India's overall gross gems and jewellery exports grew by 9.43 per cent to $2,950.62 million in September 2026, up from $2,696.34 million in the same month a year earlier, according to a report released on Thursday, 15 October 2026. The data, published by Kama Jewelry, points to a sector-wide revival driven by festive demand at home and an approaching global holiday season.

Cumulative Export and Import Trends

Cumulative exports for the April–September 2026 period climbed 3.07 per cent to $14,301.38 million, compared with $13,875.90 million in the corresponding period of the previous year. On the import side, gross imports surged 25.48 per cent in September to $2,076.69 million, and were up 5.29 per cent to $11,045.19 million for the April–September window — signalling robust domestic processing and retail activity.

Festive Demand and Sector Sentiment

'This improvement is a welcome development for the Indian gems and jewellery sector, which has been navigating global economic headwinds for a prolonged period,' the Kama Jewelry report noted. The simultaneous uptick in both exports and imports, the report argued, reflects a positive signal backed by domestic festive demand and an imminent global holiday-shopping cycle. The trade dynamics are expected to improve further as the festive and wedding season intensifies through the ongoing quarter.

Diamond Segment: Volume Up, Value Softer

The report flagged a nuanced divergence in the diamond segment: export value declined even as export volume rose, indicating a lower realisation per carat rather than softer physical demand. A key factor here is the depreciation of the Indian rupee against the US dollar, which has partially cushioned earnings for domestic exporters. Meanwhile, the uptick in cut and polished diamond imports is attributed to festive-season restocking, and the rise in rough diamond imports underscores India's position as the world's largest diamond processing hub.

Gold Jewellery: Plain Versus Studded

Within the gold jewellery category, plain gold jewellery exports were weighed down by elevated gold bullion prices. By contrast, studded gold jewellery exports increased 'remarkably', according to the report, highlighting sustained buyer preference for design-intensive, value-added pieces. This shift toward studded jewellery aligns with a broader global trend of consumers favouring craftsmanship over commodity-weight purchases.

Outlook for the Quarter

With the festive and wedding season in full swing and the global holiday period approaching, the report projects an upward trajectory for gems and jewellery trade at least through the current quarter. Analysts will be watching whether the rupee's performance, global gold prices, and discretionary consumer spending in key Western markets sustain or temper this momentum in the months ahead.