New Delhi, Apr 16 (BNP): India’s gem and jewellery exports saw a slight decline in FY26, as global trade challenges and tariff pressures weighed on demand. However, the industry showed resilience by expanding into new markets and adapting to changing conditions.
Pic Credit: Pexel
Exports during the year stood at $27.72 billion, reflecting a modest drop compared to the previous year in dollar terms, even as rupee earnings remained broadly stable.
The slowdown was largely due to weaker demand from the United States, where higher tariffs and policy uncertainties affected export volumes. At the same time, ongoing geopolitical tensions and fluctuations in global markets added to the pressure on the sector.
Despite these challenges, Indian exporters made steady progress in diversifying their reach. Markets such as the UAE, Australia, Hong Kong, and Canada emerged as important growth drivers, helping offset declines in traditional destinations.
Trade agreements with countries like the UAE and Australia supported this shift, making it easier for exporters to access new opportunities. While some geopolitical tensions in West Asia impacted momentum toward the end of the year, overall demand from these regions remained encouraging.
The industry is also witnessing a gradual shift in product demand. While certain segments like cut and polished diamonds faced pressure, others such as silver and platinum jewellery gained traction, reflecting changing global consumer preferences.
Experts believe that this phase marks a transition for the sector, with a stronger focus on market diversification and value-added products. Looking ahead, potential trade deals with regions like the UK and the European Union could further support growth and help the industry regain momentum.
