India’s gem and jewellery exports rose 3.14% to $2.30 billion in August, led by a 51.22% increase in studded gold jewellery exports, while plain gold and silver jewellery remained under pressure.

With new trade agreements opening markets, and shifting global sourcing strategies creating fresh opportunities, India’s gem and jewellery industry is entering an important phase. GJEPC Chairman Kirit Bhansali discusses India’s growing global role, emerging export opportunities, and the road ahead, with Suneeta Kaul.

Strong jewellery sales and higher store footfall at Titan indicate that consumer demand for gold remains resilient despite calls to curb purchases and a higher import duty.

The government is considering reducing gold and silver import duties after the 15% levy failed to curb imports and was linked to growth in India’s grey market.

Senco Gold reported 67% year-on-year revenue growth in Q1 FY27, with retail sales rising 50% and the showroom network expanding to 209 stores by June 2026.

With the U.S. Section 301 tariff regime taking effect on July 24, 2026, GJEPC says Indian gem and jewellery exports continue to face a 10% additional tariff despite policy compliance.

The Gem & Jewellery Council has cautioned that the US' 10% tariff on Indian imports could weaken export competitiveness, squeeze margins and impact jobs, urging government intervention through trade negotiations.

Mumbai flagged off its first jewellery export consignment to the UK on July 15 under the India–UK CETA, marking nationwide shipments expected to benefit exporters through zero-duty market access.

Ahead of the India-UK CETA taking effect on July 15, 2026, GJEPC hosted a London Buyer-Seller Meet to connect Indian exporters with UK buyers and expand bilateral gem and jewellery trade.

World Gold Council's Mid-Year Outlook 2026 says gold is likely to trade within a 5% range in H2, with geopolitical risks, central bank demand and India remaining key market drivers.

India’s gold market slowed through May and early June as higher import duties, price volatility and seasonal factors curtailed jewellery demand, while ETF outflows and imports also declined.

India’s gem and jewellery exports totalled $4.27 billion in April-May 2026, while GJEPC urged the government to address gold supply constraints and regulatory issues affecting export manufacturing.

World Gold Council says India’s increase in gold import duty from 6% to 15% could reduce 2026 jewellery and investment demand by 50-60 tonnes amid weaker sentiment and higher unofficial inflows.

As India raises gold import duty from 6% to 15% amid economic pressure and a weakening rupee, the jewellery industry is preparing for higher prices, evolving demand, and possible market disruption, discovers Khursheed Mistry.