India’s Gem and Jewellery Exports Jump 34% to $2.92 Billion in October

India’s gem and jewellery exports recorded strong growth in October 2026, rising 34.01% year-on-year to $2.92 billion as international demand for gold jewellery, silver jewellery and lab-grown diamonds strengthened ahead of the Christmas and year-end shopping season. The latest figures indicate improving business activity across several segments of the industry, including a return to growth for traditional cut and polished diamond exports.

According to data released by the Gem and Jewellery Export Promotion Council (GJEPC), exports increased from $2.18 billion in October 2025 to $2.92 billion in October 2026. In rupee terms, shipments climbed 44.71% to ₹27,862.82 crore from ₹19,253.60 crore a year earlier. However, the increase was partly supported by a favourable base effect, as Diwali-related manufacturing shutdowns had affected production and shipments in October last year.

Gold Jewellery Leads India’s Export Growth

Gold jewellery emerged as the largest contributor to India’s export growth during October. Exports from the segment increased 48.20% year-on-year to $1.26 billion, supported by strong international orders.

Within the category, studded gold jewellery recorded particularly strong performance. Exports of studded gold jewellery jumped 67.30% to $875.02 million, while plain gold jewellery shipments increased 17.54% to $383.11 million.

The performance highlights the growing importance of value-added jewellery in India’s export basket. Studded jewellery generally combines precious metals with diamonds or coloured stones, allowing manufacturers to compete through product design, craftsmanship and higher-value offerings.

International buyers have continued to show interest in Indian jewellery products, particularly as retailers prepare inventories for the Christmas and year-end holiday shopping period.

October 2026 Gem and Jewellery Export Performance

Product category	October 2026 exports	Year-on-year growth
Total gem and jewellery	$2.92 billion	34.01%
Gold jewellery	$1.26 billion	48.20%
Studded gold jewellery	$875.02 million	67.30%
Plain gold jewellery	$383.11 million	17.54%
Silver jewellery	$203.83 million	55.52%
Polished lab-grown diamonds	$170.46 million	81.02%
Cut and polished diamonds	$1.13 billion	10.50%

The figures suggest that gold jewellery continues to be a major growth engine for the sector, with studded products outperforming plain jewellery.

Lab-Grown Diamond Exports Surge 81%

Polished lab-grown diamonds recorded one of the strongest growth rates among India’s major jewellery export categories in October.

Exports of polished lab-grown diamonds increased 81.02% year-on-year to $170.46 million. The segment has gained importance as international buyers increasingly consider lab-grown diamonds for jewellery products across different price points.

Lab-grown diamonds are produced using technological processes that replicate the conditions under which natural diamonds form. They have the same basic chemical composition and crystal structure as natural diamonds, although their production methods and market pricing differ.

India has developed significant capabilities in diamond cutting, polishing and jewellery manufacturing. The growth in lab-grown diamond exports provides another opportunity for manufacturers to expand their presence in international markets.

Coloured gemstone exports also recorded strong growth, increasing 71.46% to $27.07 million during October.

Traditional Diamond Exports Return to Growth

India’s traditional cut and polished diamond export segment also showed signs of recovery.

Exports increased 10.50% year-on-year to $1.13 billion in October, reversing some of the weakness experienced during previous months. The segment has faced challenges from uneven international demand, pricing pressure and changing buying patterns.

The October improvement suggests that trading activity may be recovering in certain international markets. GJEPC chairman Kirit Bhansali said the industry’s feedback pointed to stronger order flows, improved trading activity and renewed buying interest across key markets.

He also noted that polished diamond prices had shown signs of firming in recent months.

However, the recovery remains uneven. During April-October 2026, cut and polished diamond exports declined 4.50% year-on-year to $6.95 billion. Shipments to the United States fell 29.92% to $922.55 million, while exports to the UAE declined 12.26% to $1.33 billion.

This indicates that the October improvement has not yet translated into a broad recovery across the traditional diamond export business.

Silver Jewellery Exports Rise 55.52%

Silver jewellery exports also contributed to the October expansion, increasing 55.52% year-on-year to $203.83 million.

The growth reflects stronger demand for silver jewellery in overseas markets. Silver products offer manufacturers opportunities to serve consumers looking for different price points, designs and styles compared with gold jewellery.

During April-October 2026, silver jewellery exports increased 28.98% to $933.15 million.

The segment’s performance, alongside the growth in studded gold jewellery and lab-grown diamonds, points to a broader expansion across India’s value-added jewellery categories.

US and Hong Kong Drive Export Demand

India’s major export destinations recorded mixed performances during the April-October period.

Exports to Hong Kong increased 18.80% to $3.95 billion, while shipments to the United States rose 14.87% to $3.61 billion. Belgium also recorded strong growth, with exports increasing 30.02% to $923.19 million.

Shipments to the United Kingdom and Singapore increased 17.89% and 22.38%, respectively.

However, exports to the UAE, India’s largest gem and jewellery export destination, declined 10.27% to $4.87 billion.

India’s Major Jewellery Export Markets

Destination	April-October 2026 exports	Year-on-year growth
UAE	$4.87 billion	-10.27%
Hong Kong	$3.95 billion	+18.80%
United States	$3.61 billion	+14.87%
Belgium	$923.19 million	+30.02%

The decline in shipments to the UAE remains an important concern because of the market’s significance for Indian jewellery exporters. At the same time, growth in Hong Kong, the US, Belgium, the UK and Singapore indicates that demand is expanding across several other destinations.

Cumulative Exports Grow 7.28% During April-October

Despite October’s strong performance, India’s cumulative gem and jewellery exports increased at a more moderate pace during the first seven months of FY27.

Total exports reached $17.22 billion during April-October 2026, representing growth of 7.28% in dollar terms compared with the corresponding period last year.

Gold jewellery exports increased 16.28% to $7.49 billion. Within the category, studded gold jewellery exports grew 36.98% to $4.57 billion.

Polished lab-grown diamond exports rose 25.95% to $855.56 million, while silver jewellery exports increased 28.98% to $933.15 million.

The cumulative figures show that growth is being supported by multiple product categories rather than relying entirely on traditional polished diamonds.

GJEPC chairman Kirit Bhansali said the industry remained optimistic about achieving 10% export growth in FY27 if the current momentum continued without major disruptions.

Trade Agreements and Market Diversification Support the Industry

India’s jewellery industry is also looking to benefit from improved access to international markets through free trade agreements and efforts to diversify export destinations.

Trade agreements can help exporters by improving market access and reducing certain trade barriers, although the actual benefits depend on product-specific rules, tariffs and compliance requirements.

For jewellery manufacturers, access to new markets can help reduce dependence on a limited number of destinations. It can also create opportunities for businesses specialising in studded gold jewellery, silver products and lab-grown diamonds.

The industry’s ability to maintain competitiveness will depend on manufacturing efficiency, product quality, design capabilities and its response to changing international consumer preferences.

The Bigger Picture

October’s 34% export growth is an encouraging development for India’s gem and jewellery industry. Strong performances in gold jewellery, silver jewellery and lab-grown diamonds demonstrate that several segments are benefiting from improved international demand. The return of cut and polished diamond exports to positive growth also provides some indication that trading conditions may be improving.

However, the cumulative export growth of 7.28% shows that one strong month does not necessarily represent a complete recovery. Weakness in shipments to the UAE and continued pressure on traditional diamond exports during the April-October period remain important challenges. The favourable base effect from last year’s Diwali shutdowns also needs to be considered when assessing October’s growth.

Looking Ahead

The industry’s performance in the remaining months of FY27 will depend on international holiday-season demand, the strength of orders from major markets and the ability of exporters to maintain production and delivery schedules. Continued growth in studded gold jewellery, silver jewellery and lab-grown diamonds could help offset weakness in other product categories. Exporters will also be watching gold prices, polished diamond valuations and changing consumer demand.

GJEPC’s 10% export growth expectation for FY27 will depend on whether October’s momentum continues into the coming months. Expanding trade access, diversifying export destinations and focusing on higher-value jewellery products could support the industry’s long-term prospects. For now, October’s figures provide a positive signal, while the cumulative data underline the need for sustained growth across India’s major export markets.