CaratGJEPC puts FY2025-26 exports at $27.72bn, members at 10,910
The council's 60th annual meeting sat at the Bharat Diamond Bourse on 23 September. Chairman Kirit Bhansali counted four free trade agreements signed in the year, with the UK, EU, Oman and New Zealand.
India's council counts $27.72bn. GJEPC told its 60th annual general meeting that Indian gem and jewellery exports stood at US$27.72bn in FY2025-26. Membership rose to 10,910 over the same year.
If you export from India: Four new agreements covering the UK, EU, Oman and New Zealand now sit alongside the UAE CEPA and Australia ECTA.
If you buy Indian goods: The council names the UAE, Hong Kong, Australia, Canada and France as its stronger markets in the year.
What this is not: A growth figure. The council gave the FY2025-26 total and no prior-year comparison, so nothing here says exports rose or fell.
| Item | Detail | Where it appears |
|---|---|---|
| Gem & jewellery exports, FY2025-26 | US$27.72bn | Chairman's address |
| Membership | 10,910 | Chairman's address |
| FTAs signed in the year | UK, EU, Oman, New Zealand | Chairman's address |
| Agreements already in force | UAE CEPA, Australia ECTA | Chairman's address |
| Directors regularised | 10 | AGM agenda |
| Statutory auditors proposed | CNK & Associates LLP, five years | AGM agenda |
| Scrutiniser | Pramod Shah & Associates | AGM procedure |
ISix agreements, four of them new
Four were signed. Bhansali named agreements with the UK, the EU, Oman and New Zealand as signed during FY2025-26.
Two already ran. The UAE CEPA and Australia ECTA predate the year. The council says the set gives zero or near-zero duty access in several major markets.
IIFive markets named as stronger
Demand moved unevenly. The chairman cited the UAE, Hong Kong, Australia, Canada and France as stronger markets in the year.
Value-added grew. He named studded gold, silver and platinum jewellery as growth categories, set against weak global demand and changing US tariff policy.
IIIThe meeting's own business
Accounts were adopted. The agenda covered audited standalone and consolidated statements for FY2025-26 and branch auditor appointments.
Ten seats were confirmed. Members considered resolutions regularising 10 directors earlier appointed as additional directors. CNK & Associates LLP was proposed as statutory auditors for five years.
01What would change this call+
A restated total. An annual figure given in a chairman's address can be revised when the council publishes its audited or month-summed series, and GJEPC's own monthly prints have been revised before. A rupee-denominated total struck at a different exchange rate would also change the dollar figure printed here without any trade having changed.
02An export total and a monthly print are not the same series+
GJEPC publishes monthly gross export and import figures by category and, separately, annual totals in board and meeting documents. The two are built from the same customs base but they are compiled at different times and can be revised on different clocks, so a full-year figure quoted in September need not equal the sum of the twelve monthly prints as they stood when each was published. A financial year in India runs April to March, so FY2025-26 closed on 31 March 2026, roughly six months before this meeting. That gap is why an annual figure can appear settled while the monthly series behind it is still moving. This paper has covered several of those monthly prints by destination market and category, and none of them carried this annual total.
03Method · the desk’s arithmetic+
The release was fetched directly from GJEPC's own site rather than from a trade-press syndication: 200, 34,581 bytes, and the body text was read out of the served page. The dateline in that body reads "held its 60th Annual General Meeting (AGM) on 23rd September, 2026, at the Bharat Diamond Bourse, Mumbai, in hybrid mode", and the page's own date stamp reads Sep 23, 2026. The export figure appears as "total exports stood at US$27.72 billion" and the membership figure as "GJEPC's membership increased to 10,910 during the year" - both quoted from that page and neither taken from an upstream desk's summary. The four agreements, the two already in force, the five named stronger markets, the three value-added categories, the ten directors, the five-year auditor proposal and the scrutiniser's three-day deadline are each stated in that same body. The archive was checked by opening every hit rather than counting them. A search for "27.72", "$27.7" and "27,72" across the built site returns nothing. A search for "Bhansali" returns three files; all three were opened, and they are a Delhi customs grievance meeting in Mumbai and Bart De Wever's Antwerp delegation to India, plus the record index - neither is this meeting. A search for "Annual General Meeting" returns nothing and "10,910" returns nothing. A search for "FY2025-26" returns five articles, each of which was opened: they are per-market and per-category export stories on China, Australia, New Zealand, Russia's cutting cluster and silver assay volumes, and none of them carries a full-year total. Under the Period Rule this is the same entity on a period this paper has not covered - the full financial year and the meeting that reviewed it - so the verdict is new rather than a repeat. No growth rate is stated here because the release states none, and none was constructed from our own archived monthly figures, which are compiled on a different clock.
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