India’s Gem & Jewellery Exports Rise 9.43% in September 2026
India’s gem and jewellery exports continued to grow in September 2026, rising 9.43% year-on-year in US dollar terms to US$2.95 billion, according to the Gem & Jewellery Export Promotion Council (GJEPC).
In rupee terms, exports increased 18.24% to Rs. 28,157.55 crore, compared with US$2.70 billion and Rs. 23,813.91 crore in September 2025.
For the first half of FY2026–27, from April to September 2026, India’s gross gem and jewellery exports reached US$14.30 billion. This represents a 3.07% increase in US dollar terms and a 13.40% rise in rupee terms compared with the same period last year.
The growth came despite continued global uncertainty. Strong performances from studded gold jewellery, silver jewellery and polished lab-grown diamonds supported the sector.
Studded Gold Jewellery Records Strong Growth
Studded gold jewellery exports grew 31.31% in US dollar terms during April to September 2026. Exports reached US$3.69 billion, compared with US$2.81 billion in the same period last year.
The segment also recorded 44.60% growth in rupee terms, reaching Rs. 35,139.71 crore.
Improved market access through trade agreements and lower US tariffs supported the segment. Key markets including Hong Kong, Singapore and France also recorded strong performance.
In September alone, studded gold jewellery exports rose 50.24% in US dollar terms to US$812.62 million.
Plain Gold Jewellery Faces Market Challenges
Plain gold jewellery exports declined 8.81% in US dollar terms during the first half of FY2026–27. Exports stood at US$2.53 billion, compared with US$2.78 billion during the corresponding period last year.
The segment recorded a marginal 0.58% increase in rupee terms to Rs. 24,126.58 crore.
The rise in gold prices has added pressure to demand. Gold prices increased 31.17% in US dollar terms to US$4,415.70 per troy ounce during April to September 2026, compared with US$3,366.44 per troy ounce a year earlier.
Market conditions also remain challenging in the Middle East, an important destination for India’s plain gold jewellery exports.
However, September brought some improvement. Plain gold jewellery exports increased 8.76% in US dollar terms year-on-year to US$378.03 million.
Diamond Exports Show Signs of Recovery
Cut and polished diamond exports stood at US$5.81 billion during April to September 2026. The figure represents a 6.96% decline in US dollar terms compared with the previous year.
However, export volumes increased 4.64%, rising to 83.98 lakh carats from 80.26 lakh carats during the same period last year.
The segment also recorded 2.31% growth in rupee terms. Improving diamond prices and higher export volumes suggest signs of gradual recovery.
In September, cut and polished diamond exports declined 5.44% in US dollar terms to US$1.29 billion. In rupee terms, exports increased 2.15%.
Lab-Grown Diamond Exports Gain Momentum
Polished lab-grown diamond exports increased 17.08% in US dollar terms during April to September 2026. The segment reached US$685.10 million, compared with US$585.14 million in the corresponding period last year.
In rupee terms, exports grew 28.85% to Rs. 6,522.15 crore.
September recorded even stronger growth. Polished lab-grown diamond exports rose 40.72% in US dollar terms to US$151.43 million.
Steady prices supported the segment’s positive export performance.
Silver Jewellery Sees Strong H1 Growth
Silver jewellery exports grew 23.10% in US dollar terms during April to September 2026. Exports reached US$729.32 million, compared with US$592.44 million in the previous year.
In rupee terms, exports increased 34.36% to Rs. 6,908.90 crore.
GJEPC attributed the growth to rising international demand for higher-value and design-led silver jewellery collections.
However, September recorded a 12.49% decline in silver jewellery exports in US dollar terms, bringing monthly exports to US$134.46 million.
Other Jewellery Segments
Platinum jewellery exports increased 15.75% in US dollar terms during April to September 2026. The segment reached US$123.29 million, compared with US$106.51 million a year earlier.
Coloured gemstone exports declined 3.80% in US dollar terms to US$227.55 million. However, exports grew 5.37% in rupee terms.
Product-wise Export Performance: April to September 2026
| Product | Export Value | YoY Change in US$ |
|---|---|---|
| Gold Jewellery | US$6.23 billion | +11.37% |
| Plain Gold Jewellery | US$2.53 billion | -8.81% |
| Studded Gold Jewellery | US$3.69 billion | +31.31% |
| Cut & Polished Diamonds | US$5.81 billion | -6.96% |
| Silver Jewellery | US$729.32 million | +23.10% |
| Platinum Jewellery | US$123.29 million | +15.75% |
| Polished Lab-Grown Diamonds | US$685.10 million | +17.08% |
| Coloured Gemstones | US$227.55 million | -3.80% |
GJEPC Sees Positive Signs for the Industry
Commenting on the performance, Shri Kirit Bhansali, Chairman, GJEPC, said, “The 9.43% growth in exports in September and the 3.07% increase during the first half of FY2026–27 are encouraging, demonstrating that India’s gem and jewellery exports continue to grow despite an uncertain global trade environment.”
He highlighted the strong performance of studded gold jewellery, along with improving trends in diamonds, lab-grown diamonds and silver jewellery.
According to GJEPC, these trends reflect the industry’s ability to respond to changing market conditions through product innovation, value addition and market diversification.
The Council remains optimistic that these developments will support export growth in the coming months.
