According to industry data released on May 14, gross exports of the sector fell 9.07% to $2.45 billion (₹20,952 crore) in April 2026, compared with the same period last year. Imports also declined 9.54% to $2.03 billion.
Industry participants attributed the subdued trade performance to economic uncertainty in key global markets, fluctuating bullion prices and inventory corrections by overseas buyers.
Exports of cut and polished diamonds, one of India’s largest jewellery export categories, dropped 19.65% year-on-year to $890.91 million in April. The decline was linked to sluggish global demand, cautious retailer purchases and ongoing inventory adjustments in major export destinations.
Imports of rough diamonds also fell sharply, declining 29.36% to $847.67 million, reflecting lower manufacturing activity and muted international demand.
Plain gold jewellery exports recorded one of the steepest declines during the month, falling 47.06% to $341.08 million. High gold prices and reduced affordability in overseas markets
affected bulk orders and consumer demand, the industry said.
Overall gold jewellery exports, including studded jewellery, declined 21.77% to $841.54 million. However, studded gold jewellery exports rose 16.02% to $500.46 million, supported by demand for premium and fashion jewellery products in international markets.
Exports of polished lab-grown diamonds declined 15.53% to $93.28 million amid pricing pressures, weaker retail demand and rising global competition. By volume, however, exports of worked lab-grown diamonds rose marginally by 0.36%.
Some categories posted strong growth despite the broader slowdown. Silver jewellery exports surged more than fourfold to $268.38 million, aided by rising demand for relatively affordable jewellery alternatives and higher fashion-led consumption globally.
Platinum jewellery exports also increased 90.29% to $22.10 million, driven by demand from developed markets and growing preference for contemporary jewellery designs, particularly in bridal and lifestyle segments.
Exports of coloured gemstones rose modestly by 1.98% to $31.03 million.
Commenting on the trend, Colin Shah, MD, Kama Jewelry, said traditional export segments such as cut and polished diamonds and plain gold jewellery remained under pressure due to high bullion prices and cautious consumer sentiment. He added that categories including silver jewellery, platinum jewellery and studded gold jewellery showed resilience amid changing global consumer preferences.
