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India’s Gem & Jewellery Exports Drop 11.72% in FY25 Amid Global Pressures

Studded gold and platinum jewellery buck trend with positive growth; CPD and silver exports see sharp declines

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India’s gem and jewellery (G&J) exports declined by 11.72% in the financial year 2024-25, totaling USD 28.5 billion, compared to USD 32.28 billion in FY24. The industry grappled with multiple global challenges including sluggish demand in key markets like the US and China, ongoing geopolitical tensions, and rising competition from lab-grown diamonds.

Despite the overall decline, exports of studded gold jewellery rose by 14% year-on-year to USD 6.1 billion, and platinum jewellery exports also saw an uptick of 11.79% to USD 182.75 million. In contrast, exports of cut and polished diamonds (CPD), the sector’s largest component, plummeted 16.75% to USD 13.2 billion, while silver jewellery exports dropped a staggering 40.58% to USD 962 million.

The imposition of a 26% US tariff on certain goods triggered a last-minute surge in exports, with over USD 1 billion worth of shipments sent in the 10 days prior to the tariff’s implementation — a sign of underlying global demand potential.

On the import front, gross G&J imports fell 11.96% to USD 19.6 billion, down from USD 22.2 billion in the previous fiscal year. Imports of rough diamonds, a key raw material, dropped 24.27% in value to USD 10.8 billion, while the volume declined 16.2% to 1,044.34 lakh carats.

Exports of lab-grown polished diamonds were also impacted, declining by 9.64% to USD 1.2 billion.

Gold jewellery exports were relatively stable, recording only a marginal decline of 0.11% to USD 11.21 billion. Of this, plain gold jewellery contributed USD 5.1 billion.

Signs of recovery were visible from January 2025 onwards, with month-on-month growth, although still trailing behind year-on-year figures. Exports in March 2025 were USD 2.5 billion, showing a modest 1.02% growth over February, but slightly below the USD 2.55 billion recorded in March 2024.

Industry players remain cautiously optimistic, citing stabilizing diamond prices and improving market sentiment as early indicators of a turnaround, despite ongoing global uncertainty.

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Jewellery Sector IPOs: Proceeds Used For Debt Reduction, Inventory Financing, Store Or Capacity Expansion

How Lalithaa, Shankesh, Augmont, Priority Jewels and Deepa Jewellers Turned March–September 2026 Into The Busiest Primary-Market Season The Organised Jewellery Trade Has Seen

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The last six months have delivered the most active stretch of primary-market activity the Indian organised jewellery sector has seen in years. Between March and September 2026, at least five jewellery-linked companies — Lalithaa Jewellery Mart, Shankesh Jewellers, Augmont Enterprises, Priority Jewels and Deepa Jewellers — took the IPO route, collectively seeking to raise well over Rs 3,400 crore. A further wave, led by Nityas Gems and Jewellery and several smaller manufacturers, is queued behind them.

The common thread across issuers is capital intensity. Jewellery retail and B2B manufacturing are working-capital-hungry businesses — inventory, gold-purchase schemes and store rollouts all consume cash faster than they generate it — and IPO proceeds have been directed almost uniformly toward debt reduction, inventory financing and store or capacity expansion rather than diversification.

Investor response has been mixed but broadly favourable. Lalithaa’s Rs 1,700-crore issue and Augmont’s Rs 825-crore issue both drew triple-digit institutional demand and listed at premiums above 20%; Shankesh Jewellers, by contrast, was subscribed a comparatively modest 2.80 times yet still surprised the market with an 11% listing pop, considerably ahead of its grey-market indication. Priority Jewels and Deepa Jewellers, still working through their listing timelines as this report goes to press, point to continued — if more measured — appetite for the sector.

Summary Table: Key Jewellery IPOs (Last Six Months)

CompanyIssue SizePrice Band (₹)Subscription WindowListing DateListing GainSubscription (x)
Lalithaa Jewellery Mart₹1,700 Cr190–20117–19 Aug 202624 Aug 2026+31.99% (BSE)62.97x
Shankesh Jewellers₹367.18 Cr88–9318–20 Aug 202625 Aug 2026+11.08% (NSE)2.80x
Augmont Enterprises₹825 Cr750–78821–25 Aug 202631 Aug 2026+21.95% (NSE)105.8x–111.2x
Priority Jewels₹91.50 Cr190–20028 Aug–1 Sep 20264 Sep 2026 (tent.)GMP-implied ~12%100.45x
Deepa Jewellers₹459.72 Cr168–1771–3 Sep 20268 Sep 2026 (tent.)PendingPending

Other Jewellery IPOs in the Pipeline

Nityas Gems and Jewellery Ltd

  • Status: Received SEBI’s observation letter on July 23, 2026, clearing the way to launch within twelve months
  • Profile: Surat-based manufacturer of lab-grown diamond-studded gold jewellery, operating a dual B2B/D2C model with clients including GIVA, Palmonas, ONYA and Ladia Diamonds, and a direct-to-consumer arm via subsidiary Ayaani Diamonds and Jewellery
  • Issue structure: An entirely fresh issue of roughly 1.44 crore equity shares, with proceeds earmarked mainly for working capital

Additional Names to Watch

Beyond the issues profiled above, several other jewellery-sector companies have filed draft papers or are working through confidential pre-filing with SEBI, including Master Chains N Jewels (which has filed a DRHP for a Rs 400 crore fresh issue) and other manufacturers and retailers reported to be preparing mainboard filings. Exact price bands and launch windows for this second tier remain unconfirmed as of early September 2026, and readers should treat any figures circulating for these names as provisional until formal RHPs are filed.

7. Market Context & Trends

Investor Appetite Has Been Uneven, Not Uniform

The headline story is strong demand, but the pattern beneath it is more nuanced. Lalithaa (62.97x) and Augmont (105–111x) drew genuinely broad-based institutional conviction, while Priority Jewels’ 100.45x subscription was driven disproportionately by retail and non-institutional bidders. Shankesh Jewellers is the outlier: a modest 2.80x overall subscription nonetheless produced an 11% listing pop — a reminder that grey-market chatter and formal subscription data do not always predict listing-day outcomes.

Listing Gains Have Broadly Rewarded Investors

Every jewellery IPO that has listed in this window has done so at a premium to its issue price: Lalithaa at roughly 32%, Augmont at roughly 22%, and Shankesh at roughly 11%. Grey-market premiums, however, have proven an imperfect guide — both Lalithaa and Augmont listed below their GMP-implied levels, while Shankesh listed well above its GMP indication, underscoring that GMP should be read as a sentiment gauge rather than a price forecast.

Capital Is Flowing Toward Debt and Working Capital, Not Diversification

Across every issuer in this cohort, the stated use of proceeds skews heavily toward debt repayment, inventory financing and store or facility expansion — a pattern that reflects how working-capital-intensive organised jewellery retail and B2B manufacturing remain, even for well-established, profitable brands.

With Priority Jewels and Deepa Jewellers still to list, and Nityas Gems and Jewellery — along with a second tier of smaller manufacturers — working through SEBI’s approval process, the jewellery sector’s primary-market pipeline shows little sign of thinning heading into the second half of FY27. For issuers, the lesson of this cycle is that strong brand recognition and headline revenue growth alone have not guaranteed outsized institutional demand; balance-sheet quality, cash-flow discipline and a credible use-of-proceeds story appear to matter just as much to the eventual listing outcome. For investors, the spread of results — from Lalithaa’s blockbuster debut to Shankesh’s under-subscribed-yet-strong listing — argues for evaluating each issuer on its own financial and operational merits rather than treating “jewellery IPO” as a single, uniform trade.

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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

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