“The April–October period reflects the steady and resilient progress of India’s gem and jewellery sector in a year shaped by global challenges. Our exports for these seven months stood at US$16.26 billion, a marginal decline of 2.72% in dollar terms, while in rupee terms they grew by 0.86% to ₹1,41,101.69 crore. I am encouraged to see strong year-to-date growth in key segments such as gold jewellery, silver jewellery, and platinum jewellery, supported by sustained retail demand across major international markets. These trends underline the inherent strength and adaptability of our industry.”

“As anticipated, October 2025 was comparatively softer. This is a regular pattern for the sector, with global retailers completing their holiday-season stocking during August–September, and domestic manufacturing activities slowing during the Diwali break. At the same time, demand in a few key markets remained uneven due to tariff-related uncertainty in the U.S. and continued softness in China. These factors together created a temporary dip, but they do not alter the broader positive direction of the industry’s performance over the fiscal year so far.”

“Looking ahead, we see strong foundations for a steady rebound. The Government’s continued support — through the Export Promotion Mission, the Credit Guarantee Scheme for Exporters, and the RBI’s trade-relief measures, directly addresses long-standing pain points such as high-cost finance, tight liquidity, extended export cycles, and limited access for smaller exporters. These reforms are already improving competitiveness by easing credit access, reducing compliance burdens, and strengthening branding, certification, and market-entry support. I believe this policy framework creates a far more enabling environment for growth and stability in the months ahead.”

“We are also actively expanding India’s presence in high-potential markets, including the Middle East, Latin America, Cambodia and Vietnam. Our trade delegations, buyer–seller meets, and promotional initiatives are opening new avenues for exporters and strengthening long-term partnerships. The India–UK Free Trade Agreement will further enhance our competitiveness, much like the India–UAE CEPA, which has significantly boosted exports of gold and diamond jewellery.”

“On the domestic front, it is important to view the recent surge in gold imports in the right context. The rise in October was driven overwhelmingly by festive and wedding-season demand, greater consumer liquidity following GST reforms, and a nearly 50% increase in global gold prices, which inflated the value of imports. In physical terms, however, the picture remains stable. Between April and October 2025, gold imports increased only 2.3%, from 461.85 tonnes to 472.53 tonnes. This clearly shows that the fundamentals of domestic consumption have not changed; people simply paid more for roughly the same quantity of gold. The October spike reflects seasonal buying, cultural traditions, and investment-led sentiment,  all positive indicators of consumer confidence.”

Kirit Bhansali, Chairman, GJEPC

“With India’s unique strengths in design, craftsmanship, technology adoption, and manufacturing scale, combined with an increasingly supportive policy ecosystem, our sector is well-positioned to navigate short-term fluctuations and move confidently toward sustainable, long-term growth.”