Gems and jewellery exports fell by 9% in April, totaling $2.45 billion (₹20,952 crore), primarily due to ongoing geopolitical tensions in West Asia, which have prompted a cautious approach within the trade. Imports also decreased, dipping by 10% to $2.03 billion during the same period.
The export of cut and polished diamonds saw a significant decline of 20%, reaching $891 million compared to $1.11 billion last year. This downturn is attributed to sluggish demand, as retailers reduced their inventories in key export markets. In contrast, imports of cut and polished diamonds surged over threefold to $222 million from $62 million, as the trade sought to replenish stocks in anticipation of a recovery in global demand and stepped up procurement efforts from Special Economic Zones (SEZs).
Rough diamond imports experienced a 29% decrease, falling to $848 million from $1.21 billion, driven by cautious purchasing and reduced manufacturing activities. Moreover, exports of polished lab-grown diamonds also decreased by 16%, totaling $93 million down from $110 million, due to diminished global demand for retail offerings, pricing adjustments, and intensifying competition in international markets.
The Impact of High Gold Prices
Exports of gold jewellery faced a reduction of 22%, amounting to $842 million compared to $1.08 billion from the previous year. This setback is largely a result of high gold prices and a tumultuous global economy affecting overall demand.
Colin Shah, Managing Director of Kama Jewelry, noted that gems and jewellery exports are under strain due to persistent economic headwinds and fluctuations in precious metal prices. He highlighted that traditional standout categories like cut and polished diamonds and plain gold jewellery continue to face pressure from cautious consumer sentiment and elevated bullion prices. Shah expressed cautious optimism regarding a potential truce between conflicting nations.
Contrary to the prevailing trends, silver jewellery exports surged more than fourfold to $268 million from $49 million, driven by heightened demand for affordable jewellery alternatives in the global market. Silver price volatility during this period further contributed to this rapid rise.
In addition, platinum jewellery exports increased by 90%, reaching $22 million from $12 million, attributed to rising demand from developed markets and consumer preference for premium contemporary jewellery, particularly in the bridal and lifestyle segments.
Published on May 15, 2026.
