India’s gems and jewelry exports fell 2.49% year-on-year in May, dropping to $2,047.89 million (Rs 19,573.96 crore), according to the Gem and Jewellery Export Promotion Council (GJEPC), PTI reported. The decline was attributed to high gold prices and supply challenges.
Exports stood at $2,100.21 million (Rs 17,896.16 crore) during the same month last year, according to GJEPC data. In May, total gold jewelry exports dropped 14.75% to $758.44 million (Rs 7,247.76 crore), compared with $889.63 million (Rs 7,582.07 crore) last year.
The decline was largely driven by a steep fall in plain gold jewelry shipments, which contracted 14.75% to $758.44 million, the council said in its statement. The sector has also been grappling with challenges such as elevated gold prices, restricted availability of gold for export production, and regulatory hurdles affecting supply through banking channels, the council added.
GJEPC chairman Kirit Bhansali said, “Studded gold Jewelry exports grew 1.79% year-on-year to $463.57 (Rs 4,429.56 crores) during May, compared to $472.02 (Rs 4,024.23 crores) in the corresponding period last year. This growth reflects the positive impact of India’s Free Trade Agreements (FTAs), which are enhancing market access and strengthening the competitiveness of Indian jewelry exports in key markets.”
However, he noted that plain gold jewelry exports remain a key concern due to tighter gold imports, which have reduced availability for export production. Gold consumption for export manufacturing fell to about 11 tons in April–May 2026 from 14 tons a year earlier, a decline of around 21.4%.
Meanwhile, shipments of cut and polished diamonds rose 3.31% year-on-year to $980.73 million (₹9,378.53 crore) in May, compared with $949.30 million (₹8,086.48 crore) in the same period last year. Exports of polished lab-grown diamonds surged 25.99% to $101.50 million (₹970.27 crore), up from $80.56 million (₹686.84 crore) in May 2025.
Silver jewelry exports also increased 14.73% during the month to $97.39 million (₹928.02 crore), compared with $84.88 million (₹724.78 crore) a year earlier.
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