Imports, however, rose 16.66% to $ 2,313.97 million (₹21,565.46 crore) during the month, driven by higher procurement of raw materials such as gold and diamonds as industry players rebuilt inventories in anticipation of future demand recovery.
For the full financial year April 2025–March 2026, overall gems and jewellery exports declined 3.32% to $ 27,717.40 million. In rupee terms, exports rose marginally by 0.93%, supported by currency depreciation. Imports increased 16.99% to $ 22,830.18 million.
The trade body noted that overall export performance remained subdued throughout the year due to weak global consumption trends, higher crude oil prices, and supply chain disruptions linked to geopolitical tensions.
Foreign buyers also reduced purchases and liquidated existing inventories amid macroeconomic instability.
Diamonds segment shows mixed trend
Cut and polished diamond exports fell 27.48% year-on-year in March 2026 to $838.75 million, impacted by weak demand in key markets, cautious buying, and price corrections. For the full year, exports declined 8.52% to $12,159.83 million.
In contrast, imports of cut and polished diamonds surged 312.15% in March, and rose 28.32% over the full year, driven by inventory rebuilding, improved supply availability, and expectations of demand recovery.
Rough diamond imports declined 2.67% to $10,478.83 million during the year, reflecting subdued cutting demand and inventory optimisation by manufacturers.
Lab-grown polished diamond exports also fell 27.56% in March 2026, due to weak retail demand, pricing pressure, and inventory correction across global markets.
Gold jewellery exports under pressure
Gold jewellery exports dropped 48.11% in March 2026 to $655.92 million, affected by high gold prices, softer seasonal demand, and reduced overseas orders.
For the full year, gold jewellery exports remained largely stable, slipping marginally by 0.03% to $11,364.32 million, with rupee gains offsetting dollar weakness.
Within the segment, plain gold jewellery exports fell 70.65% in March and declined 7.42% over the year, while studded gold jewellery exports dropped 19.62% in March but rose 6.27% annually, supported by stronger festive and wedding demand in select international markets.
Silver and platinum jewellery outperform
Silver jewellery emerged as a strong growth segment, with exports rising 52.21% to $1,467.47 million during FY26, supported by higher global demand for affordable alternatives to gold.
Platinum jewellery exports also increased 39.32% to $254.60 million, driven by rising preference for contemporary and premium jewellery categories in international markets.
Coloured gemstone exports remained broadly stable, declining marginally by 0.71% to US$ 437.31 million.
Commenting on the trends, Colin Shah, Managing Director, Kama Jewelry, said the sector reflected a “diverse global demand landscape,” where silver and platinum jewellery continued to gain traction, while gold and diamond categories remained under pressure due to high prices and cautious retail buying.
He added that the rise in imports indicated “deliberate stockpiling of raw materials” by industry players in anticipation of a demand recovery in the coming months.
