GJEPC’s export revenue climbed 3.14% year‑on‑year to $2.30 billion in August, nudging gold jewellery exports up a staggering 51.22% to $642.86 million in the same month—its biggest single‑month jump in recent memory. According to provisional data released by GJEPC, rupee‑valued exports hit ₹21,945.87 crore, up 12.52% from ₹19,503.52 crore a year earlier, while imports surged 14.13% to $1.71 billion, reflecting a broader tightening in trade balances.
Lab‑grown diamond exports, a fast‑growing niche, rose 28.45% YoY to $125.17 million in August, while the 5‑month total increased 11.75% to $533.67 million, with volume up 23.37% to 80.24 lakh carats. The sector’s growth contrasts sharply with natural cut‑and‑polished diamonds, which fell 4.93% in dollar terms to $924.51 million in August, despite a 6.75% volume uptick.
Gold bar prices averaged $4,433.89 per troy ounce during April‑August, a 34.09% rise in dollar terms and 48% in rupee terms, driving the demand for studded gold jewellery. Plain gold jewellery exports, however, slid 23.90% to $356.97 million, underscoring a shift toward higher‑margin gold‑studded products. Analysts note that the price elasticity of gold jewellery has been a key factor in the sector’s resilience amid global headwinds.
Policy attention is sharpening around lab‑grown diamonds, with industry leaders calling for stronger trust layers and certification standards to scale the ecosystem. IGI’s MD, Tehmasp Printer, warned that “an ecosystem of this scale cannot function on trust alone; it needs a trust layer.” The government’s upcoming guidelines are expected to tighten certification, potentially lifting margins.
Looking ahead, market watchers anticipate that the sector will continue to benefit from the gold price rally and the expanding lab‑grown diamond market. GJEPC forecasts a 2.58% YoY rise in quarterly gross exports for April‑August, and analysts are betting on a 10–15% uplift in the next quarter as new certification frameworks take hold.