India’s exports of gemstones and jewellery from April 2025 to January 2026 remained resilient amid global headwinds and tariff-led volatility.

Latest data from the Gem and Jewellery Export Promotion Council (GJEPC) showed exports reached US$23.19 billion during the period in review, down 0.64 per cent from a year ago, mainly due to a sharp contraction in shipments to the US.

Data further revealed that India’s exports to the US – its largest gem and jewellery export destination – declined by over 45 per cent due to tariff and pricing challenges. 

A recently announced India–US trade deal, which reduced tariffs for jewellery to 18 per cent and zero for gems and diamonds, is expected to boost exports by up to US$3 billion in the near term, revealed GJEPC.

Gem and jewellery exports to other destinations, meanwhile, fared better. Those to the United Arab Emirates and Hong Kong rose 23.71 per cent and 33.5 per cent, respectively, while Australia and France both recorded a 36 per cent uptick. Other markets such as Belgium, Thailand and Israel also recorded double-digit growth.

Kirit Bhansali, chairman of GJEPC, said, the new US-India deal will place India in a "structurally superior position" over key competitors – across diamonds, coloured gemstones and studded gold jewellery. 

“This advantage is expected to help Indian exporters regain lost ground in the US market and re-create trade,” he noted. “Supported by market diversification and a strong pipeline of trade agreements, the industry is well positioned for recovery and sustained growth in fiscal year 2026 to 2027.” 

GJEPC data also showed that cut and polished diamond exports from April 2025 to January 2026 reached US$10 billion, down 7.46 per cent from the previous period, while coloured gem shipments saw a 3.38 per cent decline to US$ 342.34 million.

Silver jewellery exports, meanwhile, grew 51.21 per cent to US$1.28 billion, driven by robust international demand and higher silver prices, while platinum jewellery exports were up 49.09 per cent to US$215.15 million.