The overall gross exports of gems and jewellery in February 2026 grew 3.86% (8.37% in rupee terms) Year on Year (YoY) to $2.68 billion (₹24,340.05 crore), from $2.58 billion (₹22,460.13 crore), according to data provided by the Gem & Jewellery Export Promotion Council (GJEPC).
For the period April 2025 to February 2026, the overall gross exports of gems and jewellery marginally grew 0.07% (4.34% in rupee terms) YoY to $25.93 billion (₹2,28,230.06 crore), compared to $25.92 billion (₹2,18,737.62 crore).
This comes as a relief as the sector could do well despite the heavy tariff that was imposed by US president Donald Trump on Indian exports.
Kirit Bhansali, Chairman, GJEPC, said “The past year has been a challenging one for the global gem and jewellery industry, shaped by evolving U.S. tariff policies, geopolitical uncertainties, and changing consumer preferences across key markets. Despite these headwinds, the Indian gem and jewellery sector has demonstrated remarkable resilience.”
“Exporters have actively diversified their export markets, strengthening their presence in destinations such as the UAE and Australia, where Free Trade Agreements have played a significant role, while markets like Hong Kong have continued to provide strong support,” he said.
He said the Government of India’s proactive trade diplomacy through FTAs had been instrumental in opening new opportunities and helping the industry diversify its export base.
“This strategic shift is reflected in the sector’s overall performance during the year,” he said.
According to Mr Bhansali the recent developments in the U.S. tariff framework have also provided some support to the studded jewellery segment.
“As per the current understanding, the effective duty on jewellery exports from India is around 15.5%, which is significantly lower than earlier proposed levels and helps maintain competitiveness in this category. At the same time, the industry awaits greater clarity regarding the final tariff treatment for natural diamonds and certain loose stone categories, which are currently subject to a 10% import duty under the prevailing U.S. executive order.” Mr Bhansali added.
Commenting on the geopolitical tension in West Asia, Mr Bhansali, said, “The industry remains watchful of evolving geopolitical developments and global trade conditions as we move into the final phase of the financial year. Exporters are closely monitoring the situation and working with trade partners to the situation and working with trade partners to ensure continuity of shipments and supply chains.”
During April 2025-February 2026 while exports to the US market were severely impacted, UAE and Hong Kong emerged as biggest markets. Overall gem and jewellery exports to the UAE rose 22.19% to $8.41 billion, while shipments to Hong Kong increased 30.91% to $ 5.54 billion. Exports to the US were valued at $4.65 billion, down 44.28% YoY, as per data provided by GJEPC.
Published – March 16, 2026 09:47 pm IST
