India's US gem and jewellery exports near $3 billion, GJEPC says
Exports to the US rose nearly 6% in April to September from US$2.77 billion a year earlier, GJEPC's chairman said on 23 October. They had fallen more than 44% in April to December 2025.
By Carat Capital
What changed
The US came back. India's gem and jewellery exports to the US rose nearly 6% to almost $3 billion in April to September, GJEPC chairman Kirit Bhansali said on 23 October.
What it means
- If you buy for US stores: GJEPC is pitching for holiday and 2027 orders.
- If you export to the US: The chairman looks to a proposed India-US trade deal for clarity; it is not final.
- What this is not: The old level. The US took nearly $10 billion in FY2024-25; six months at almost $3 billion is well under half.
Key figures
| Exports to the USApril to September 2026 | Almost $3bn |
|---|---|
| Year on year'nearly', the chairman's word | +6% |
| Same months of 2025the base | $2.77bn |
| April to December 2025'more than', on tariff uncertainty | −44% |
Source: GJEPC release on the India-USA Virtual Exhibition of 23 October 2026, giving chairman Kirit Bhansali's figures. Rounded as he gave them; GJEPC publishes no table with them.
Six months after the fall
Down 44% first. Exports to the US fell more than 44% in April to December 2025, Bhansali said, as tariff uncertainty hit trade.
Up 6% now. April to September 2026 came in at almost $3 billion, against $2.77 billion a year earlier.
| Period | Exports to the US | Change | Also given |
|---|---|---|---|
| FY2024-25, April to March | nearly $10bn | not given | around 30% of India's gem and jewellery exports |
| April to December 2025 | not given | fell more than 44% | tariff uncertainty |
| April to September 2025 | $2.77bn | not given | |
| April to September 2026 | almost $3bn | up nearly 6% |
Carat Capital's check: 2.77 × 1.06 = 2.94, consistent with 'almost US$3 billion'. Half of nearly $10 billion is about $5 billion, so six months at almost $3 billion is well under half the FY2024-25 total; that ignores seasonality.
A pitch for 2027 orders
Thirty-five exporters online. India's Consulate General in New York and GJEPC ran a virtual exhibition for 35 Indian companies on 23 October. Many are small firms.
A trade deal pending. Bhansali said the proposed India-US Bilateral Trade Agreement could bring clarity for exporters and buyers once its terms are final.
What to watch
- Mid-November 2026GJEPC's October export statement. The release says only that the US holiday season is approaching.
- Not datedTerms of the proposed India-US Bilateral Trade Agreement.
The story so far
Go deeper
Corrections
Clarified, 26 October 2026: a watch line called October 'the first month of the US holiday shipping season'. GJEPC's release says only that the US holiday season is approaching; the line now says that. No figure changed. Found by Carat Capital's Standards desk on 25 October 2026.
What would change this call
A GJEPC country table that puts the six months well under $2.94 billion. Then 'almost $3 billion' was rounded generously.
How the figure is reported
The numbers are the chairman's, given in a speech and carried in GJEPC's release. They cover all gem and jewellery exports to the US. The release gives no product split and no table.
Method
GJEPC news release, listed 'Oct 24, 2026', event 'on 23 October 2026', fetched by the Editor on 25 October 2026, 200, 34,368 bytes, read in the body: 'Between April and September 2026, India's gem and jewellery exports to the US grew nearly 6% year-on-year to almost US$3 billion, compared with US$2.77 billion in the corresponding period of 2025' ('almost US$3 billion' 1, 'nearly 6%' 1, '2.77 billion' 1); 'falling by more than 44% between April and December 2025' (1); 'around 30% of India's gem and jewellery exports, worth nearly US$10 billion, in FY2024-25'; '35 Indian companies' (1); the India-US Bilateral Trade Agreement sentence; the holiday, Valentine's Day and 2027 sourcing sentence. GJEPC's dollar figures are printed without the 'US' prefix in the text above. ARCHIVE, by entity and period: Carat Capital's archive, 'India-US' 0 rows; 'Bhansali' 5 rows, newest 18 October (September all-destination exports); no US-destination figure for any period. NEW.