India’s gem and jewellery exports in FY26 amounted to $27.72 billion (about Rs 2,44,827.26 crore), showing a slight increase of 0.93% in rupee terms compared to the previous financial year. However, in dollar terms, exports experienced a modest decline of 3.32% year-on-year. The Gem and Jewellery Export Promotion Council (GJEPC) highlighted that this performance occurred amidst geopolitical uncertainties and changing U.S. tariff policies.
The GJEPC stated that FY 2025-26 signifies a significant transformation in India’s gem and jewellery export sector. The industry is diversifying into new markets, enhancing value-added segments, and adapting to evolving global trade dynamics. Kirit Bhansali, Chairman of GJEPC, emphasized the industry’s shift towards broader growth and reduced reliance on a single market.
Despite challenges in the U.S. market due to tariff uncertainties, countries like the UAE, Hong Kong, Australia, and Canada have shown notable growth in Indian gem and jewellery exports. Free Trade Agreements with the UAE and Australia have played a crucial role in expanding export markets. Exports to the UAE grew by over 22% during April-February 2026, reaching $8.70 billion, while Australia experienced a robust growth of 38.33%.
The implementation of Free Trade Agreements with the UK and EU in the upcoming year is anticipated to further boost India’s gem and jewellery exports. Cut and polished diamonds remained the leading product category, contributing 43.9% of total exports in FY26. Gold jewellery exports, encompassing plain and studded segments, remained relatively stable at $11.36 billion, with a marginal 0.03% decline year-on-year.
