India's Gem and Jewellery Exports Show Modest Growth in February
India's gem and jewellery exports experienced a notable uptick in February, registering a growth of 3.86% compared to the same month last year. According to recent industry data, gross exports reached $2.6 billion, up from $2.5 billion in February of the previous year. This positive trend comes after a period of significant decline, with exports having fallen by 23% in February 2025 year-on-year, indicating a stabilization in recent months despite ongoing challenges such as US tariffs.
Silver and Platinum Jewellery Drive Export Surge
The growth in exports was largely propelled by silver and platinum jewellery, which saw substantial increases due to rising bullion prices. Silver jewellery exports recorded the sharpest rise, growing by an impressive 124% in February to $116 million, up from $52 million last year. For the period from April 2025 to February 2026, silver jewellery exports rose by 55% to $1.39 billion from $898 million, attributed to a nearly 68% increase in silver prices.
Similarly, platinum jewellery exports demonstrated strong performance, rising by 44% between April 2025 and February 2026 to $236 million from $164 million a year earlier. This growth was supported by platinum prices increasing by about 59% during the financial year.
Mixed Performance Across Other Categories
While silver and platinum led the way, other segments showed varied results. Studded gold jewellery exports grew by 11% in February to $509 million from $460 million last year, and for the April-February period, they increased by 9% to $6.07 billion from $5.57 billion. In contrast, plain gold jewellery exports declined by 5% in February to $419 million from $440 million a year earlier, though they grew by 2.44% to $4.63 billion from $4.52 billion for the April-February period, with gold prices rising around 52%.
Cut and polished diamond (CPD) exports saw a slight decline, falling by 0.84% in February to $1.35 billion from $1.36 billion last year. For the April-February period, CPD exports decreased by 6.71% to $11.32 billion from $12.13 billion. Polished lab-grown diamonds (LGD) exports grew by 1.85% in February to $114 million from $112 million, but declined by 8.58% to $1.03 billion from $1.13 billion for the April-February period.
Overall Export Trends and Financial Year Performance
For the cumulative period from April 2025 to February 2026, total gem and jewellery exports stood at $25.93 billion, marginally higher than the $25.91 billion recorded during the same period a year earlier. This indicates a stabilization in the sector, with the sharp declines observed last year now leveling off. The industry continues to navigate external pressures, including tariffs and global economic fluctuations, but recent data suggests resilience and adaptation in key segments.
The growth in silver and platinum jewellery highlights the impact of bullion price movements on export dynamics, while mixed results in other categories underscore the diverse challenges and opportunities within India's gem and jewellery trade.
