Studded gold jewellery exports jump 31%: How trade agreements are helping Indian exporters

India’s studded gold jewellery exports rose 31.31% year-on-year in US dollar terms to $3.69 billion during April–September FY27, supported by improved market access through trade agreements, reduced US tariffs and stronger demand in key international markets, including Hong Kong, Singapore and France.

The growth outpaced the broader gold jewellery segment, with exports of plain and studded gold jewellery together increasing 11.37% to $6.23 billion during the first half of FY27, according to data released by the Gem and Jewellery Export Promotion Council (GJEPC).

In rupee terms, studded gold jewellery exports grew 44.60% to ₹35,139.71 crore during the six-month period, compared with the corresponding period last year.

The performance comes as India’s overall gem and jewellery exports rose 3.07% in dollar terms to $14.30 billion during April–September FY27. Growth in studded gold jewellery, silver jewellery and polished lab-grown diamonds helped offset weakness in plain gold jewellery and cut and polished diamonds.

Trade agreements support value-added jewellery exports

Improved access to international markets has emerged as an important factor supporting studded gold jewellery exports. According to GJEPC, the segment benefited from improved market access under the India–UK trade agreement, reduced US tariffs and stronger performance in Hong Kong, Singapore and France.

The export performance highlights the importance of trade policy and destination-market diversification for Indian jewellery manufacturers seeking to expand their international presence.

Studded gold jewellery, which incorporates precious or semi-precious stones, recorded stronger growth than plain gold jewellery during the period. However, the available export data does not quantify the individual contribution of trade agreements, tariff changes or specific destination markets to the overall increase.

September exports show continued momentum

The segment maintained its strong performance in September, with studded gold jewellery exports rising 50.24% year-on-year in dollar terms to $812.62 million. In rupee terms, exports increased 62.39% to ₹7,759.73 crore.

Overall gold jewellery exports, comprising plain and studded jewellery, rose 34.01% to $1.19 billion during the month.

India’s total gem and jewellery exports increased 9.43% year-on-year to $2.95 billion in September, compared with $2.70 billion a year earlier.

Higher gold prices weigh on plain jewellery

The gains in studded jewellery contrast with the weakness in plain gold jewellery exports, which declined 8.81% in dollar terms to $2.53 billion during April–September FY27. GJEPC attributed the pressure partly to higher gold prices and challenging market conditions in the Middle East, a key destination for plain gold jewellery.

Gold prices rose 31.17% in dollar terms during the first half of FY27 to $4,415.70 per troy ounce, compared with $3,366.44 a year earlier.

The contrasting performance of the two segments suggests that India’s jewellery export growth is increasingly dependent on product mix, market access and demand conditions across destinations.

For exporters, sustaining the momentum will depend on whether demand in key markets remains strong and improved trade access translates into continued orders. While the first-half performance provides an encouraging signal, the broader industry continues to face uncertainty from elevated gold prices and uneven demand across product categories.