India’s gem and jewellery exports for FY 2025–26 stood at ₹2,44,827 crore (US$27.72 billion), marking marginal growth of 0.93% in rupee terms, while declining 3.32% in dollar terms amid global uncertainties.
Despite geopolitical tensions, shifting trade policies, and tariff pressures, the sector demonstrated resilience and a notable structural shift towards broader, more diversified growth.
According to the Gem & Jewellery Export Promotion Council, the industry is steadily reducing dependence on a single market by expanding into new geographies and strengthening value-added segments.
Kirit Bhansali highlighted that exporters are adapting to changing global dynamics through diversification and strategic repositioning. While exports to the US declined due to tariff uncertainties, markets such as the UAE, Hong Kong, Australia, and Canada recorded strong growth.
Free Trade Agreements with the UAE and Australia played a key role in supporting this shift. Exports to the UAE grew over 10% for the full year, reaching US$8.70 billion, while Australia saw a sharp rise of 38.33%, underlining the importance of trade partnerships.
Category Performance
Cut and polished diamonds remained the largest segment, contributing 43.9% of total exports at US$12.16 billion, though declining 8.52% year-on-year due to tariff pressures and softer global demand.
Gold jewellery exports remained stable at US$11.36 billion. Within this, plain gold jewellery declined 7.42% due to high gold prices, while studded gold jewellery grew 6.27%, reflecting demand for design-led, higher-value products.
Silver jewellery emerged as a standout performer, surging 52.21% to US$1.47 billion, driven by affordability and rising global demand. Platinum jewellery exports also saw strong growth of 39.32%, signalling increasing traction in premium segments.
Lab-grown diamond exports declined 10.55% in value due to price corrections, even as volumes increased. However, gold jewellery studded with lab-grown diamonds grew 31.30%, highlighting evolving consumer preferences.
Coloured gemstone exports remained largely stable, with a marginal decline of 0.71% year-on-year.
Regional & Market Trends
The western region, led by Mumbai, continued to dominate exports, followed by Gujarat as a key hub for diamond processing.
Among global markets, the UAE retained its top position, followed by Hong Kong and the US, though the latter saw a sharp decline. Emerging markets such as Canada, Australia, and Thailand posted strong growth, reinforcing the industry’s diversification strategy.
Looking ahead, anticipated trade agreements with the UK and EU are expected to further strengthen India’s position in the global gem and jewellery market.
Top Export Destinations – India Gem & Jewellery (FY 2025–26)
India’s export mix showed a clear shift in market dynamics, with the United Arab Emirates retaining its position as the largest destination, with exports rising from US$ 7,868.16 million in FY25 to US$ 8,696.27 million in FY26, marking a growth of 10.52%.
Hong Kong emerged as a strong growth market, with exports increasing by 30.99% to US$ 5,972.24 million. In contrast, exports to the United States saw a sharp decline of 44.92%, falling to US$ 5,087.33 million from US$ 9,236.46 million in the previous year.
Among other key markets, Belgium recorded a growth of 16.89% to US$ 1,390.98 million, while the United Kingdom witnessed a decline of 8.48% to US$ 711.72 million. Thailand posted a strong increase of 28.47%, reaching US$ 675.20 million, and Israel grew by 8.83% to US$ 596.68 million.
Singapore saw moderate growth of 6.92% to US$ 566.02 million. Australia and France delivered robust gains of 38.33% and 33.58%, reaching US$ 360.21 million and US$ 356.12 million respectively. Canada stood out as the fastest-growing market, with exports surging by 115.01% to US$ 319.57 million.
Exports to other regions collectively rose by 8.18% to US$ 2,985.07 million.
Overall, total exports declined by 3.32% year-on-year, from US$ 28,669.53 million in FY25 to US$ 27,717.40 million in FY26.