On April 20, 2026, NITI Aayog Vice-Chairman Suman Bery released the seventh edition of the Trade Watch Quarterly publication in New Delhi in the presence of Member Arvind Virmani and other senior officials. The edition covers Quarter 3 of FY 2025-26, that is October to December 2025, and presents a comprehensive snapshot of India trade performance, regional trends and global headwinds. Headline numbers in the report show that India merchandise exports grew 1.6 per cent and imports rose 7.9 per cent during the quarter, while services exports surged 7.8 per cent and continued to act as a structural buffer against goods-side pressures from a softer global demand and elevated commodity prices. The thematic section of this edition focuses on India gems and jewellery sector, which has long been a foreign-exchange earner and one of the largest employers among labour-intensive industries. According to the report, the global gems and jewellery market excluding raw gold is valued at approximately 378 billion US dollars in 2024, with India contributing exports of 29.5 billion US dollars and a global market share of about 7.8 per cent. India holds a strong global presence with exports of 26.7 billion US dollars dominated by polished diamonds and precious-metal jewellery, anchored by Surat as the world's premier cutting and polishing hub. The report flags structural challenges including high product and market concentration, limited value addition, MSME fragmentation, financing gaps and skill deficiencies, and recommends enhanced value addition, segment diversification, technology investment, financing access and stronger integration with global value chains.