India’s jewelry exports shift to silver, platinum and lab-grown diamonds
Plain gold jewellery slumped 40.11% as silver, platinum and lab-grown diamonds gained ground, reshaping India’s export mix around lower-entry luxury.
Plain gold jewellery exports fell 40.11% to $635.95 million in April-May 2026, while studded gold jewellery rose 6.71% to $964.02 million and India’s export basket tilted toward silver, platinum and lab-grown diamonds. For buyers and jewellers, the message is blunt: high gold prices are pushing demand into categories that still read as luxury, but at a lower entry price.
India’s gem and jewellery exports stood at $4.27 billion in April-May 2026, down 6.03% in dollar terms year-on-year even as rupee value rose 3.99%. In May alone, overall exports slipped 2.49% to $2,047.89 million. The Gem & Jewellery Export Promotion Council said elevated gold prices, limited availability of gold for export production and regulatory bottlenecks in gold supply through banking channels weighed on shipments; industry reporting also linked April’s weakness to the West Asia conflict and uncertainty around United States tariffs.
The trade-down is clearest in the categories moving fastest. Silver jewellery exports jumped 172.53% in April-May to $365.77 million, while platinum exports rose 24.97% to $41.22 million. Polished lab-grown diamond exports climbed 25.99% in May to $101.50 million, underscoring how the market is rewarding materials that preserve sparkle, weight and visibility without the same metal cost as gold. Studded gold jewellery also gained as free-trade agreements improved market access, giving diamond-set pieces a stronger footing than plain chains, bangles and other gold-heavy lines.
Kirit Bhansali, chairman of GJEPC, has described the sector as being in a structural reset, with lab-grown diamonds emerging as a key export driver as production has risen sharply and global acceptance has widened. That shift is visible in the council’s full-year review for FY2025-26, which put polished lab-grown diamond exports at $1.13 billion, down 10.55% in value but with volumes up, a sign of continued price correction rather than retreat. Cut and polished diamonds remained the largest export category at 43.9% of total exports, worth $12.16 billion, while GJEPC said anticipated free-trade agreements with the United Kingdom and European Union could support the next leg of growth.
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