National News
Economic Survey FY25-26: GJ Sector – Stabiliser and Structural Challenge
Industry body lauds leadership of Commerce Ministry officials for steering historic trade agreement with far-reaching impact on export sectors
Finance Minister Nirmala Sitharaman tabled the Economic Survey FY25-26 on Jan 29, 2026, ahead of the Feb 1 Union Budget; it highlights resilient macro fundamentals with FY25 GDP at 6.5% (provisional) and FY26 projection at 7.4%, driven by domestic demand and investments, despite global headwinds like US tariffs. India’s Economic Survey presents the gems and jewellery sector as a critical yet complex pillar of the economy,
- Export Diversification:Indian exporters shifting from US amid declining demand; April-Nov FY26 data shows gems & jewellery US exports down 44.3% (US share from 33.7% to 18.7%), offset by overall export growth of 0.6%; UAE/Hong Kong now 53.6% share (UAE +34.9%, Hong Kong +23.4%); gains in Bahrain, Saudi Arabia (gold jewellery), Canada/Mexico/China (precious stones), boosted by India-UAE CEPA and India-UK FTA progress.
Gems & Jewellery Sector Performance: Total merchandise exports steady at $437.7B; non-petroleum/non-G&J exports up 7.5% to record $374.3B (79% of basket); G&J hit by global demand cycles, gold/diamond price volatility, geopolitics; imports up 6.3% to $721.2B, with gold imports +27.4% (38.2% price rise), widening trade deficit to $283.5B (+17.6%).
Gold’s Dual Role in Finance: Gold loans surged 125.3% YoY (Nov 2025) amid high prices/liquidity needs; MSME guidelines now allow voluntary gold/silver jewellery collateral, expanding credit access; however, microfinance data gaps on gold liabilities hinder assessments; strengthens reserves (gold holdings $78.2B to $117.5B) but flags inflation risks.
Inflation and CAD Pressures: Precious metals drive core inflation wedge (~235 bps); excluding gold/silver, core inflation at 2.3-2.4% vs. 4.6%; high gold demand fuels CAD imbalances due to import reliance, positioning G&J as both economic enabler (lending, diversification) and constraint (volatility, deficits).
Force enabler and constraint :The Economic Survey 2026 portrays India’s gems and jewellery (G&J) sector as a dual-force enabler and constraint. As an enabler, it bolsters financial stability through gold-backed lending surging 125.3% YoY, expands MSME credit via jewellery collateral, drives FTA-led diversification (e.g., UAE exports +34.9%), builds gold reserves to $117.5B, and acts as a financial stabiliser. Conversely, as a constraint, it faces export volatility from demand/price swings softening overall growth, geopolitical/consumer sensitivities, gold imports up 27.4% exacerbating CAD pressures, and lifting core inflation by ~235 bps—highlighting the need for balanced policies amid Trump tariffs and global shifts.
Implications for Trump Tariffs: US trade deal progress noted, but tariffs accelerate diversification to Middle East/Europe/Africa/Asia; textiles likely similarly impacted (export shift implied); G&J’s resilience via FTAs positions India as stable hub, though sustained gold imports demand policy focus on duties, incentives for competitiveness.
Source: GJEPC
National News
PNG Jewellers Celebrates Shravan With The Return Of Its Signature Mangalsutra Mahotsav
From Timeless Gold To Contemporary Diamond Designs, The Annual Festival Offers An Extensive Collection Of Mangalsutras That Blend Tradition With Everyday Elegance
Reinforcing its commitment to celebrating one of India’s most cherished symbols of marriage, PNG Jewellers has announced the return of its much-awaited Mangalsutra Mahotsav, to be held from 13 August to 13 September 2026 across all PNG Jewellers stores in India. The annual festival showcases the brand’s widest-ever collection of mangalsutras, thoughtfully curated to suit the evolving preferences of Indian women while honouring the timeless significance of the ornament.
Over the years, Mangalsutra Mahotsav has become one of PNG Jewellers’ marquee annual initiatives, offering customers an extensive variety of traditional, contemporary and lightweight designs that seamlessly complement both festive occasions and everyday wear. This year’s collection reflects changing consumer preferences, featuring elegant gold mangalsutras, solitaire-inspired diamond styles, minimalist daily wear designs, and statement pieces that celebrate individuality alongside tradition.
Designed for married women of all ages, the festival also caters to husbands and families looking to gift a meaningful piece of jewellery during the auspicious month of Shravan. With an emphasis on affordability without compromising on craftsmanship, the Mahotsav enables customers to discover designs that suit every style, personality and budget.
As part of the festival, customers can avail themselves of Mangalsutra jewellery with making charges starting from just 7.99% for a limited period, valid until 13th September 2026. The exclusive offering brings together timeless design and craftsmanship, making it an ideal occasion to celebrate the enduring symbol of love, tradition and commitment.
Commenting on the occasion, Dr. Saurabh Gadgil, Chairman and Managing Director, PNG Jewellers, said:
“Mangalsutra has always held deep emotional significance, but today’s women are redefining how they wear and celebrate it. At PNG Jewellers, our endeavour has been to preserve its cultural essence while introducing designs that complement contemporary lifestyles. Through Mangalsutra Mahotsav, we continue to offer one of the country’s most extensive collections, ensuring every woman finds a design that reflects her personality, whether rooted in tradition or inspired by modern elegance.This annual festival is our way of celebrating both heritage and self-expression.”
Backed by nearly two centuries of trust and craftsmanship, PNG Jewellers continues to innovate across categories while remaining deeply connected to India’s cultural traditions. Through initiatives such as Mangalsutra Mahotsav, the brand reaffirms its commitment to delivering exceptional design, unmatched variety and meaningful value to customers across its growing retail network.
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