India’s gems and jewellery sector recorded resilient export performance in February 2026. According to the Gem & Jewellery Export Promotion Council (GJEPC), the overall gross exports of gems and jewellery in February 2026 stood at US$ 2.68 billion (Rs. 24,340.05 crores).
This represents a growth of 3.86% in dollar terms and 8.37% in rupee terms compared to US$ 2.58 billion (Rs. 22,460.13 crores) recorded in February 2025.
For the period April 2025 to February 2026, the overall gross exports reached US$ 25.93 billion (Rs. 2,28,230.06 crores), registering marginal growth of 0.07% in dollar terms and 4.34% in rupee terms compared to US$ 25.92 billion (Rs. 2,18,737.62 crores) during the same period of the previous financial year.
Industry Shows Resilience Amid Global Challenges
Commenting on the sector’s performance, Kirit Bhansali said:
“The past year has been a challenging one for the global gem and jewellery industry, shaped by evolving U.S. tariff policies, geopolitical uncertainties, and changing consumer preferences across key markets. Despite these headwinds, the Indian gem and jewellery sector has demonstrated remarkable resilience.”
“Exporters have actively diversified their export markets, strengthening their presence in destinations such as the UAE and Australia, where Free Trade Agreements have played a significant role, while markets like Hong Kong have continued to provide strong support.
The Government of India’s proactive trade diplomacy through FTAs has been instrumental in opening new opportunities and helping the industry diversify its export base. This strategic shift is reflected in the sector’s overall performance during the year.”
“Recent developments in the U.S. tariff framework have also provided some support to the studded jewellery segment. As per the current understanding, the effective duty on jewellery exports from India is around 15.5%, which is significantly lower than earlier proposed levels and helps maintain competitiveness in this category. At the same time, the industry awaits greater clarity regarding the final tariff treatment for natural diamonds and certain loose stone categories, which are currently subject to a 10% import duty under the prevailing U.S. executive order.”
Talking about the geopolitical tension in the Middle East region, Bhansali said:
“The industry remains watchful of evolving geopolitical developments and global trade conditions as we move into the final phase of the financial year. Exporters are closely monitoring the situation and working with trade partners to ensure continuity of shipments and supply chains.”
Market-Wise Export Performance
During April 2025 – February 2026, export performance varied across key global markets.
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Exports to the United Arab Emirates rose 22.19% to US$ 8.41 billion
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Shipments to Hong Kong increased 30.91% to US$ 5.54 billion
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Exports to the United States stood at US$ 4.65 billion, reflecting a 44.28% year-on-year decline
The growth in the UAE and Hong Kong highlights India’s strategy of diversifying export destinations and leveraging Free Trade Agreements to expand trade opportunities.
Category-Wise Export Trends
Several product segments recorded mixed performance during April 2025–February 2026.
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Cut and polished diamond exports were recorded at US$ 11.32 billion (Rs. 99,662.52 crores), registering a 6.71% year-on-year decline (-2.68% in Rs. terms).
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Total gold jewellery exports, including plain and studded jewellery, grew 5.99% year-on-year (10.38% in Rs. terms) to US$ 10.71 billion (Rs. 94,171.44 crores).
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Plain gold jewellery exports increased 2.44% year-on-year (6.29% in Rs. terms) to US$ 4.64 billion (Rs. 40,669.66 crores).
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Studded gold jewellery exports recorded stronger growth of 8.87% year-on-year (13.70% in Rs. terms) to US$ 6.07 billion (Rs. 53,501.78 crores).
Strong Growth in Silver and Platinum Jewellery
Some jewellery segments witnessed particularly strong growth.
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Silver jewellery exports surged 55.41% (63.24% in Rs. terms) to US$ 1.40 billion (Rs. 12,343.94 crores).
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Platinum jewellery exports rose 43.81% (50.40% in Rs. terms) to US$ 236.62 million (Rs. 2,090.06 crores).
The rise in these categories was supported by strong international demand and higher precious metal prices.
Lab-Grown Diamonds and Gemstone Exports
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Polished lab-grown diamond exports declined 8.58% year-on-year in value (-4.67% in Rs. terms) to US$ 1.04 billion (Rs. 9,124.97 crores). However, export volumes increased significantly, indicating price softness in the segment.
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Coloured gemstone exports stood at US$ 414.43 million (Rs. 3,657.50 crores), marginally lower by 0.80% year-on-year (+3.48% in Rs. terms).
Outlook
Despite global economic uncertainties, India’s gems and jewellery industry continues to adapt through market diversification, trade diplomacy and value-added product segments, reinforcing its position in the global jewellery trade.
