India Releases April-July Gem and Jewellery Export Figures for FY2026-27

Executive Summary

India’s export-promotion council has issued its cumulative gem and jewellery trade figures for the opening months of FY2026-27, covering natural and lab-grown diamonds as well as gold, silver, and platinum jewellery. The release provides the clearest view so far of how India’s export mix is shifting under current trade conditions. Recommended reading for anyone tracking Indian supply, pricing, or channel exposure. The segment-level detail is available in the original release.

Industry Impact

India remains a central hub in the global diamond pipeline, cutting and polishing the majority of the world’s stones, so shifts in its export composition affect the broader trade. When value-added and finished-jewellery categories outpace loose polished diamonds, it often signals that manufacturers are moving up the value chain to defend margins while demand for smaller polished goods remains soft. For the broader trade, a resilient export headline can mask very different performance beneath it, with stronger gold and lab-grown lines offsetting pressure in natural polished. D-Loupe interprets this data less as a single headline figure and more as a map of where value is moving within the pipeline.

Next Steps

1. Pull the segment-level breakdown and compare natural polished against lab-grown and finished-jewellery lines.
2. Benchmark your own product mix against the categories showing growth.
3. Stress-test U.S.-exposed SKUs against current duty scenarios.
4. Diversify order books toward markets outside a single tariff regime.
5. Revisit inventory turns on small polished goods.
6. Schedule a mid-quarter margin review before the festive buying window.