India’s gem and jewellery exports experienced a significant surge in October 2026, climbing 34.01% year-on-year to reach $2.92 billion (₹27,863 crore). This robust performance, as reported by the Gem and Jewellery Export Promotion Council (GJEPC), indicates a strong rebound for the sector, largely fueled by heightened overseas demand and favorable production conditions.
Gold Jewellery Drives Export Growth
Gold jewellery emerged as a primary catalyst for this impressive growth, with its exports increasing by 48.20% compared to the same period last year. Notably, studded gold jewellery saw an even more remarkable rise of 67.30%, highlighting a growing international appetite for value-added jewellery products.
Beyond gold, the sector witnessed positive trends in other segments. Exports of cut and polished diamonds returned to positive territory, growing by 10.50% in October, signaling improving demand from global buyers. Silver jewellery exports also saw a healthy increase of 28.98% during the April-October period, though elevated silver prices continued to impact working capital and purchasing decisions.
Factors Behind the October Surge
The GJEPC attributed October's strong performance partly to the timing of Diwali. In 2025, the festival fell in October, leading to disruptions in manufacturing schedules and fewer operational days. However, with Diwali shifting to November in 2026, exporters benefited from uninterrupted production throughout October, allowing them to fulfill a greater volume of overseas orders ahead of the crucial international holiday shopping season, including Christmas and year-end celebrations.
Cumulatively, for the period of April to October 2026, India's gem and jewellery exports rose 7.28% to $17.22 billion (₹1.64 lakh crore), up from $16.05 billion (₹1.39 lakh crore) in the corresponding period of 2025.
Key Export Destinations See Varied Growth
During April-October, the UAE remained India's largest gem and jewellery export destination, despite a 10.27% annual decline in shipments, totaling $4.87 billion. However, other markets demonstrated significant growth:
- Hong Kong: Exports increased 18.80% to $3.95 billion.
- United States: Shipments rose 14.87% to $3.61 billion.
- Belgium: Recorded 30.02% growth, reaching $923.19 million.
- Singapore and the UK: Registered increases of 22.38% and 17.89%, respectively.
- Canada: Witnessed particularly strong growth, surging by 107.93%.
Optimistic Outlook for FY27
Kirit Bhansali, Chairman of the GJEPC, expressed encouragement regarding the industry's performance over the past three months. He projected that if the current momentum continues without major disruptions, exports could achieve approximately 10% growth in the fiscal year 2027. Bhansali also noted that higher international gold prices, alongside sustained overseas demand, contributed to the increased value of gold jewellery exports. The industry's future performance remains contingent on global consumer spending, precious metal prices, and demand across key international markets.