewellery will continue to rule the roost given the fact that buyers are increasingly inclining towards cost-effective alternatives and the rise in demand for premium contemporary jewellery in international markets.
Commenting on the performance of the Indian gems & jewellery sector, Mr. Colin Shah, MD, Kama Jewelry, said:
