India’s gem and jewellery exports totalled $23.19 billion in April–January 2026, down 0.64% year-on-year, as US shipments fell 45%, while a new India–US trade framework restores 18% tariff access.
India’s gem and jewellery exports during April 2025–January 2026 stood at $ 23.19 billion (Rs 2,03,280.72 crore), registering a marginal decline of 0.64% in dollar terms and a 3.57% rise in rupee terms compared to $ 23.33 billion (Rs 1,96,277.49 crore) in the same period last year.
Exports to the United States declined by over 45% during the period due to elevated tariffs and pricing disadvantages, impacting overall performance.
The recently announced India–US trade deal framework restores tariff access for gems and jewellery at 18%, with zero duty on diamonds and coloured gemstones. The rollback is projected to add up to $ 3 billion in exports in the near term.
Shri Kirit Bhansali, Chairman, Gem & Jewellery Export Promotion Council (GJEPC), said, “India’s gem and jewellery exports have remained broadly stable during April–January at $ 23.19 billion, despite global headwinds… The revised 18% tariff on jewellery and Zero duty on diamonds and coloured gemstones, will place India in a structurally superior position over key competitors… potentially adding up to $ 3 billion in the near term.”
Exports to the UAE grew 23.71%, Hong Kong 33.5%, while Australia and France rose over 36% each. Belgium, Thailand and Israel recorded double-digit growth.
Cut and polished diamond exports declined 7.46% to $ 9.97 billion. Total gold jewellery exports rose 5.53% to $ 9.71 billion, with studded gold jewellery up 8.69% and plain gold jewellery up 1.57%.
Silver jewellery exports grew 51.21% to $ 1.28 billion, platinum jewellery exports increased 49.09% to $ 215.15 million, while polished lab-grown diamond exports declined 9.73% to $ 923.62 million despite higher volumes. Coloured gemstone exports fell 3.38% to $ 342.34 million.
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