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
DiamondBuzz
Jewelbox Expects Festive Momentum as Consumers Embrace Versatile Lab-Grown Diamond Jewellery
In an exclusive JewelBuzz interview, Vidita Kochar Jain, Co-founder, Jewelbox, shares insights on festive jewellery demand, evolving consumer preferences, the growing acceptance of lab-grown diamonds and the brand’s latest personalised diamond offering, Signed Diamonds
Jewelbox, a contemporary lab-grown diamond jewellery brand, is witnessing an evolving jewellery consumption landscape, with consumers increasingly prioritising versatile designs, personal expression and value. As festive and wedding purchases gain momentum, the brand sees growing opportunities in everyday fine jewellery, gifting and personalised diamond offerings.

In an exclusive interview with JewelBuzz, Vidita Kochar Jain, Co-Founder, Jewelbox, discusses expectations for the current festive season, changing consumer sentiment, the growing appeal of lab-grown diamonds and the brand’s latest festive offering, Signed Diamonds, which brings a personal touch to diamond jewellery.
Jb: What are your expectations with regard to jewellery sales during the current festive season?
Vidita Kochar : Every year, the festive season is a strong period for jewellery consumption, with both gifting and self-purchases contributing to demand. Jewellery continues to hold a unique position in Indian celebrations, but the nature of consumption is evolving. Customers are increasingly looking beyond traditional occasion-led purchases towards versatile pieces that can be worn regularly. At Jewelbox, we expect lab-grown diamond jewellery to benefit from this shift, particularly in categories such as everyday fine jewellery, statement pieces and gifting. We remain optimistic about festive demand and expect to see sustained momentum across our retail and digital channels.


Jb: What is the current consumer sentiment regarding jewellery purchases?
Vidita Kochar: Consumer sentiment towards jewellery remains encouraging, although purchasing behaviour is becoming increasingly discerning. Customers are placing greater emphasis on design differentiation, product quality, versatility and the overall value proposition. There is also a discernible shift towards self-purchasing, with consumers increasingly viewing jewellery as a personal expression rather than an occasion-led purchase. Within this evolving landscape, lab-grown diamonds are finding greater acceptance, particularly among younger consumers who appreciate the ability to access fine jewellery across a wider range of designs and price points.
Jb: Are you launching any festive or wedding collections this season? If yes, please share the details?
Vidita Kochar: At Jewelbox, our focus this season is on offering jewellery that brings together contemporary design, versatility and craftsmanship. Our collections cater to festive celebrations as well as weddings, with designs that transition effortlessly from special occasions to everyday wear.
With changing consumer preferences reshaping the jewellery landscape, versatility, personalisation and design-led offerings are emerging as important purchase drivers.


Jewelbox’s focus on contemporary lab-grown diamond jewellery and innovative concepts such as Signed Diamonds reflects its approach to connecting with the evolving expectations of modern consumers. As the festive and wedding seasons bring renewed opportunities for the industry, the brand remains focused on making diamond jewellery more accessible, expressive and meaningful.
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