$25.46 million to New Zealand: gold jewellery carried the 50.56% rise
GJEPC puts India's gem and jewellery exports to New Zealand at $25.46 million in FY2025-26 against $16.91 million. Gold jewellery alone is $17.47 million of it, up 84%.
By The Diamonds Desk
What changed
The Gem and Jewellery Export Promotion Council published New Zealand figures on 27 August, at the close of a delegation that ran Sydney, Melbourne, Wellington and Auckland from 20 to 26 August.
What it means
- $25.46 million is a rounding error against India's total exports and the growth rate is the only interesting number in it, which is exactly why the composition matters more than the headline. A market that takes 84% more Indian gold jewellery in a year and 2% more grown stone is telling the trade something about what sells at that end of the world.
- The test comes when the agreement enters into force, because the base for measuring what a tariff line is actually worth has now been set without one.
Key figures
| gem and jewellery exports | $25.46M |
|---|---|
| gold jewellery | $17.47M |
| of the rise, from gold jewellery alone | 93% |
| lab-grown diamonds | $0.63M |
Source: India to New Zealand, FY2025-26
The council published its own New Zealand data on 27 August
India's gem and jewellery exports to New Zealand were $25.46 million in FY2025-26 against $16.91 million the year before, a rise of 50.56% on the council's own arithmetic, which this desk recomputes at 50.5618%.
As with the Australia figures this paper carried on 24 August, the source is the council's own data on its own trade, and it is labelled that way here.
What New Zealand bought from India
Source: India to New Zealand, FY2025-26
One category did 93% of the increase
One category did nearly all of it. Gold jewellery exports were $17.47 million, up 84%, which back-solves to about $9.49 million the year before and a rise of roughly $7.98 million. The total rise was $8.55 million.
Gold jewellery therefore accounts for about 93% of the whole increase on this desk's arithmetic, and 68.6% of the finished total. Cut and polished diamonds were $5.76 million, 22.6% of the total. Silver jewellery roughly doubled to $0.91 million and imitation jewellery rose 13.16% to $0.43 million.
| Figure | |
|---|---|
| Gold Jewellery | $17.47M |
| Cut & Polished Diamonds | $5.76M |
| Silver Jewellery | $0.91M |
| Lab-Grown Diamonds | $0.63M |
| Imitation Jewellery | $0.43M |
Named categories sum to $25.20M of the $25.46M total, or 98.98% Bars scaled to gold jewellery. Growth rates differ sharply from shares. Carat Capital graphics desk, on GJEPC's own release.
Grown stones added about twelve thousand dollars
Lab-grown diamonds are the flat line in the table. They were $0.63 million, up 2%, which on a base that size is an increase of about $12,000 and is the slowest growth of any category the council named.
New Zealand is a small market taking Indian gold jewellery quickly and Indian grown stones barely at all, and the council did not offer a reason for the gap.
The five named categories sum to $25.20 million of the $25.46 million total, so the release accounts for 98.98% of what it reports and leaves about $0.26 million unnamed.
The trade agreement underneath is not yet in force. This paper reported on 24 August that the India-New Zealand free trade agreement was signed on 27 April 2026 and had not entered into force, and nothing published since has changed that.
The 50.56% rise therefore happened without the tariff relief the agreement is meant to deliver, which is a different thing from the Australia number reported in the same week, where the $374 million was earned under an agreement in force since December 2022 and in its fourth year.
The delegation was led by Vijay Mangukiya, the council's convener for international events, and met Madan Mohan Sethi, India's Consul General in Auckland, alongside the retailers Michael Hill, Wallace Bishop, Hardy Brothers, Prouds and Partridge.
The story so far
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Method
Named categories sum to $25.20M of the $25.46M total, or 98.98%