India's jewellery exports shrink as gold supply tightens, silver shipments jump 172%

India's gem and jewellery exports fell 6% year‑on‑year to $4.27 billion in the April‑May 2026 period, according to the Gem and Jewellery Export Promotion Council (GJEPC). The decline was driven by a 40.11% drop in plain gold jewellery shipments, which fell to $635.95 million, as tighter gold imports and higher input costs limited the metal available for export‑orientated manufacturing. Export‑related gold consumption decreased by about 21.4%, from an estimated 14 tonnes to roughly 11 tonnes, while the average gold price rose 45.69% to $4,723.88 per troy ounce.

In contrast, silver jewellery exports surged 172.5% to $365.77 million, up 199.91% in rupee terms, providing a bright spot for the sector. The GJEPC has appealed to the government for relief from the gold supply bottlenecks. Current market prices show 24K gold around Rs 14,907 per gram and silver near Rs 259,900 per kilogram across major Indian cities.