National News
GJEPC: India’s Gems Jewellery Exports Demonstrate Resilience, Rise 8.37% to Rs. 24,340.05 Crores in February
Gem & Jewellery Export Promotion Council says export growth reflects industry resilience as market diversification and FTAs help offset global uncertainties and evolving U.S. tariff policies.
The overall gross exports of gems and jewellery in February 2026 were recorded at US$ 2.68 billion (Rs. 24,340.05 crores), registering a growth of 3.86% (8.37% in Rs. terms) compared to US$ 2.58 billion (Rs. 22,460.13 crores) in February 2025.
For the period April 2025 to February 2026, the overall gross exports of gems and jewellery reached US$ 25.93 billion (Rs. 2,28,230.06 crores), marking a marginal growth of 0.07% (4.34% in Rs. terms) compared to US$ 25.92 billion (Rs. 2,18,737.62 crores) during the same period of the previous financial year.
Kirit Bhansali, Chairman, GJEPC, said “The past year has been a challenging one for the global gem and jewellery industry, shaped by evolving U.S. tariff policies, geopolitical uncertainties, and changing consumer preferences across key markets. Despite these headwinds, the Indian gem and jewellery sector has demonstrated remarkable resilience.”
“Exporters have actively diversified their export markets, strengthening their presence in destinations such as the UAE and Australia, where Free Trade Agreements have played a significant role, while markets like Hong Kong have continued to provide strong support. The Government of India’s proactive trade diplomacy through FTAs has been instrumental in opening new opportunities and helping the industry diversify its export base. This strategic shift is reflected in the sector’s overall performance during the year.”
“Recent developments in the U.S. tariff framework have also provided some support to the studded jewellery segment. As per the current understanding, the effective duty on jewellery exports from India is around 15.5%, which is significantly lower than earlier proposed levels and helps maintain competitiveness in this category. At the same time, the industry awaits greater clarity regarding the final tariff treatment for natural diamonds and certain loose stone categories, which are currently subject to a 10% import duty under the prevailing U.S. executive order.” Kirit Bhansali added.
Talking about the geopolitical tension in the Middle East region, Bhansali, said, “The industry remains watchful of evolving geopolitical developments and global trade
conditions as we move into the final phase of the financial year. Exporters are closely monitoring the situation and working with trade partners to ensure continuity of shipments and supply chains.”
Market-wise performance during April 2025–February 2026 shows strong growth in the UAE and Hong Kong. Overall gem and jewellery exports to the United Arab Emirates rose 22.19% to US$ 8.41 billion, while shipments to Hong Kong increased 30.91% to US$ 5.54 billion.
Exports to the United States were valued at US$ 4.65 billion, down 44.28% year-on-year.
During April 2025–February 2026:
- Cut and polished diamond exports were recorded at US$ 11.32 billion (Rs. 99,662.52 crores), registering a 6.71% year-on-year decline (-2.68% in Rs. terms).
- Total gold jewellery exports, including plain and studded jewellery, grew 5.99% year- on-year (10.38% in Rs. terms) to US$ 10.71 billion (Rs. 94,171.44 crores).
- Plain gold jewellery exports grew 2.44% year-on-year (6.29% in Rs. terms) to US$
4.64 billion (Rs. 40,669.66 crores).
- Studded gold jewellery exports recorded a stronger growth of 8.87% year-on-year (13.70% in Rs. terms) to US$ 6.07 billion (Rs. 53,501.78 crores), supported by higher value-added demand.
- Silver jewellery exports surged sharply by 55.41% (63.24% in Rs. terms) to US$ 1.40 billion (Rs. 12,343.94 crores), driven by robust international demand and higher silver prices.
- Platinum jewellery exports grew 43.81% (50.40% in Rs. terms) to US$ 236.62 million (Rs. 2,090.06 crores), aided by growing acceptance in niche and premium markets along with price appreciation.
- Polished lab-grown diamond exports declined 8.58% year-on-year in value (-4.67% in Rs. terms) to US$ 1.04 billion (Rs. 9,124.97 crores), even as export volumes
increased significantly, indicating price softness.
- Coloured gemstone exports were recorded at US$ 414.43 million (Rs. 3,657.50 crores), marginally lower by 0.80% year-on-year (+3.48% in Rs. terms), reflecting stable but subdued demand.
Source: GJEPC
National News
India’s Major Retail Jewellery Players Made A Strong Start To FY27
The Common Drivers Are Clear: Strong Same-Store Sales, Fast Store Expansion, Premiumisation, and A Better Product Mix.
India’s organised jewellery retailers have made a strong start to FY27, with Kalyan Jewellers, P N Gadgil Jewellers and Titan Company all showing that branded players can still grow quickly even in a record gold-price environment. The common drivers are clear: strong same-store sales, fast store expansion, premiumisation, and a better product mix.
Kalyan’s broad-based growth
Kalyan Jewellers reported about 38% consolidated revenue growth in Q1 FY27, with India operations also rising by more than 38% despite the 28-day Adhik Maas period, which usually softens wedding-related demand. Same-store sales growth was around 28%, showing that existing stores remained the main engine of momentum. Candere was a standout, posting about 112% growth, while Kalyan added 12 Kalyan showrooms and five Candere outlets during the quarter.
The company also highlighted a shift toward recycled gold through its “Shine with India” campaign, with recycled gold contributing more than 46% of revenue in Q1 and over 55% in June. That suggests Kalyan is not only growing demand but also improving sourcing efficiency at the same time.
PNG’s premium mix
P N Gadgil Jewellers reported 41% year-on-year revenue growth in Q1 FY27, with retail revenue up 56% and same-store sales up 46%, which points to very strong productivity at existing stores. Retail now contributes roughly 78% of revenue, while franchise and e-commerce also expanded healthily. The company’s retail stud ratio increased to 10.9%, indicating improving demand for studded jewellery and a higher-value product mix.
PNG also noted that newer stores in North and Central India are already showing higher studded jewellery penetration than its traditional Maharashtra and Goa markets. That matters because it signals that the brand is successfully taking its premium assortment to new geographies, not just expanding store count.
Titan’s steady momentum
Titan’s jewellery business also continued to grow strongly, with domestic jewellery operations rising around 18% to 39% depending on the business-update frame reported, supported by Akshaya Tritiya demand and healthy early-quarter buyer traffic. Titan said consumers increasingly preferred lightweight and lower-karat jewellery as gold prices climbed, while plain gold jewellery grew in the mid-teens and studded jewellery delivered early double-digit growth. Tanishq’s like-to-like sales grew in early double digits, and CaratLane also posted healthy double-digit like-to-like growth.
Titan expanded its jewellery network by adding 19 net stores in the quarter, including Tanishq, Mia and CaratLane outlets. That reinforces the same theme seen across the sector: scale, distribution and brand trust are helping large organised players win share.
What it means
The quarter suggests that high gold prices are changing what consumers buy, not whether they buy. Buyers are shifting toward lighter designs, lower karatage, studded jewellery and branded channels, which helps organised retailers defend growth even when raw material prices are elevated. In that setting, store expansion and premiumisation are offsetting pricing pressure, while digital channels and recycled-gold initiatives are adding another layer of resilience.
For the upcoming festive and wedding season, the sector appears well positioned, especially if gold prices stay volatile but not sharply disruptive. The strongest signal from these updates is that organised jewellery retail is gaining share from unorganised players rather than simply riding higher ticket values.
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