India's overall gross gems and jewellery exports jumped 26.5 per cent to $2,212.6 million in June 2026, snapping a prolonged period of decline, according to industry data released on 20 July 2026. The rebound marks one of the sector's strongest monthly performances in recent memory, even as global economic headwinds continue to weigh on trade.

Q1 FY27 Export Picture

For the April–June 2026 period — the first quarter of FY27 — total gems and jewellery exports edged up 0.04 per cent to $6,612.21 million compared with the same quarter a year earlier. Gross imports for the quarter, however, contracted 5.9 per cent to $4,974.8 million, while June alone saw imports climb 10.06 per cent to $1,720.6 million.

Cut and Polished Diamonds Lead Recovery

Cut and polished diamond exports rose 8.7 per cent in June to $846.7 million, up from $778.8 million a year earlier. The April–June tally for the category, however, eased 4.1 per cent to $2,720.2 million. In volume terms, the first-quarter export of cut and polished diamonds climbed 8.9 per cent to 39.8 lakh carats, at an average per-carat realisation of $681.7.

Analysts attribute the volume uptick to recovering diamond jewellery demand in key international markets and anticipate further momentum heading into the October–December 2026 festive and holiday quarter. A notable structural shift is also visible in trade preference, with exporters increasingly routing shipments through Special Economic Zones (SEZs) over the Domestic Tariff Area (DTA).

On the import side, gross rough diamond imports stood at $700.3 million in June 2026 but eased 32.4 per cent on a year-on-year basis for the full first quarter. Volume imports of rough diamonds in June stood at 66.9 lakh carats, down 8.6 per cent. Industry observers note that Indian jewellery manufacturers are prioritising inventory clearance before committing to fresh purchases, given persistent volatility in overseas demand.

Gold Jewellery Outperforms; Silver and Platinum Gain

Gold jewellery exports were the standout performer, surging 54.5 per cent in June to $1,087.7 million, driven primarily by studded jewellery. Plain gold jewellery, by contrast, showed mixed quarterly trends. Silver and platinum jewellery also posted solid gains, with exports rising between 20 and 27 per cent in the first quarter.

Lab-Grown Diamonds Gain Ground

Finished lab-grown diamonds have seen what experts describe as a 'tremendous response' in international markets, as consumers adopt a more price-conscious approach amid global economic uncertainty. The category has emerged as a compelling alternative to natural diamonds for price-sensitive buyers, and analysts expect its market share to strengthen further in coming quarters.

With demand expected to pick up at the consumer level — particularly ahead of the holiday season — the import cycle for rough diamonds is also likely to recover, according to trade observers. The sector's ability to sustain this rebound through Q2 FY27 will depend heavily on US and Chinese consumer sentiment.