Mumbai, October 15, 2026: India’s gross gems and jewellery exports increased by 9.43% year-on-year to US$ 2,950.62 million (Rs. 28,157.55 crore) in September 2026, while imports climbed 25.48% to US$ 2,076.69 million (Rs. 19,821.59 crore), according to sector data released on Wednesday.
Cumulative exports for April to September 2026 rose 3.07% to US$ 14,301.38 million (Rs. 1,36,068.27 crore), compared to US$ 13,875.90 million (Rs. 1,19,985.61 crore) in the same period last year. Imports for the same six months grew 5.29% to US$ 11,045.19 million (Rs. 1,05,067.38 crore).
Studded gold jewellery and lab-grown diamonds lead growth
Exports of studded gold jewellery surged 50.24% in September 2026 to US$ 812.62 million (Rs. 7,759.73 crore), driving total gold jewellery exports up 34.01% to US$ 1,190.65 million (Rs. 11,368.96 crore). Plain gold jewellery exports for the month increased 8.76% to US$ 378.03 million (Rs. 3,609.23 crore).
For the April–September 2026 period, studded gold jewellery exports grew 31.31% to US$ 3,692.92 million (Rs. 35,139.71 crore), while plain gold jewellery exports declined 8.81% to US$ 2,534.53 million (Rs. 24,126.58 crore).
Polished lab-grown diamond exports continued their upward trend, rising 40.72% in September 2026 to US$ 151.43 million (Rs. 1,445.53 crore). For the half-year, lab-grown diamond exports increased 17.08% to US$ 685.10 million (Rs. 6,522.15 crore). In volume, worked lab-grown diamond exports reached 101.77 lakh carats, up 26.46% year-on-year, with a per carat value of US$ 67.32 for April–September 2026.
Cut and polished diamonds see value decline, volume growth
Cut and polished diamond exports fell 5.44% in value to US$ 1,293.30 million (Rs. 12,335.79 crore) in September 2026, but rose 2.15% in rupee terms. For April–September 2026, exports dropped 6.96% in value to US$ 5,814.41 million (Rs. 55,336.16 crore), though volume increased 4.64% to 83.98 lakh carats. The per carat value for the period was US$ 692.36.
Imports of cut and polished diamonds in September 2026 grew 22.92% to US$ 152.33 million (Rs. 1,454.71 crore). For the half-year, imports rose 45.52% to US$ 824.20 million (Rs. 7,824.94 crore). Imports in Domestic Tariff Area (DTA) for September 2026 surged 196.68% to US$ 35.56 million (Rs. 339.63 crore), while Special Economic Zone (SEZ) imports grew 4.32% to US$ 116.77 million (Rs. 1,115.08 crore).
Rough diamonds and other precious metals
Rough diamond imports in September 2026 climbed 15.14% to US$ 1,046.23 million (Rs. 9,974.06 crore), but fell 16.81% for the April–September period to US$ 5,002.00 million (Rs. 47,558.87 crore). In volume, September imports reached 130.17 lakh carats, up 65.65% year-on-year, with a per carat value of US$ 80.37. The half-year volume was 592.24 lakh carats, up 16.47%.
Silver jewellery exports for April–September 2026 rose 23.10% to US$ 729.32 million (Rs. 6,908.9 crore), despite a 12.49% decline in September to US$ 134.46 million (Rs. 1,285.01 crore). Silver bar rates averaged US$ 68.13/troy oz (Rs. 2,082.42/10gms), up 86.61% in dollar terms and 104.98% in rupee terms.
Platinum jewellery exports for April–September 2026 increased 15.75% to US$ 123.29 million (Rs. 1,172.75 crore). September exports rose 1.27% to US$ 22.97 million (Rs. 219.38 crore). Platinum bar rates averaged US$ 1,828.63/troy oz (Rs. 55,891.51/10gms), up 48.83% in dollar terms.
Coloured gemstones and gold medallions
Coloured gemstone exports for April–September 2026 declined 3.8% to US$ 227.55 million (Rs. 2,163.22 crore). September exports fell 7.44% to US$ 74.94 million (Rs. 711.73 crore). Gold medallions and coins exports for the half-year rose 72.22% to US$ 3.86 million (Rs. 36.44 crore), with September exports up 109.93% to US$ 0.76 million (Rs. 7.22 crore).
Industry outlook
Colin Shah, Managing Director of Kama Jewelry and former Chairman of the Gem Jewellery Export Promotion Council (GJEPC), said the uptick in exports was driven by the festive season in India and the holiday season in the West. “We expect this momentum to carry through the coming quarter, and the industry is well placed to benefit from the upcoming FTAs, that will help Indian exporters diversify and protect their margins from the US Tariffs,” Shah said.
Kama Jewelry, founded in 1996, is a Mumbai-based diamond jewellery manufacturer and exporter with operations across India, the USA, Europe, the Middle East, and Australia.
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