Daijiworld Media Network - New Delhi
New Delhi, Apr 15: India’s gem and jewellery exports reached $27.72 billion (about Rs 2,44,827 crore) in FY26, recording a marginal growth of 0.93 per cent in rupee terms, even as they declined 3.32 per cent in dollar terms compared to the previous fiscal year.
The data reflects a sector navigating global headwinds, including geopolitical instability, changing US tariff structures, and rising tensions in West Asia, according to the Gem and Jewellery Export Promotion Council (GJEPC).
Despite these challenges, the industry is witnessing what officials describe as a structural transformation, with exporters increasingly diversifying into new markets and strengthening value-added product segments.
GJEPC Chairman Kirit Bhansali said FY 2025–26 represents a “structural reset” for the sector, with growth becoming more geographically diversified and less reliant on traditional export destinations.
While exports to the US declined due to tariff-related uncertainties, several markets showed strong momentum. The United Arab Emirates, Hong Kong, Australia, and Canada recorded notable gains, reflecting a broader shift in trade patterns.
Exports to the UAE rose over 22 per cent during April–February 2026, though regional tensions moderated full-year growth to 10.52 per cent, bringing total shipments to $8.70 billion. Australia emerged as another strong growth market, registering a sharp 38.33 per cent increase, underscoring the role of free trade agreements in expanding India’s global footprint.
Bhansali noted that trade agreements with the UAE and Australia have been instrumental in supporting export diversification. He added that upcoming Free Trade Agreements with the United Kingdom and the European Union are expected to further strengthen outbound shipments in the coming years.
On the product side, cut and polished diamonds remained the largest export category, accounting for 43.9 per cent of total shipments in FY26.
Gold jewellery exports, including both plain and studded varieties, remained largely stable at $11.36 billion, showing a marginal year-on-year decline of just 0.03 per cent.
Overall, the sector continues to adapt to global uncertainties while gradually reshaping its export base toward a more diversified and resilient structure.