India’s April–May 2026 jewellery exports shift toward silver, platinum and lab-grown diamonds as gold demand weakens

India’s silver jewellery exports in April–May 2026 rose 172.53% year on year to $365.77 million, while platinum jewellery exports increased 24.97% to $41.22 million. Over the same period, gold jewellery exports fell, with May shipments down 14.75% year on year to $758.44 million. The figures point to consumers opting for lower-cost alternatives such as silver, platinum and lab-grown diamonds as high gold prices and economic uncertainty reshape demand.