Gem and jewellery exports stabilize despite March drop

Surat: The gem and jewellery (GJ) sector showed signs of stabilization in the 2025-26 financial year, with annual exports falling by only 3% compared to sharper declines seen over the past two years.Total GJ exports stood at $27.7 billion during the year. However, the sector witnessed a steep 35% drop in exports in March compared to the same month last year, a decline attributed largely to the impact of the Iran war. Overall gross GJ exports declined from $28.6 billion in FY 2024-25 to $27.7 billion in FY 2025-26. Gross exports of cut and polished diamonds (CPD) fell 8% to $12.15 billion from $13.29 billion a year earlier. March performance has emerged as a key concern for the industry. Gross GJ exports in March dropped sharply from $2.75 billion in 2025 to $1.78 billion in 2026. CPD exports during the month declined 27%, from $1,156 million to $839 million. Polished lab-grown diamond (LGD) exports also fell 27%, from $132 million in March 2025 to $95 million in March 2026. On the imports front, gross imports of rough diamonds declined 2%, from $10.76 billion in FY 2024-25 to $10.47 billion in FY 2025-26, reflecting cautious buying amid global uncertainty. For the full year, polished LGD exports were valued at $1.13 billion, about 10% lower than $1.26 billion recorded in the previous fiscal. Gold jewellery exports remained largely stable at $11.36 billion, almost unchanged from last year. Within this segment, plain gold jewellery exports declined 7%, from $5.23 billion in FY 2024-25 to $4.84 billion in FY 2025-26. In contrast, studded gold jewellery exports grew 6%, rising from $6.12 billion to $6.52 billion. Other segments showed strong growth. Silver jewellery exports surged 52%, from $964 million in FY 2024-25 to $1,467 million in FY 2025-26. Platinum jewellery exports also rose sharply, up 39% from $183 million to $255 million over the same period.