India’s trade story in Q3 of FY 2025-26 is one of resilience and targeted strength, as detailed in NITI Aayog’s latest ‘Trade Watch Quarterly’ report released Monday. Merchandise exports edged up 1.6 percent against a sharper 7.9 percent import growth, but services told a tale of triumph with 7.8 percent export expansion and restrained imports, preserving a vital surplus.
Vice Chairperson Suman Berry presented the analysis covering October to December 2025, highlighting the gems and jewellery industry’s pivotal role. This sector, excluding raw gold imports, commands a $378 billion global market in 2024, where India contributed $29.5 billion in exports, securing 7.8 percent globally.
Diamonds and jewellery from precious metals dominate, meeting more than 50 percent of world demand worth $207.3 billion, with India exporting $26.7 billion. As a value-adding powerhouse, India processes imports into exports, led by Surat’s unmatched diamond processing capabilities.
The report flags hurdles like disorganized MSMEs, import reliance, funding shortages, skill and design gaps, and weak international linkages. Solutions include expanding into lab-grown diamonds, improving finance flows, raw material supply, tech upgrades, skill development, and policy overhauls.
Berry stressed the imperatives of aligning with global trends, enhancing value chains, and tackling deep-rooted issues for sustained edge. Over-dependence on markets such as the US, UAE, and Hong Kong for exports, and few suppliers for inputs, calls for broader outreach.
Overall, the report underscores India’s strategic positioning while urging proactive measures to fortify trade against headwinds, positioning the nation for long-term export leadership.
