India's gems and jewelry exports fall 35% in March
What's the story
India's gems and jewelry exports have witnessed a sharp decline of 35.23% year-on-year to $1,783.67 million (₹16,597.20 crore) in March 2026. The fall has been attributed to weak global demand, geopolitical tensions in West Asia, and broader economic uncertainty. Imports saw a rise of 16.66% to $2,313.97 million (₹21,565.46 crore) during the same period due to increased procurement of raw materials like gold and diamonds as industry players rebuilt inventories anticipating future demand recovery.
Yearly overview
For entire year, gems and jewelry exports fell by 3.3%
For the entire fiscal year from April 2025 to March 2026, overall gems and jewelry exports fell by 3.32% to $27,717.40 million. In rupee terms, exports saw a marginal rise of 0.93%, aided by currency depreciation. Imports surged by 16.99% to $22,830.18 million during this period due to an industry-wide build-up of gold and diamond inventories amid weak global consumption trends, rising crude oil prices, and supply chain disruptions linked with US-Iran war.
Market trends
Gold jewelry exports also fell by 48% in March
The cut and polished diamond segment witnessed a 27.48% year-on-year decline in March 2026 to $838.75 million, owing to weak demand in key markets, cautious buying, and price corrections. Gold jewelry exports also fell by 48.11% during the same period due to high gold prices, softer seasonal demand, and reduced overseas orders.
Positive shift
Silver, platinum jewelry see significant export growth
In contrast to the struggles of gold and diamond exports, silver jewelry emerged as a strong growth segment with exports rising by 52.21% to $1,467.47 million during FY26. This was driven by higher global demand for affordable alternatives to gold. Platinum jewelry also saw an increase in exports by 39.32% due to rising preference for contemporary and premium jewelry categories in international markets.