Gold supply crunch drags India's jewellery exports; silver shipments surge 172%: GJEPC

India's vital gem and jewellery sector experienced a notable downturn in exports during April and May 2026, with overall shipments declining by 6% to $4.27 billion compared to the previous year.

The primary driver of this contraction was a sharp decrease in the export of plain gold jewellery. This segment, a significant contributor to the sector's revenue, faced challenges that led to a substantial fall in its export value.

However, the picture was not entirely bleak. Silver shipments demonstrated remarkable growth, surging by an impressive 172% during the same two-month period. This significant increase in silver exports offered a partial offset to the broader decline.

The Gem and Jewellery Export Promotion Council (GJEPC) identified a crunch in the gold supply as a critical factor hindering the sector's performance. This supply issue likely impacted production and, consequently, the volume of gold jewellery available for export.