Indian studded gold jewellery exports surged by an impressive 31.31% in the first half of the current fiscal year (H1 FY27), reaching $3.69 billion. This significant boost, spanning April to September, has been largely attributed to improved market access facilitated by new trade agreements, reduced tariffs in the United States, and robust demand from key international markets.
Trade Agreements Fueling Growth
According to data released by the Gem and Jewellery Export Promotion Council (GJEPC), the remarkable performance of Indian studded gold jewellery exports stems from strategic market access gains. Notable factors include benefits derived from the India–UK trade agreement, a reduction in US import tariffs, and consistently strong demand from nations such as Hong Kong, Singapore, and France.
This growth in value-added studded jewellery has outpaced the broader gold jewellery segment. Combined exports of plain and studded gold jewellery saw an 11.37% increase, totaling $6.23 billion during H1 FY27. In rupee terms, studded gold jewellery exports grew by 44.60% to ₹35,139.71 crore.
Plain Gold Jewellery Faces Headwinds
In stark contrast to the booming studded segment, plain gold jewellery exports experienced an 8.81% decline in dollar terms, falling to $2.53 billion during the same six-month period. The GJEPC attributes this downturn primarily to escalating global gold prices, which rose 31.17% to $4,415.70 per troy ounce in H1 FY27, and challenging market conditions in the Middle East, a traditional stronghold for plain gold items.
Overall Industry Performance and Future Outlook
Despite the mixed performance across segments, India’s overall gem and jewellery exports saw a modest 3.07% increase in dollar terms, reaching $14.30 billion during April–September FY27. The strong showing of studded gold jewellery, alongside growth in silver jewellery and polished lab-grown diamonds, helped offset weaknesses observed in plain gold jewellery and cut and polished diamonds.
The momentum for studded gold jewellery continued into September, with exports rising 50.24% year-on-year to $812.62 million. This indicates a sustained positive trend for the segment. For Indian exporters, maintaining this growth trajectory will depend on continued strong international demand and the effective translation of improved trade access into consistent orders. The industry remains vigilant, however, given the uncertainties posed by elevated gold prices and varying demand across product categories.