Gems and jewellery exports increased by over 20% year on year to $2.51 billion in November, owing to increasing international demand and favourable currency movements. In rupee terms, exports increased by more than 25%, indicating strong trade activity throughout the month. Imports, on the other hand, increased at a quicker rate, jumping 36% to $1.89 billion, owing primarily to frontloaded purchases by dealers and manufacturers ahead of peak demand.

From April to November, cumulative exports stayed nearly unchanged at $18.87 billion, indicating a marginal increase, while imports rose about 7% to $13.82 billion. Exports increased moderately in rupee terms, while imports increased more quickly, showing stable activity despite uneven global market conditions.

Cut and polished diamonds were the main growth driver in November, with exports rising by more than 38% year on year to about $920 million. Imports of these diamonds increased substantially during the month, indicating ongoing stocking. Gold jewellery exports fell somewhat in dollar terms, while silver and lab-grown diamonds remained resilient. Industry experts remarked that wedding season demand and gradual market diversification aided the November recovery.