India’s gross exports of gems and jewellery reached Rs 24,340.05 crore in February 2026, representing an 8.37 per cent increase in Rupee terms compared to the same month in the previous year.
In US Dollar terms, the sector recorded exports worth $2.68 billion, a growth of 3.86 per cent from the $2.58 billion reported in February 2025. The figures indicate a period of consolidation for the industry as it adapts to shifting global trade conditions.
According to the Gem & Jewellery Export Promotion Council (GJEPC), cumulative exports for the fiscal period from April 2025 to February 2026 reached $25.93 billion (Rs 2,28,230.06 crore). This marks a marginal growth of 0.07 per cent in dollar terms.
Kirit Bhansali, Chairman of GJEPC, stated that the industry has remained resilient despite geopolitical uncertainties and changing consumer preferences. He noted that exporters have actively diversified their focus toward markets such as the United Arab Emirates (UAE) and Australia, where bilateral trade agreements have provided a more stable environment for Indian goods.
Market Diversification and Sectoral Performance
The export data reveals a significant shift in destination markets. Shipments to the UAE grew by 22.19 per cent to $8.41 billion during the 11-month period, while exports to Hong Kong rose by 30.91 per cent to reach $5.54 billion.
Conversely, the United States market experienced a decline of 44.28 per cent, with exports valued at $4.65 billion. This divergence is attributed to the benefits derived from the India-UAE Comprehensive Economic Partnership Agreement (CEPA), as highlighted by the Ministry of Commerce and Industry, which has reduced import duties and simplified customs procedures for Indian jewellers.
Within specific product categories, silver jewellery recorded the highest growth rate, surging by 55.41 per cent to $1.40 billion. Platinum jewellery also saw a substantial rise of 43.81 per cent, reaching $236.62 million.
Total gold jewellery exports, including both plain and studded varieties, grew by 5.99 per cent to $10.71 billion. However, the cut and polished diamond segment faced a contraction, with exports falling by 6.71 per cent to $11.32 billion. Polished lab-grown diamonds also saw a value decline of 8.58 per cent to $1.04 billion, though export volumes reportedly increased, suggesting a decrease in per-carat pricing.
Regulatory Framework and Industry Context
The industry is currently managing a complex international tariff environment. The effective duty on jewellery exports to the United States is approximately 15.5 per cent, which is lower than some initial projections but remains a factor in export competitiveness.
Additionally, natural diamonds and certain loose stones remain subject to a 10 per cent import duty under a prevailing US executive order. Industry leaders are awaiting further clarity on final tariff treatments for these categories as they approach the end of the financial year. These regulatory factors have been discussed in recent trade briefings by Indian Jeweller, indicating that policy shifts remain a primary concern for high-volume exporters.
The GJEPC, established in 1966 by the Ministry of Commerce and Industry, serves as the apex body for the gem and jewellery sector in India. It represents over 9,000 members and is responsible for promoting Indian jewellery globally through trade fairs and diplomatic engagement.
The council’s role in negotiating the terms of Free Trade Agreements (FTAs) has been a central component of the recent export growth in the Middle East and East Asia. As the 2025-26 fiscal year concludes, the council continues to monitor geopolitical developments in the Middle East to ensure the stability of supply chains and shipping routes.
