India's gem and jewellery exports jump 34% to $2.92 billion in October on festive demand

Kolkata: India's gem and jewellery exports surged 34.01% year-on-year to $2.92 billion in October, driven by strong orders from international buyers ahead of the Christmas and year-end holiday shopping season, with gold jewellery, silver jewellery and lab-grown diamonds leading the growth.

Exports stood at $2.18 billion in October 2025. In rupee terms, shipments rose 44.71% to ₹27,862.82 crore from ₹19,253.60 crore a year earlier, according to data released by the Gem and Jewellery Export Promotion Council (GJEPC).

Also Read: Titan bets on studded jewellery, premium watches and eyewear to drive growth


However, the sharp growth was partly aided by a favourable base effect. Diwali fell in October last year, resulting in customary manufacturing shutdowns across major jewellery centres, while this year's festive break falls in November, giving exporters a longer production and dispatch window.

Gold jewellery exports emerged as a key growth driver, rising 48.20% to $1.26 billion during the month. Within the segment, studded gold jewellery exports jumped 67.30% to $875.02 million, while plain gold jewellery shipments increased 17.54% to $383.11 million.

Silver jewellery exports climbed 55.52% to $203.83 million, while polished lab-grown diamond exports surged 81.02% to $170.46 million. Coloured gemstone exports rose 71.46% to $27.07 million.

Cut and polished diamond exports, which have been under pressure, returned to positive territory with a 10.50% increase to $1.13 billion, signalling some recovery in global trading activity.

"The 34% growth in gem and jewellery exports in October is an encouraging indicator of the industry's resilience and its ability to respond to opportunities in international markets," said Kirit Bhansali, chairman, GJEPC.

Also Read: Gold's short-term volatility contrasts with long-term bullishness

He said industry feedback points to improved trading activity, stronger order flows and renewed buying interest across key markets, while polished diamond prices have also shown signs of firming in recent months.

Despite the October surge, cumulative exports during April-October 2026 remained relatively modest, growing 7.28% in dollar terms to $17.22 billion.

Among key destinations, exports to Hong Kong increased 18.80% to $3.95 billion, while shipments to the US rose 14.87% to $3.61 billion. Belgium recorded 30.02% growth to $923.19 million. Exports to the UK and Singapore increased 17.89% and 22.38%, respectively.

However, exports to the UAE, India's largest export destination, declined 10.27% to $4.87 billion.

The recovery in diamond exports also remains uneven. Cut and polished diamond shipments declined 4.50% during April-October to $6.95 billion, although the pace of contraction has moderated. Exports to the US fell 29.92% to $922.55 million, while shipments to the UAE declined 12.26% to $1.33 billion.

Gold jewellery exports provided a counterbalance, increasing 16.28% to $7.49 billion during the seven-month period. Studded gold jewellery exports grew 36.98% to $4.57 billion, supported by a 60.51% rise in shipments to the US and a 150.46% increase to Hong Kong.

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

Bhansali said the industry remained optimistic about achieving 10% export growth in FY27 if the current momentum continued without major disruptions. He also highlighted improving trade access through India's free trade agreements and efforts to diversify export markets.

The performance points to a gradual shift in the export basket towards value-added products, particularly studded gold jewellery, silver jewellery and lab-grown diamonds, even as traditional polished diamond exports continue to face market-specific challenges.