Silver Shines as India's Gold Jewellery Exports Slide Amid Rising Costs

India's gem and jewellery exports saw a 6% decline to USD 4.27 billion during April-May 2026, primarily due to a significant drop in plain gold jewellery shipments. Despite obstacles including high gold prices and supply issues, silver jewellery exports soared by over 172%, offering a glimmer of hope for the industry.

India's gem and jewellery exports slipped by 6% to USD 4.27 billion in April-May 2026, driven by a sharp decrease in plain gold jewellery shipments, according to the Gem and Jewellery Export Promotion Council (GJEPC). The decline is attributed to soaring gold prices and constrained gold supply channels.

Despite these challenges, the sector recorded a 3.99% growth in rupee terms. The drop in plain gold jewellery exports is alarming, as they plunged by over 40% from last year. GJEPC expressed concerns about the limited availability of gold due to stricter import rules, impacting export-oriented actions.

Meanwhile, silver jewellery exports showed remarkable growth, rising more than 172% to USD 365.77 million. This surge contrasts with a broader downtrend and highlights silver's potential to address India's balance of payments position amid gold's ongoing challenges.