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What is the story about?
India’s gems and jewellery trade recorded strong growth in November 2025, supported by higher global demand and advance procurement by manufacturers, according to data released by the Gems and Jewellery Export Promotion Council (GJEPC).
Gross exports of gems and jewellery stood at $2.51 billion (₹22,300 crore) during the month, marking a 19.64% increase year-on-year in dollar terms and a 25.93% rise in rupee value. Imports rose more sharply, increasing 36.01% year-on-year to $1.89 billion (₹16,835 crore).
For the April–November 2025 period, cumulative exports remained largely flat at $18.87 billion, up 0.07% year-on-year, while imports increased 6.87% to $13.82 billion.
In rupee terms, exports grew nearly 4% and imports rose close to 11%, indicating steady trade activity despite uneven global demand conditions.
Diamonds lead November growth
Cut and polished diamonds drove export growth in November, with shipments rising 38.03% year-on-year to $919.74 million. In rupee terms, exports grew over 45%, aided by improved price realisation and currency movement.
However, for the April–November period, exports of cut and polished diamonds declined 8.76% to $8.20 billion, reflecting moderation earlier in the financial year.
Imports of cut and polished diamonds surged sharply in November, rising over 250% year-on-year to $191 million, pointing to renewed stocking by traders and manufacturers.
Rough diamond imports also increased 4.69% during April–November to $7.38 billion, aligned with domestic wedding demand and overseas holiday season orders.
Mixed trends across segments
Gold jewellery exports edged down 0.92% year-on-year in November to $1.22 billion, though rupee value rose 4.3%, indicating price support. Rising inventories among retailers coincided with the onset of the domestic wedding season.
Silver jewellery exports showed stronger momentum, growing nearly 30% during April–November to $930 million, supported by demand for lower-priced jewellery and wider design adoption. Platinum jewellery exports rose 14.11% during April–July 2025, reflecting steady overseas demand for premium alternatives to gold.
Exports of polished lab-grown diamonds increased 10.55% year-on-year in November to $76.09 million, while coloured gemstone exports rose marginally 1.93% during April–November to $116.66 million, supported by niche demand for customised and high-value pieces.
Industry outlook
Commenting on the data, Colin Shah, Managing Director, Kama Jewelry, said the November uptick reflected a seasonal revival in international demand alongside strong domestic wedding-related consumption. He also pointed to ongoing trade agreements and market diversification as supportive factors for the sector’s medium-term outlook.
Gross exports of gems and jewellery stood at $2.51 billion (₹22,300 crore) during the month, marking a 19.64% increase year-on-year in dollar terms and a 25.93% rise in rupee value. Imports rose more sharply, increasing 36.01% year-on-year to $1.89 billion (₹16,835 crore).
For the April–November 2025 period, cumulative exports remained largely flat at $18.87 billion, up 0.07% year-on-year, while imports increased 6.87% to $13.82 billion.
In rupee terms, exports grew nearly 4% and imports rose close to 11%, indicating steady trade activity despite uneven global demand conditions.
Diamonds lead November growth
Cut and polished diamonds drove export growth in November, with shipments rising 38.03% year-on-year to $919.74 million. In rupee terms, exports grew over 45%, aided by improved price realisation and currency movement.
However, for the April–November period, exports of cut and polished diamonds declined 8.76% to $8.20 billion, reflecting moderation earlier in the financial year.
Imports of cut and polished diamonds surged sharply in November, rising over 250% year-on-year to $191 million, pointing to renewed stocking by traders and manufacturers.
Rough diamond imports also increased 4.69% during April–November to $7.38 billion, aligned with domestic wedding demand and overseas holiday season orders.
Mixed trends across segments
Gold jewellery exports edged down 0.92% year-on-year in November to $1.22 billion, though rupee value rose 4.3%, indicating price support. Rising inventories among retailers coincided with the onset of the domestic wedding season.
Silver jewellery exports showed stronger momentum, growing nearly 30% during April–November to $930 million, supported by demand for lower-priced jewellery and wider design adoption. Platinum jewellery exports rose 14.11% during April–July 2025, reflecting steady overseas demand for premium alternatives to gold.
Exports of polished lab-grown diamonds increased 10.55% year-on-year in November to $76.09 million, while coloured gemstone exports rose marginally 1.93% during April–November to $116.66 million, supported by niche demand for customised and high-value pieces.
Industry outlook
Commenting on the data, Colin Shah, Managing Director, Kama Jewelry, said the November uptick reflected a seasonal revival in international demand alongside strong domestic wedding-related consumption. He also pointed to ongoing trade agreements and market diversification as supportive factors for the sector’s medium-term outlook.
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