Lab-grown diamonds and silver drive new growth as gold loses lustre

Lately, volatile gold prices have been changing consumer preferences and redrawing India’s gems and jewellery export landscape. As buyers become more price-conscious, silver jewellery, platinum and lab-grown diamonds are emerging as the sector’s new growth engines.

Shifts in global consumption patterns, driven by gold prices, are reshaping India’s gems and jewellery exports. Buyers increasingly favour silver jewellery, platinum pieces, and lab-grown diamonds over traditional gold products amid economic uncertainty and elevated precious-metal prices.

While India’s overall gems and jewellery exports declined 2.49% year-on-year to $1.41 billion in May 2026, several categories linked to affordability and shifting consumer tastes recorded robust growth, underscoring evolving market dynamics.