gem and jewellery trade council of india

Gems & Jewellery Artisans, Traders, Small Retailers, Machinery Manufacturers Among Those Likely To Be Hit

Select Segments Post Growth Despite Overall Slowdown

Amritsar's renowned gold ornament industry is set for a modern overhaul, with leaders advocating for advanced training institutes to empower youth. Industry bodies met with MLA Inderbir Singh Nijjar, seeking support for professional courses to equip young people with new skills, modernize family businesses, and create fresh career paths in the global gems and jewellery sector.

India's jewellery exports saw a significant drop in April. Geopolitical tensions in West Asia and market uncertainty impacted sales. Exports of cut and polished diamonds, lab-grown diamonds, and gold jewellery declined. However, silver jewellery exports experienced a substantial surge. This trend reflects global economic and political influences on the sector.

Prime Minister Narendra Modi's appeal to curb non-essential gold purchases has raised concerns within Odisha's jewellery industry. Jewellers argue gold is integral to traditions, and a slowdown threatens the livelihoods of artisans and goldsmiths who depend on steady demand, especially during wedding and festival seasons.

Improved Infrastructure, GST Changes Shift Trade From Mumbai

Facing a widening trade deficit, India's Prime Minister urges reduced gold purchases. Industry bodies propose tapping into the nation's vast household gold reserves. Their plan involves using refined household gold for domestic demand and channeling imported gold into jewellery exports via gold metal loans, aiming to boost working capital and cut imports.

India’s gold imports hit a record $71.98 billion in 2025-26, rising over 24% from $58 billion a year earlier. This was largely due to skyrocketing global gold prices, which have bumped up the value of imported gold.

India's gold demand is projected to drop by 50-60 tonnes in 2026, a 10% decrease, following a significant import duty hike. The World Gold Council notes this could also boost unofficial gold inflows, a trend observed historically with higher duties. Consumer sentiment and economic factors will also play a role.

India's enduring love for gold spans centuries, evolving from tradition to modern investment. Women hold vast reserves, and the market is set for significant growth. Digital gold and ETFs are gaining traction alongside traditional jewellery. Gold remains a symbol of prosperity, security, and auspiciousness for Indians across generations.

Affordability And New Markets Drive Growth

In Patna's gold market, there's a noticeable decline in leisure purchases as jewelers observe fewer shoppers visiting their stores. While bridal jewelry sales continue to hold strong, the appetite for gifting and investing in gold has diminished considerably.