“The April–October period demonstrates the steady, resilient momentum of India’s gem and jewellery industry despite a challenging global environment. Exports during these seven months reached US$16.26 billion — a modest 2.72% dip in dollar terms — while in rupees they rose by 0.86% to ₹1,41,101.69 crore. It is encouraging to note robust year-to-date growth in major categories such as gold, silver, and platinum jewellery, driven by healthy retail demand in key international markets. These results highlight the sector’s inherent strength and adaptability.”
“As expected, October 2025 was relatively subdued. This aligns with the industry’s usual cycle, since global retailers typically complete their holiday-season inventory purchases between August and September, and domestic manufacturing slows down during Diwali. Some major markets also saw inconsistent demand due to tariff-related concerns in the U.S. and continued weakness in China. These combined factors resulted in a temporary slowdown, but they do not detract from the overall positive trajectory seen so far this fiscal year.”
“Going forward, we see solid grounds for a gradual recovery. The Government’s ongoing initiatives — including the Export Promotion Mission, the Credit Guarantee Scheme for Exporters, and the RBI’s trade-support measures — directly address long-standing industry challenges around high finance costs, limited liquidity, extended export cycles, and constrained access for smaller exporters. These policies are already strengthening competitiveness by improving credit availability, reducing compliance pressures, and bolstering branding, certification, and global market-entry support. Together, they create a far more conducive environment for stability and growth.”
“We are also intensifying India’s reach in promising overseas markets such as the Middle East, Latin America, Cambodia, and Vietnam. Through trade delegations, buyer–seller interactions, and promotional initiatives, we are opening fresh opportunities and deepening long-term global partnerships. The India–UK Free Trade Agreement is expected to further elevate our competitiveness, similar to the impact of the India–UAE CEPA, which has significantly boosted jewellery exports.”
“Domestically, the recent spike in gold imports must be viewed in context. October’s rise was primarily driven by festive and wedding-season demand, higher consumer liquidity after GST reforms, and a nearly 50% surge in global gold prices — which pushed up the value of imports. In volume terms, however, the situation remains stable. Gold imports from April to October 2025 grew only 2.3%, rising from 461.85 tonnes to 472.53 tonnes. This makes it clear that underlying consumption patterns are unchanged; consumers simply paid more for approximately the same quantity. The October increase reflects seasonal buying, cultural preferences, and investment sentiment — all indicators of healthy consumer confidence.”
“With India’s strong capabilities in design, craftsmanship, technology, and manufacturing scale, supported by a more favourable policy climate, our industry is well-positioned to manage short-term volatility and progress steadily toward long-term, sustainable growth.”