Key Highlights:
- India's gross gem and jewellery exports rose 12.52% YoY to Rs 21,945.87 crore in August, per GJEPC.
- Studded gold jewellery exports surged 64.96% to $642.85 million, driven by demand from the US, UAE, Hong Kong, UK and France.
- Cut and polished diamond export volumes rose to 13.36 lakh carats, though value remained under pressure.
- Gold jewellery exports (plain and studded) grew 7% to Rs 47,853.03 crore during April–August 2026.
- Silver jewellery exports jumped 35.57%, while lab-grown diamond exports rose 11.76% to Rs 5,076.61 crore in the same period.
A Strong Month for India's Gem and Jewellery Trade
India's gem and jewellery exports maintained their positive momentum in August, with gross exports rising 12.52 per cent year-on-year to Rs 21,945.87 crore, according to a report released by the Gem and Jewellery Export Promotion Council (GJEPC) on Saturday. The month's performance was marked by a pronounced shift toward value-added jewellery products rather than raw or lightly processed materials.
Studded Gold Jewellery Leads the Surge
The standout figure from August's data was the sharp rise in studded gold jewellery exports, which surged 64.96 per cent to $642.85 million. This growth was driven primarily by strong demand from key international markets, including the United States, the UAE, Hong Kong, the United Kingdom and France, suggesting a broad-based increase in appetite for India's finished jewellery products across multiple geographies rather than reliance on a single dominant market.
Why the Shift Toward Value Addition Matters
This move toward studded and finished jewellery, rather than raw diamonds or plain gold, represents a structurally significant shift for India's gem and jewellery sector. When more diamonds are incorporated into finished jewellery domestically rather than exported in cut and polished form alone, a larger share of the value chain, and the associated employment, remains within India rather than being captured by jewellery manufacturers overseas. The GJEPC report explicitly noted this dynamic, stating that the shift "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."
Diamond Exports: Volume Up, Value Under Pressure
Cut and polished diamond exports told a more mixed story during the month. While the value of these exports remained under pressure, the volume exported actually increased, rising from 12.94 lakh carats in August 2025 to 13.36 lakh carats in August 2026. This divergence between rising volumes and pressured values likely reflects broader softness in global diamond prices, even as demand for Indian-cut and polished stones held steady or grew in physical terms.
Industry Leadership's Take on the Numbers
Commenting on the month's performance, GJEPC Chairman Kirit Bhansali framed the results as evidence of the industry's underlying resilience. "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," he said, tying the month's numbers to a broader narrative of the industry's evolving capabilities.
A Broader Look at the April–August Period
Beyond the single-month figures, the report also provided a picture of trends across the April–August 2026 period. Gold jewellery exports, encompassing both plain and studded categories, rose 7 per cent to Rs 47,853.03 crore during this stretch. Within that figure, the two categories moved in opposite directions: plain gold jewellery exports declined 11.44 per cent, while studded gold jewellery exports grew 26.73 per cent, reinforcing the same shift toward value-added products seen in August's standalone data. Cut and polished diamond exports over the same five-month period declined 7.38 per cent in value terms.
Strong Growth in Silver and Platinum
Other segments of the industry also showed notable movement during April–August 2026. Silver jewellery exports grew by 35.57 per cent, while platinum jewellery exports rose 19.67 per cent to Rs 953.36 crore, indicating healthy demand across a range of precious metal categories beyond gold and diamonds alone.
Lab-Grown Diamonds Continue Their Ascent
Polished lab-grown diamond exports increased 11.76 per cent to Rs 5,076.61 crore during the April–August period, continuing a broader global trend of rising demand for lab-grown alternatives to natural diamonds. In contrast, coloured gemstone exports declined 1.92 per cent over the same period, a relatively modest dip compared to the stronger swings seen in other segments.
A Sector Adapting to Shifting Demand
Taken together, August's figures and the broader five-month trend point to an industry that is actively adapting its export mix, leaning more heavily into finished, value-added jewellery and alternative categories like lab-grown diamonds and silver, even as traditional cut and polished diamond exports face continued value pressure in global markets.