Kolkata: India’s gem and jewellery exports rose 9.43 per cent year-on-year in September to $2.95 billion, led by a sharp surge in studded gold jewellery and polished lab-grown diamonds, even as cut and polished diamond exports continued to face pressure. The growth came despite elevated gold prices and an uncertain global trade environment.
Exports stood at Rs 28,157.55 crore in September, up 18.24 per cent from Rs 23,813.91 crore a year earlier, according to data released by the Gem & Jewellery Export Promotion Council (GJEPC).
For April-September, cumulative exports increased 3.07 per cent in dollar terms to $14.30 billion, while rupee-denominated exports grew 13.40 per cent to Rs 1.36 lakh crore.
Studded gold jewellery emerged as a key growth driver during the first half of FY27, with exports rising 31.31 per cent year-on-year to USD 3.69 billion. The segment benefited from improved trade access under the India-UK trade agreement, reduced US tariffs and demand from markets such as Hong Kong, Singapore and France, GJEPC chairman Kirit Bhansali said.
The segment also recorded a sharp acceleration in September, with exports jumping 50.24 per cent in dollar terms to $812.62 million. Total plain and studded gold jewellery exports rose 34.01 per cent to USD 1.19 billion during the month.
However, the surge in gold prices continued to weigh on plain gold jewellery exports over the six-month period. Gold prices rose 31.17% in dollar terms to USD 4,415.70 per troy ounce during April-September, compared with USD 3,366.44 a year earlier. Plain gold jewellery exports consequently declined 8.81 per cent to USD 2.53 billion, reflecting subdued demand and challenging market conditions, particularly in the Middle East.
Cut and polished diamonds, which account for a substantial share of India’s export basket, also remained under pressure in value terms. Exports declined 6.96 per cent to USD 5.81 billion during April-September, although volumes increased 4.64 per cent to 83.98 lakh carats. The segment recorded 2.31 per cent growth in rupee terms, indicating that higher shipment volumes and improving prices in recent months could support a gradual recovery.
September, however, remained challenging for the segment, with exports falling 5.44 per cent year-on-year to USD 1.29 billion.
Polished lab-grown diamonds provided another growth engine, with exports increasing 17.08 per cent to USD 685.10 million in April-September. The segment registered a stronger performance in September, when exports surged 40.72 per cent to USD 151.43 million.
Silver jewellery exports rose 23.10 per cent to USD 729.32 million during the first half of FY27, supported by demand for higher-value and design-led collections in international markets. Platinum jewellery exports also grew 15.75 per cent to USD 123.29 million.
Commenting on the performance, Bhansali said the September growth and the increase during the first half of FY27 were encouraging, demonstrating the sector’s ability to expand despite global trade uncertainties.
He said product innovation, value addition and market diversification would remain important in sustaining export growth in the coming months.
