India gem and jewellery exports rise 3% to $2.30bn in August
India’s gem and jewellery exports rose 3% year on year to $2.30 billion in August, led by a 52% jump in studded gold jewellery exports. Plain gold jewellery and cut-and-polished diamond exports declined, while polished lab-grown diamond exports grew 28%.
What happened
Gem and Jewellery Export Promotion Council (GJEPC) · India’s gem and jewellery exports rose 3% to $2.30 billion in August, driven by a 52% jump in studded gold
Key facts
- August gem and jewellery exports: $2.30 billion, up 3% year-on-year
- August exports: ₹21,946 crore, up 13% year-on-year
- Studded gold jewellery exports: up 52% in US dollar terms
- Plain gold jewellery exports: $357 million, down 24%
- Cut and polished diamond exports: $925 million, down 5%
- Polished lab-grown diamond exports: $125 million, up 28%
- April-August gem and jewellery exports: $11.47 billion, up 3%
- April-August gold jewellery exports: $5 billion, up 7%
Why this matters
The export mix supports partnership or acquisition opportunities in studded gold jewellery and polished lab-grown diamonds, where growth is outperforming legacy diamond categories.
What to watch
- Monthly export data for whether total growth broadens beyond studded gold jewellery.
- US holiday-season jewellery sell-through, retailer replenishment orders and consumer discretionary-spending data.
- Gold prices, INR/USD movements and their effect on export order conversion and gross margins.
- Cut-and-polished natural diamond export volumes, rough-diamond buying activity and Surat factory utilization.
- Lab-grown diamond unit values and evidence of price compression despite export-volume growth.
- Import-duty, trade-policy or hallmarking changes in major destination markets.
- Increase production and marketing allocation toward studded gold jewellery, especially lightweight and export-compliant designs.
- Prioritize US, UAE and other high-disposable-income markets where branded and studded jewellery demand can absorb higher gold prices.
- Tighten natural-diamond inventory procurement and working-capital controls as cut-and-polished export demand remains soft.
- Expand lab-grown diamond assortments selectively, while differentiating through certification, traceability and jewellery design rather than loose-stone price competition.
- Use hedging and shorter pricing windows to protect margins against gold-price and currency volatility ahead of peak festive and holiday shipment periods.