India’s Gems and Jewellery Exports Surge 20% in November, Signaling Demand Revival

India’s gems and jewellery exports recorded a robust 20% year-on-year increase in November, pointing to a recovery in global demand and improved trade momentum. The surge was driven by stronger shipments of cut and polished diamonds, gold jewellery, and value-added products, supported by easing inflation in key markets and steady festive-season buying. Industry participants view the performance as a positive inflection after months of volatility, suggesting that inventory normalization and better price stability are beginning to support exports. The uptick also offers relief to exporters grappling with higher costs and fluctuating currencies.

Export Performance Gains Traction

November’s growth marks one of the strongest monthly showings for the sector this year. Export volumes improved alongside value, indicating not just price effects but genuine demand expansion. The momentum reflects renewed orders from major consuming regions and improved confidence among overseas buyers.

Key Drivers Behind the Increase

Cut and polished diamonds remained a central contributor, while gold jewellery exports benefited from stable bullion prices and design-led demand. Manufacturers also focused on higher-margin, customized offerings, helping lift overall export realizations.

Market Dynamics and Cost Pressures

While the rebound is encouraging, exporters continue to navigate challenges such as elevated financing costs and supply-chain adjustments. However, relative currency stability and easing input inflation have provided some cushion, allowing firms to plan production with greater certainty.

Implications for Trade and Employment

The gems and jewellery sector is a significant foreign exchange earner and a major employer, particularly in small and medium manufacturing clusters. Sustained export growth could support job stability and incremental hiring, strengthening the broader manufacturing ecosystem.

Outlook for the Coming Months

Industry executives remain cautiously optimistic, noting that sustained demand from key markets will be critical. If current trends hold, exports could maintain a positive trajectory, reinforcing the sector’s role as a pillar of India’s merchandise trade recovery.