India’s exports of studded gold jewellery surged 31.31% year-on-year to $3.69 billion during the first half of FY27, driven by favorable trade agreements and rising demand in key markets. The growth outpaced the broader gold jewellery segment, which saw an 11.37% increase to $6.23 billion, according to data from the Gem and Jewellery Export Promotion Council (GJEPC). In rupee terms, studded gold jewellery exports climbed 44.60% to ₹35,139.71 crore.
The boost in exports was supported by improved market access under the India, UK trade agreement, reduced US tariffs, and stronger demand in Hong Kong, Singapore, and France. The performance highlights how trade policy and market diversification are crucial for Indian jewellery manufacturers looking to expand globally. However, the data does not specify the individual impact of trade agreements or tariff changes on the overall increase.
September exports maintained this momentum, with studded gold jewellery rising 50.24% year-on-year to $812.62 million in dollar terms, or 62.39% to ₹7,759.73 crore in rupee terms. Overall gold jewellery exports increased 34.01% to $1.19 billion during the month, while total gem and jewellery exports grew 9.43% to $2.95 billion.
In contrast, plain gold jewellery exports declined 8.81% to $2.53 billion during April, September FY27, partly due to higher gold prices and challenging market conditions in the Middle East. Gold prices rose 31.17% to $4,415.70 per troy ounce during the period. The differing performance of studded and plain jewellery underscores the importance of product mix, market access, and demand conditions in sustaining export growth.