India’s gem and jewellery exports remained nearly flat in July 2026, rising 0.38% year-on-year in dollar terms to $2.35 billion, while rupee-denominated exports increased 11.68% to Rs 22,511.64 crore, according to GJEPC data. Gold jewellery drove growth, with exports rising 8.73%, while studded gold jewellery jumped 21.36%.
The company initially plans to build a presence across Mumbai, Delhi, Indore, Bengaluru and Hyderabad, before expanding to more than 25 stores across 10 cities, with a long-term target of 100 locations nationwide.
Gold prices have surged significantly, encouraging consumers to buy the yellow metal. Expectations of further price increases are driving purchases ahead of the festive season. Consumers are adapting by choosing lighter designs and lower-carat gold options. Jewellery purchases for festivals remain driven by tradition and sentiment. Buyers are increasingly focusing on a fixed budget rather than weight.
Despite average gold prices rising 61 per cent YoY, demand remained resilient, supported by Akshaya Tritiya, regional festivals and the summer wedding season. Diamond jewellery sales increased 43 per cent YoY, with strong demand for lower-ticket products and the Everlite collection.
India plans to revamp its Gold Monetisation Scheme by involving jewellers, aiming to unlock household gold holdings estimated at 25,000-50,000 tonnes. Jewellers may get 0.75%-1% incentives, while cheaper domestic gold could lower financing costs. The scheme could reduce imports, which hit $71.9 billion in FY26. Trust, transparency and efficient gold tracking remain key challenges.
PC Jeweller shares rose sharply after Q1FY27 profit jumped 37% year-on-year and revenue grew 21%. The jewellery retailer also reported a sharp improvement in operating profitability, continued progress on debt repayment and increased FII holding. With plans to become debt-free and raise up to Rs 1,000 crore via QIP, key triggers remain.
Government collected Rs 10,463 crore in customs duty on precious metal imports. Gold imports generated Rs 10,040 crore, while silver and platinum added Rs 423 crore. Import duties on gold and silver were raised to fifteen percent in May. This move aimed to curb discretionary imports and conserve foreign exchange reserves. Authorities also seized 161 kg of smuggled gold and made arrests.
LML Brand Holdings operates through a licensing-led model under which it focuses on brand stewardship, while its operating partners handle product development, manufacturing, distribution, sales and market expansion. The company said the acquisition will allow it to leverage the existing consumer recognition and brand equity of Asmi and Sangini while developing their presence for newer consumer segments.
BlueStone plans to more than double its store count to over 700 by FY30. The jewellery retailer aims for Rs 12,000 crore revenue by FY30. This expansion includes a dedicated focus on men's jewellery offerings. The company is accelerating retail growth after strong Q1FY26 performance. BlueStone's strategy leverages design and accessible price points for customer acquisition.
The Bureau of Indian Standards is expanding silver jewellery testing capacity. This move comes as demand for silver increases due to rising gold prices. Referral and assay laboratories for silver will expand nationally within two years. The agency is also piloting artificial intelligence and robotics for faster testing. BIS continues to enhance its laboratory network to meet growing certification needs.
Indian jewellers could earn an additional 0.75%-1% commission under a revamped Gold Monetisation Scheme (GMS) proposed by the India Bullion and Jewellers Association (IBJA). Under the proposal, jewellers would collect customers' old gold, pass it to refiners and receive a direct incentive, encouraging them to actively promote the scheme.
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