India’s gross gem and jewellery exports remained largely stable in July, rising 0.38% year-on-year in US dollar terms to $2.35 billion from $2.34 billion a year earlier, even as a sharp decline in cut and polished diamond shipments weighed on overall exports.
In rupee terms, however, exports grew 11.68% to Rs 22,511.64 crore in July 2026, according to data released by the Gem & Jewellery Export Promotion Council (GJEPC).
Gold jewellery emerged as the key growth driver during the month, with exports rising 8.73% to $1.04 billion. Studded gold jewellery exports jumped 21.36% to $569.44 million, supported by demand from the UAE, Hong Kong and Singapore.
The performance comes against the backdrop of easing international gold prices. Gold prices declined 3.88% month-on-month to $4,073.92 per troy ounce in July from $4,238.32 in June, following a 10.28% correction in June.
However, the weakness in diamonds continued to drag on the sector. Cut and polished diamond exports fell 18.23% year-on-year to $876.39 million in July. Polished lab-grown diamond exports also declined 8.23% to $112.26 million, while silver jewellery exports slipped marginally by 0.23% to $76.88 million.
For the April-July period, India’s gross gem and jewellery exports stood at $9.17 billion (Rs 87,078.01 crore), registering a 2.44% growth in dollar terms and 13.58% in rupee terms over the corresponding period last year.
The four-month performance was led by value-added jewellery segments. Studded gold jewellery exports rose 21.09% to $2.24 billion, while silver jewellery exports surged 72.19% to $508.18 million. Platinum jewellery exports increased 17.20% to $77.82 million and polished lab-grown diamond exports grew 7.47% to $408.50 million.
Gold jewellery exports, comprising plain and studded jewellery, rose 5.87% during April-July to $4.03 billion. Within this, plain gold jewellery exports declined 8.46% to $1.80 billion, while studded gold jewellery exports grew sharply by 21.09%.
The gains in jewellery were partly offset by an 8% decline in cut and polished diamond exports to $3.60 billion. Coloured gemstone exports also declined 13.04% to $103.54 million.
“Despite a challenging global environment, India’s gem and jewellery exports have shown encouraging resilience, with value-added segments such as studded gold jewellery, silver and platinum jewellery leading the way,” said Kirit Bhansali, chairman, GJEPC.
He said the easing of gold prices was expected to support demand in key consuming markets. Bhansali also pointed to the recently concluded IIJS Bharat Premiere 2026, which attracted more than 61,000 visitors, including over 5,000 international visitors from 80 countries. The business generated at the show is expected to translate into shipments over the coming months, he said.
On the Taxation and Other Laws (Amendment) Bill 2026, Bhansali said the move could help address a longstanding structural constraint for India’s diamond industry by allowing foreign companies trading rough diamonds through Special Notified Zones to benefit from a 15-year income-tax exemption.
“This is a defining moment for India’s diamond industry,” Bhansali said, adding that the measure could help India evolve from a processing centre into a global diamond trading hub.
With studded jewellery and other value-added categories gaining traction while polished diamond exports remain under pressure, the export mix is increasingly reflecting a shift towards higher-value finished product.
