India’s gem and jewellery exports continued their positive momentum in August 2026, with gross exports increasing 3.14% in US dollar terms and 12.52% in rupee terms year-on-year to US$ 2.30 billion (Rs. 21,945.87 crore), compared to US$ 2.23 billion (Rs. 19,503.52 crore) in August 2025.
A notable trend during the month was the strong performance of value-added jewellery exports. While cut and polished diamond exports remained under pressure in value terms, the volume of cut and polished diamonds exported increased from 12.94 lakh carats in August 2025 to 13.36 lakh carats in August 2026. At the same time, studded gold jewellery exports surged 51.22% in US dollar terms, indicating growing demand for finished and value-added jewellery from international markets.
This shift towards value addition is significant for India’s gem and jewellery ecosystem, as more diamonds are being incorporated into finished jewellery within the country, creating greater value across the manufacturing chain and supporting employment and economic activity.
Kirit Bhansali, Chairman, GJEPC, says, “August’s export performance reflects the resilience and adaptability of India’s gem and jewellery industry. The increase in diamond export volumes, along with the sharp growth in studded gold jewellery exports, highlights India’s growing ability to create greater value by transforming precious materials into finished jewellery.
This marks an important step in India’s evolution from a major processing centre to a global hub for design, manufacturing and value addition. With continued policy support, innovation and access to international markets, India is well positioned to capture a larger share of value across the global jewellery supply chain.”
Commenting on the performance of Cut & Polished Diamonds, Dinesh Lakhani, Managing Director, Kiran Gems, Mumbai, notes, “The increase in volume in August is a positive sign because it shows that there is still good demand in the market. I have just returned from JGW September in Hong Kong, and my conversations with customers were encouraging. Customers today are looking for a good diamond at the right price, something they can confidently sell to their own customers. In Hong Kong, I saw interest across different categories, especially in well-cut natural diamonds where quality, beauty and value come together.”
Dinesh Lakhani adds, “I think there are definitely reasons to be positive. This is not only an August story. From April to August, volumes were up 6.75% to 6.734 million carats, which shows that buyers are continuing to purchase. My experience at JGW September also gave me confidence that the market is moving in the right direction and that the fundamentals for natural diamonds remain strong.”
Plain Gold Jewellery exports declined -23.90% in US dollar terms and -17.00% in rupee terms year-on-year to US$356.97 million (₹3408.32 crore). The decline comes amid elevated gold prices and the limited availability of duty-free gold for exporters, which has increased input costs and put pressure on the competitiveness of plain gold jewellery exports.
Gold prices increased by (+)8.27% month-on-month, rising from US$ 4,073.92 per troy ounce in July 2026 to US$ 4,410.89 per troy ounce in August 2026.
Studded Gold Jewellery exports surged 51.22% to US$ 642.85 million in August 20206 and grew 26.73% to US$ 2.88 billion during April–August 2026 on a year-on-year basis.
Colin Shah, MD and Founder, Kama Jewelry, Mumbai, observes, “The 51.22% growth in studded gold jewellery exports is a significant indicator of how buyer preferences are evolving in the current market. With gold prices at record highs, demand for plain gold jewellery has been tempered, while studded jewellery has seen a strong rise. In August, plain gold jewellery exports declined by 23.90%, whereas studded gold jewellery exports grew by 51.22%. From an industry perspective, this tells us that buyers are increasingly responding to premium, design-driven jewellery, where the design and use of diamonds or gemstones add to the overall appeal of the product. It also reflects a restoration of buyer sentiment towards premium and differentiated jewellery in international markets.”
Colin Shah adds, “As we move through the Indian festive season and towards the holiday season in the West, I believe this preference for studded and design-led jewellery will remain an important demand driver. The strong performance of the category is encouraging and provides some positive momentum for the sector going into the October–December quarter. The encouraging movement in cut and polished diamonds alongside the 51.22% growth in studded gold jewellery exports, points to a stronger movement of diamonds through the jewellery sector and a reinstatement of diamond jewellery demand in international markets. The data is also encouraging from a demand perspective as we head into the festive and holiday season.”
Exports of Coloured Gemstones too soared 34.40% to US$ 49.07 million and 46.64% in rupee terms to Rs. 468.78 crore on a year-on-year basis with strong growth in traditional markets. Yash Dhamani, Owner, National Facets, Jaipur, relates the August increase mainly to the timing. “August comes immediately before a key show cycle – Vicenza in Italy, followed by Bangkok and Hong Kong all in September. Traders, wholesalers and manufacturers naturally build inventory ahead of these shows, so part of the August increase is also pre-show buying rather than purely new consumer demand.”
He adds, “Rough gemstone prices have been steadily moving higher, particularly for better-quality and rarer material. Fresh production is coming into the market at higher replacement prices, while availability of good material is becoming tighter. Buyers are therefore not purchasing only against immediate retail orders; forward buying and inventory building are also taking place.
Yash Dhamani continues, “We are also seeing more diamond merchants and traders entering coloured gemstones. This is bringing new buyers and additional capital into the category, adding to B2B demand for fine coloured gems and rare material. At the same time, buyers are moving towards better quality. Those traditionally working in commercial material are moving up, while established buyers of better qualities are increasingly focusing on rare and difficult-to-replace stones. This was evident at the recent Bangkok and Hong Kong shows.”
For the April–August 2026 period, India’s overall gross gem and jewellery exports stood at US$ 11.47 billion (Rs. 109,023.88 crore), registering a 2.58% growth in US dollar terms and a 13.36% growth in rupee terms over the corresponding period last year, demonstrating the sector’s resilience amid continued global economic uncertainties and elevated precious metal prices.
August 2026: Product-wise Export Performance
- Gold Jewellery (Plain & Studded) exports increased 11.81% in US dollar terms and 21.96% in rupee terms year-on-year to US$ 999.83 million (Rs. 9,546.12 crore). The growth was driven by strong demand from USA, Hong Kong, Singapore, UK, and France.
- Plain Gold Jewellery exports declined 23.90% in US dollar terms and -17.00% in rupee terms year-on-year to US$ 356.97 million (Rs. 3,408.32 crore).
- Studded Gold Jewellery exports surged 51.22% in US dollar terms and 64.96% in rupee terms year-on-year to US$ 642.85 million (Rs. 6,137.81 crore). The growth was driven by strong demand from USA, UAE, Hong Kong, UK, and France.
- Cut & Polished Diamonds exports declined -4.93% in US dollar terms and a +3.74% growth in rupee terms year-on-year to US$ 924.51 million (Rs. 8,828.65 crore).
- In volume terms, Cut and polished diamond exports rose by 3.23%, from 12.94 lakh carats in August 2025 to 13.36 lakh carats in August 2026.
- Silver Jewellery exports declined 39.66% in US dollar terms and -34.20% in rupee terms year-on-year to US$ 86.68 million (Rs. 827.20 crore).
- Platinum Jewellery exports grew 29.09% in US dollar terms and 40.90% in rupee terms year-on-year to US$ 22.50 million (Rs. 214.94 crore). The growth was driven by strong demand from USA, UK, Netherlands, and Canada.
- Polished Lab-Grown Diamonds exports grew 28.45% in US dollar terms and 40.19% in rupee terms year-on-year to US$ 125.17 million (Rs. 1,195.18 crore). The growth was driven by strong demand from Hong Kong, Israel, Thailand, Russia, and Canada.
- Coloured Gemstones exports grew 34.40% in US dollar terms and 46.64% in rupee terms year-on-year to US$ 49.07 million (Rs. 468.78 crore). The growth was driven by strong demand from Thailand, Hong Kong, Italy, and USA.
April–August 2026: Product-wise Export Performance
- Gold Jewellery (Plain & Studded) exports increased 7.00% in US dollar terms and 18.33% in rupee terms to US$ 5.03 billion (Rs. 47,853.03 crore) during April–August 2026, compared to US$ 4.70 billion in the corresponding period last year.
- Plain Gold Jewellery exports declined 11.44% in US dollar terms and -2.04% in rupee terms to US$ 2.15 billion (Rs. 20,489.39 crore) during April–August 2026, compared to US$ 2.43 billion in the corresponding period last year.
- Studded Gold Jewellery exports grew 26.73% in US dollar terms and 40.16% in rupee terms to US$ 2.88 billion (Rs. 27,363.63 crore) during April–August 2026, compared to US$ 2.27 billion in the corresponding period last year.
- Cut & Polished Diamonds exports declined 7.38% in US dollar terms and a +2.35% growth in rupee terms to US$ 4.52 billion (Rs. 43,000.37 crore) during April–August 2026, compared to US$ 4.88 billion in the corresponding period last year.
- Silver Jewellery exports grew 35.57% in US dollar terms and 48.57% in rupee terms to US$ 594.86 million (Rs. 5,623.89 crore) during April–August 2026, compared to US$ 438.79 million in the corresponding period last year.
- Platinum Jewellery exports increased 19.67% in US dollar terms and 32.08% in rupee terms to US$ 100.32 million (Rs. 953.36 crore) during April–August 2026, compared to US$ 83.83 million in the corresponding period last year.
- Polished Lab-Grown Diamonds exports increased 11.76% in US dollar terms and 23.49% in rupee terms to US$ 533.67 million (Rs. 5,076.61 crore) during April–August 2026, compared to US$ 477.53 million in the corresponding period last year.
- Coloured Gemstones exports declined 1.92% in US dollar terms and a +8.45% growth in rupee terms to US$ 152.61 million (Rs. 1,451.49 crore) during April–August 2026, compared to US$ 155.59 million in the corresponding period last year.