• The overall exports performance was slow during April 2025-March 2026, affected by headwinds due to global economic uncertainties influenced by West Asia conflict being the most recent
• Diamond trade reflected a mixed sentiment, as cut and polished diamonds exports dropped, whereas the imports spurred sharply because of the recovery of stock levels
• The major growth drivers were silver and platinum jewellery between April 2025-March 2026, which was aided by increased world demand on alternative jewellery that is affordable and high-end.

Gross export of Gems & Jewellery witnessed a sharp decrease of 35.23% to US$ 1,783.67 million (Rs. 16,597.20 crore) in March 2026 compared to March of the previous year. The reasons behind the said decline include weak global demand for goods, prevailing tension in West Asia, increased prices of crude oil, and disturbances in trade flow. Foreign buyers lowered their purchases, reduced stock levels, and cleared their inventories on account of economic instability. However, in contrast to exports, gross imports increased by 16.66% to US$ 2,313.97 million (Rs. 21,565.46 crore) on account of the purchase of additional quantities of raw material, which includes gold and diamonds.

The gross exports for the entire period showed a marginal decline of 3.32% at US$ 27,717.40 million. However, the figures in rupee showed a rise of 0.93% on account of depreciation in foreign exchange. Conversely, gross imports witnessed an increased rate of 16.99% at US$ 22,830.18 million (22.49% in rupee terms) for the same period of previous year. Overall, the global demand remained weak for exports whereas the gross imports increased substantially on account of the purchasing of gold and diamonds by the industry players.

Cut & Polished Diamonds: The overall gross export of Cut & Polished diamonds at US$ 838.75 million (Rs. 7798.82 crores) in month of MAR 2026 is showing a decline of (-)27.48%(- 22.03% in Rs. Term) as compared to US$ 1156.60 million (Rs. 10002.52 crores) for the same period of previous year. This decline is sharply due to weak global demand, cautious buying by key markets, and price corrections in diamonds, leading to reduced order volumes. While, the overall gross imports of Cut & Polished diamonds at US$ 210.58 million ( Rs. 1955.41 crores) in month of MAR 2026 is showing a growth of (+)312.15% (341.78% in Rs. term) as compared to US$ 51.09 million (Rs. 442.62 crores) for the same period of previous year. The imports surged due to a low base in the previous year, along with increased procurement for inventory rebuilding and anticipated recovery in demand across key markets

While in April 2025 -March 2026 - The overall gross Exports of Cut & Polished diamonds at US$ 12159.83 million (Rs. 107461.34 crores) is showing a decline of (-)8.52% (-4.41% Rs. term) as compared to US$ 13292.43 million (Rs. 112414.32 crores) for the same period of previous year. The exports declined due to sustained weak demand in key global markets, cautious purchasing by retailers, and ongoing price corrections in the diamond industry, leading to lower overall export volumes. However, the overall gross imports of Cut & Polished diamonds at US$ 1552.31 million (Rs. 13822.85 crores) is showing a growth of (+)28.32% (+35.4% Rs. term) as compared to US$ 1209.71 million (Rs. 10209.12 crores) for the same period of previous year. The imports increased due to higher procurement for inventory replenishment, improved supply availability, and expectations of gradual recovery in global demand.

Rough Diamonds: Gross Imports of rough diamonds at US$ 10478.83 million (Rs 92217.31 crores) in APR 2025 - MAR 2026 have shown a decline of (-)2.67% (+1.31% Rs. term) compared with the imports at US$ 10766.37 million (Rs. 91021.94 crores) for previous year. In imports slightly declined in dollar terms due to subdued global cutting demand and inventory optimization, while rupee terms remained stable to marginally higher due to exchange rate effects.

Polished Lab Grown Diamonds: Provisional gross export of Polished Lab Grown Diamonds for the period March 2026 at US$ 95.52 million (in Rs. 888 crores) shows a decline of (-) 27.56% (- 22.08% in Rs. term) over the comparative figure of US$ 131.87 million (Rs. 1139.58 crores) for the previous year. The exports have seen a decline due to weaker global retail demand, increased price competition and inventory correction in key export markets, leading to reduced shipment volumes.

Gold Jewellery (Plain & Studded): The total gross export of Gold Jewellery at US$ 655.92 million (Rs. 6106.20 crores) in month of MAR 2026 is showing a decline of (-) 48.11% (-44.17% in Rs. term) as compared to US$ 1264.07 million (Rs. 10937.47 crores) for the same period of previous year. There is a decline in the exports sharply due to weaker seasonal demand in key markets, higher gold prices, and reduced overseas orders amid inventory adjustments and global economic uncertainty. While, Provisional gross export of Total Gold Jewellery for the period APR 2025 - MAR 2026 at US$ 11364.32 million (Rs. 100277.64 crores) shown a decline of (-) 0.03% (+4.18% Rs. term) over the comparative figure of US$ 11367.42 million (Rs. 96254.5 crores) for previous year. The total gold jewellery exports remained broadly stable in dollar terms with a marginal decline, while showing growth in rupee terms due to currency movement, reflecting steady underlying demand offset by price and global market fluctuations.

Plain Gold Jewellery: The total export of Plain Gold Jewellery at US$ 207.09 (Rs. 1928.13 crores) in month of MAR 2026 is showing a Decline of (-)70.65(-68.40% in Rs. term) as compared to US$ 705.65(Rs. 6102.25 crores) for the same period of previous year. There is a decline in exports sharply due to reduced overseas demand, high gold price sensitivity, and lower bulk orders from key markets compared to the previous year. Provisional gross export of Plain Gold Jewellery for the period APR 2025 - MAR 2026 at US$ 4843.63 million (Rs. 42597.79 crores) shown a decline of (-)7.42%(- 3.98% Rs. term) over the comparative figure of US$ 5231.70 million (Rs. 44364.11 crores) for previous year. Exports declined is mainly due to sustained high gold prices reducing affordability, along with softer demand and cautious buying in key international markets, leading to lower order volumes compared to the previous year.

Studded Gold jewellery: The total export of Studded Gold Jewellery at US$ 448.84 ( Rs. 4178.07 crores) in month of MAR 2026 is showing a Decline of (-)19.62(-13.59% in Rs. term) as compared to US$ 558.42(Rs. 4835.22 crores) for the same period of previous year. This shows that the studded gold jewellery exports declined due to softer demand in key markets, higher price sensitivity among buyers, and reduced discretionary spending on premium jewellery amid global economic uncertainty. While on the other hand, the provisional gross export of all kinds of Studded Gold jewellery for the period APR 2025 - MAR 2026 at US$ 6520.69 million (Rs. 57679.85 crores) shown a growth of (+)6.27% (+11.16% Rs. term) over the comparative figure of US$ 6135.72 million (Rs. 51890.40 crores) for previous year. However, the exports grew due to improved global demand for premium and fashion jewellery, supported by stronger festive and wedding season buying in key markets and better product diversification.

Silver Jewellery: Provisional gross export of Silver Jewellery for the period APR 2025 - MAR 2026 at US$ 1467.47 million (Rs. 13013.54 crores) shows growth of (+) 52.21% (59.95% Rs. term) over the comparative figure of US$ 964.10 million (Rs. 8135.78 crores) for previous year. This shows that exports grew significantly due to strong global demand for affordable jewellery, higher consumer preference for silver as a cost-effective alternative to gold, and increased orders from key international markets.

Platinum Jewellery: Provisional gross export of Platinum Jewellery for the period APR 2025 - MAR 2026 at US$ 254.60 million (Rs. 2257.24 crores) shown growth of (+)39.32% (+45.88% Rs. term) over the comparative figure of US$ 182.75 million (Rs. 1547.33 crores) for previous year. Exports grew strongly due to rising global demand for premium and contemporary jewellery, increased popularity of platinum in lifestyle and bridal segments, and higher acceptance in key export markets.

Coloured Gemstones: Provisional gross export of Coloured Gemstones for the period APR 2025 - MAR 2026 at US$ 437.31 million (in Rs. 3870.87 crores) shows decline of (-)0.71% (+3.76% in Rs. term) over the comparative figure of US$ 440.44 million (Rs. 3730.50 crores) for previous year. This shows that exports remained largely stable with a marginal decline due to steady but cautious global demand, while rupee terms improved slightly on account of currency effects and pricing adjustments.

Commenting on the report, Mr Colin Shah, MD Kama Jewelry, said “"The gemstones and jewellery exports of India showcase a diverse global demand landscape, where sectors like silver jewellery and platinum jewellery have seen robust growth owing to changing consumer tastes, but sectors like gold jewellery, diamonds, and synthetic diamonds have been under stress due to higher prices, conservative retail purchases, and inventory adjustments in crucial international markets. On the other hand, the rise in imports suggests that there is deliberate stockpiling of raw materials in expectation of a revival in future demand."