India jewellery exports fall 9.07% in April 2026

What changed in April exports

India’s gems and jewellery exports started FY2026-27 on a weaker footing, with shipments falling 9.07% year-on-year in April amid geopolitical and trade-policy uncertainty. Data from the Gem and Jewellery Export Promotion Council (GJEPC) put gross exports at $1.226 billion in April, compared with $1.449 billion a year earlier. The decline came even as a few categories showed sharp growth, highlighting a shift in the export mix rather than uniform weakness. The export drop is closely tracked because the sector is sensitive to discretionary demand in the US and other large consumer markets. The April print also sets the tone for order pipelines heading into the middle of the calendar year.

GJEPC flags West Asia conflict and US tariff uncertainty

GJEPC Chairman Kirit Bhansali linked the year-on-year fall primarily to external disruptions. “Decline in exports is mainly due to the ongoing conflict in West Asia, which has caused worldwide disruptions affecting exports,” he told PTI. He also said exports to the US, a major market for Indian gems and jewellery, were affected because there is still no clarity on tariffs. The comments place the April decline in the context of logistics disruptions and cautious buying by overseas customers. For exporters, uncertainty on duty structures can influence both order timing and inventory decisions. The sector also tends to feel the impact of shifts in retail sentiment faster than many other manufacturing segments.

Headline numbers: exports lower, imports also down

The GJEPC data showed a broad-based softening in April, with diamonds and gold jewellery under pressure. Another GJEPC update also indicated gross imports declined 9.54% year-on-year to $1.8 billion from $1.0 billion in April, pointing to subdued activity and possible inventory tightening. Lower imports alongside weaker exports can signal a cautious stance by manufacturers and traders at the start of the financial year. While exports are the main driver for revenues, import trends matter because they reflect raw-material and rough-stone procurement cycles. Taken together, the April numbers suggest the trade entered the new year with restrained momentum.

Diamonds: cut and polished segment sees the sharpest pressure

The largest export category, cut and polished diamonds, recorded a steep fall in April. Exports in this segment declined 19.65% to $1.891 billion, from $1.109 billion in the year-ago month. The magnitude of the drop suggests a weak month for core diamond shipments, which typically depend on steady replenishment orders from key consuming markets. In a slowdown, buyers often delay orders and work through existing inventory. The diamond segment’s performance matters disproportionately because it drives a large share of sector export value and employment intensity in processing clusters.

Lab-grown diamonds: value declines year-on-year

Polished lab-grown diamond exports also weakened in April. Shipments fell 15.53% to $1.093 billion, from $1.110 billion last year. While the segment has grown over the past few years, the April data shows it was not insulated from the broader uncertainty affecting jewellery demand. Pricing, product mix, and buyer sentiment in destination markets can materially affect reported export value for lab-grown products. The year-on-year decline indicates that softness was visible across both natural and lab-grown diamond categories.

Gold jewellery exports slide, but studded jewellery rises

Gold jewellery exports fell 21.77% in April to $1.842 billion, compared to $1.076 billion in the corresponding month last year. Within gold jewellery, plain gold jewellery exports dropped sharply by 47.06% to $1.341 billion, from $1.644 billion. In contrast, studded gold jewellery exports rose 16.02% to $1.500 billion, from $1.431 billion. The divergence within gold suggests demand may have been relatively stronger for higher-value, embellished products than for plain gold items. It also implies that exporters with a higher share of studded jewellery may have been better positioned in April.

Silver jewellery stands out with a sharp jump

Silver jewellery provided the biggest positive surprise in April. Exports surged 444% to $1.268 billion, compared with $1.049 billion a year earlier. The jump stands out against declines in diamonds and gold, and it materially changes the month’s overall product mix. A rise of this scale can reflect a low base effect, stronger order flows in a specific product line, or a mix shift toward more affordable jewellery categories. Regardless of the driver, the data shows silver jewellery was the strongest performing category in the month.

Key segment snapshot

Wider context: FY2025-26 was stable despite headwinds

Beyond the April snapshot, GJEPC reported that gems and jewellery exports for the first nine months of FY2025-26 were largely stable at $13.19 billion, compared with $13.33 billion in the same period of the previous financial year. Over April 2025 to January 2026, polished diamond exports declined 7.5% year-on-year to $1.97 billion, while gold jewellery exports grew 5.5% to $1.71 billion. Over the same period, polished lab-grown diamond exports declined 9.7% in value terms to $1.924 billion, despite rising 29.6% by volume, according to the trade body. This backdrop suggests that while monthly volatility can be sharp, the sector has shown the ability to hold up over longer periods even amid global trade headwinds.

Market impact and why the April mix matters

For listed and unlisted exporters, April’s data points to two immediate themes: a sharp diamond and plain-gold slowdown, and a visible shift toward segments that either carry different price points or different consumer demand patterns. The US tariff uncertainty highlighted by GJEPC adds a policy overhang that can delay buying decisions and complicate pricing. The West Asia conflict, as flagged by the trade body, can affect logistics and broader risk sentiment, which in turn influences discretionary categories like jewellery. At an industry level, April’s divergence between plain gold and studded gold exports indicates product positioning matters in weak demand phases. For investors tracking the space, the numbers provide a clear view of which sub-segments cushioned the overall decline and which drove the drag.

Conclusion

India’s gems and jewellery exports fell 9.07% year-on-year in April 2026 to $1.226 billion, with diamonds and gold jewellery weaker while silver jewellery posted a sharp increase. GJEPC attributed the decline to disruptions linked to the West Asia conflict and uncertainty around US tariffs. The next few months will be watched for whether demand normalises in key markets and whether the export mix continues to tilt toward categories that showed resilience in April.