India’s gems and jewellery exports increased 9.43 per cent year-on-year to $2,950.62 million in September 2026, supported by improving trade activity ahead of festive and global holiday demand, according to Kama Jewelry. Exports stood at $2,696.34 million in September last year. For April–September, cumulative exports rose 3.07 per cent to $14,301.38 million from $13,875.90 million in the corresponding period of 2025. The September expansion outpaced the half-year growth rate, indicating a stronger monthly performance within a modest recovery. Gross gems and jewellery imports jumped 25.48 per cent to $2,076.69 million in September. Imports during April–September increased 5.29 per cent to $11,045.19 million, the report said. Kama Jewelry described the improvement in both trade flows as encouraging for a sector that has faced prolonged global economic challenges. It linked stronger activity to India’s festive buying and preparations for the international holiday shopping season.
Diamond Volumes Outperform Export Values
The report highlighted a divergence in diamond exports: shipment values declined even as volumes increased. This suggests lower realisation per carat rather than weaker demand for the physical product. Rupee depreciation against the dollar has cushioned exporters’ earnings to some extent, according to the report. Festive demand also supported imports of cut and polished diamonds. Increased rough diamond imports, meanwhile, reflected India’s role as a major diamond processing centre. The report expects that processing-related trade trend to strengthen further.
Studded Gold Jewellery Gains Traction
Elevated bullion prices restrained plain gold jewellery exports, while studded gold jewellery shipments increased markedly. The contrast pointed to continued buyer interest in jewellery offering distinctive designs and added value. Kama Jewelry expects festive and wedding demand to support trade during the ongoing quarter. However, that outlook remains a forecast. September’s stronger export growth and rising imports provide the latest evidence of improving activity, while diamond pricing and expensive gold continue shaping performance across product categories.
