Indian gems and jewellery exports fell 9.07% in April 2026 to US$ 2,448.53 million (Rs. 20,952.26 crore), as geopolitical tensions in West Asia pushed buyers toward caution. Cut and polished diamond exports dropped 19.65%, even as cut diamond imports rose sharply on replenished stocks and hopes of global demand recovery. Plain gold jewellery exports fell 47.06% amid high gold prices, while studded gold, silver, and platinum segments posted strong growth.
DGFT has tightened rules for duty free gold imports used by gems and jewellery exporters. The update caps imports at 100 kg per licence, requires mandatory facility inspections for new applicants, and demands existing exporters meet 50% of past export obligations. Exporters will also have to submit fortnightly performance reports, boosting government monitoring of compliance.
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Even as Prime Minister Narendra Modi urges people not to buy gold, India’s gems and jewellery sector is asking the government to strengthen the Gold Monetisation Scheme. Industry bodies argue that mobilising idle gold from homes and recycling it can help address foreign exchange pressures, while avoiding the livelihood risks they say come from deferring gold purchases.
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