Trade Watch Quarterly

NITI Aayog released the latest edition of its Trade Watch Quarterly for the third quarter of FY2025–26 (October–December 2025) on April 20, 2026, in New Delhi. The report provides a comprehensive analysis of global and domestic trade trends, highlighting resilience in global trade despite ongoing macroeconomic and geopolitical uncertainties.

The thematic focus of this edition is India’s gems and jewellery sector, examining global demand patterns, India’s export profile, and emerging segments such as lab-grown diamonds. The sector continues to play a vital role in India’s labour-intensive manufacturing ecosystem and remains a significant contributor to exports.

India’s trade performance during Q3 FY26 showed a mixed but resilient trend. Merchandise exports recorded modest growth of 1.6%, while imports grew faster at 7.9%. In contrast, services exports expanded strongly by 7.8%, with relatively moderate growth in services imports, resulting in a sustained surplus that supported the overall external balance.

The report underscores that India’s strength in the gems and jewellery sector is largely driven by exports of diamonds and precious metal jewellery, which together cater to over half of the global demand, estimated at around $207.3 billion.