India’s Gems and Jewellery Exports Plunge 35% in March Amid US-Iran Tensions

As per PTI report, India’s Gems and Jewellery Exports declined 35.23% in March, according to data released by the Gem and Jewellery Export Promotion Council. The decline came during a period of disruption in trade routes linked to tensions in West Asia. 

For the full financial year (FY26), shipments were valued at $27,717.40 million (₹2,44,827.26 crore), compared with $28,669.53 million (₹2,42,559.39 crore) in the previous year, a marginal decline of 3.32%. 

Logistics Disruptions Affect Shipments 

Movement of goods was affected during the month, particularly for high-value consignments. Insurance costs also increased during this period, raising the cost of shipments and slowing dispatches. 

Kirit Bhansali, Chairman, The Gem & Jewellery Export Promotion Council (GJEPC), said several diamond export parcels could not be shipped due to disruptions in logistics. 

Diamond Exports Decline 

Exports of cut and polished diamonds fell 27.48% in March. Shipments stood at $838.75 million (₹7,798.82 crore), compared with $1,156.60 million (₹10,002.52 crore) a year earlier. 

For FY26, diamond exports declined 8.52% to $12,159.83 million (₹1,07,461.34 crore), from $13,292.43 million (₹1,12,414.32 crore) in FY25. 

Mixed Performance Across Segments 

Gold jewellery exports remained largely unchanged during FY26. Exports were recorded at $11,364.32 million (₹1,00,277.64 crore), compared with $11,367.42 million (₹96,254.5 crore) in the previous year. 

Silver jewellery exports rose 52.21% to $1,467.47 million (₹13,013.54 crore), up from $964.10 million (₹8,135.78 crore). 

Demand Trends Across Regions 

Demand conditions varied across export markets. Shipments to the United States were affected after tariff changes, while demand in China remained subdued. 

At the same time, markets such as the Gulf Cooperation Council, the United Kingdom and the European Union recorded relatively better demand. 

Read More: India’s Retail Inflation Rises to 3.4% in March 2026 on Higher Food Prices! 

Conclusion 

The fall in March exports indicates disruption in shipments and higher costs during the period. Export trends across segments remained uneven over the financial year. 

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