India’s gem and jewellery exports jump 26.5% in June, led by gold jewellery
Gross gem and jewellery exports reached $2.21 billion in June, with gold jewellery exports up 54.5% year-on-year to $1.09 billion. Lower international gold prices aided competitiveness, while gold-import GST issues remain unresolved.
What happened
Gem and Jewellery Export Promotion Council (GJEPC) · India’s gem and jewellery exports rose 26.51% year-on-year to USD 2.21 billion in June, led by gold
Key facts
- June gross gem and jewellery exports: USD 2.21 billion, up 26.51% year-on-year
- Gold jewellery exports: USD 1.09 billion, up 54.50% year-on-year
- Studded gold jewellery exports: up 85.35%
- Cut and polished diamond exports: up 8.71%
- Platinum jewellery exports: up 34.77%
- Polished lab-grown diamond exports: up 52.25%
- International gold prices: down 10.28% month-on-month
- April-June 2026 gross exports: USD 6.61 billion, up 0.04% in dollar terms and 10.76% in rupee terms
Why this matters
Stronger gold jewellery export momentum makes Indian manufacturers and export platforms more attractive partnership or acquisition targets, particularly those with diversified sourcing and compliant import structures.
What to watch
- Monthly gold jewellery export value and volume data for July through September
- International gold-price direction and India-UAE/US price differentials
- Government clarification on gold-import GST, input-tax credit treatment or customs procedures
- US, UAE and European retail jewellery demand ahead of Diwali, Christmas and wedding-season buying
- Rupee movement versus the US dollar and exporter hedging costs
- Cut-and-polished diamond export trends, which would indicate whether the recovery is spreading beyond gold jewellery
- Large jewellery exporters are likely to lock bullion supplies and accelerate production for festive and holiday-season delivery windows.
- Manufacturers may prioritize lightweight, higher-value-add gold jewellery to preserve margins if bullion volatility returns.
- Industry bodies will intensify lobbying for clarification or relief on gold-import GST to reduce blocked input-tax credits and working-capital strain.
- Exporters may expand hedging and currency-risk management as gold-price competitiveness becomes more important to order conversion.