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
Mark this Mother’s Day with something as precious as she is, with Candere by Kalyan Jewellers
Celebrate her with thoughtfully crafted jewellery that reflects love, elegance, and everyday beauty
Mother’s Day isn’t just about marking a date; it’s about recognising the everyday moments, the quiet sacrifices, and the effortless grace that often go unnoticed. The most meaningful gifts, then, are those that feel personal—pieces she’ll reach for not just on special occasions, but as part of her everyday life.
In this context, jewellery becomes more than an accessory. It transforms into a keepsake—something that reflects her personality, complements her style, and stays with her through both daily moments and special occasions. Jewellery feels especially fitting here; it mirrors how precious she is, making it not just a gift, but a meaningful reflection of her worth.
From subtle essentials to more expressive designs, Candere, a lifestyle jewellery brand under the house of Kalyan Jewellers, brings together pieces that are easy, wearable, and genuinely thoughtful—perfect for celebrating her in a way that feels natural, not overdone.
Here’s a curated Mother’s Day edit:
Rylie Diamond and Fancy Gemstone Ring

Playful yet refined, this rose gold ring by Candere features a floral-inspired cluster of vibrant pink stones, framed with delicate diamond accents. The open-ended design adds a contemporary twist, with a contrasting circular motif that brings balance and visual interest. Light, expressive, and easy to style, it’s perfect for adding a pop of colour to both everyday looks and special occasions.
Plain Glimmer Diamond V Ring

Sharp, minimal, and very easy to style, this V-shaped ring is all about clean lines. The diamond detailing adds a light sparkle without changing the simplicity of the design. It’s the kind of piece that works well for stacking or wearing on its own when she prefers something understated.
Classic Treand Diamond Cuff Bracelet

A refined blend of colour and craftsmanship, this rose gold bangle by Candere features elegant twin motifs accented with vibrant blue stones and delicate diamond detailing. The sleek, open-ended design keeps it light and versatile, while the intricate elements add just the right amount of character. Perfect for elevating everyday looks or adding a subtle statement to occasion wear, it’s a piece that balances tradition with a modern edge.
Enchanting Floral Diamond and Fancy Gemstone Oval Bracelet

Delicate with a playful twist, this rose gold bangle features a sleek, minimal band accented by a circular motif of multicoloured gemstones and subtle diamond detailing. The vibrant stones add a touch of personality, while the refined silhouette keeps it elegant and easy to wear. Perfect for everyday styling or adding a hint of colour to special moments, it’s a piece that feels both modern and effortlessly graceful.
Armida Diamond Earrings

Sleek with a hint of movement, these gold earrings feature layered, curved forms lined with shimmering diamonds. The cascading drop elements add fluidity and elongation, creating a striking yet balanced silhouette. Designed to catch the light with every turn, they bring a refined edge to both occasion wear and elevated everyday styling.
Giselle Diamond Dangle Earrings

With a graceful drop design, the Giselle Diamond Dangle Earrings bring a sense of movement and lightness. The cascading diamonds add just the right amount of brilliance, making them perfect for evenings or celebratory moments, while still maintaining a sense of everyday elegance.
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