Jewelry Industry Report November 8 2026 Gold Reserves and the Diamond Supply Chain

Report date November 8, 2026. New information is principally drawn from disclosures published on November 7. The scope covers China’s official gold reserves, Indian jewelry manufacturer and exporter Goldiam, and an NMDC natural-diamond auction. The purpose is to clarify the evidence and its operating implications for manufacturers, buyers and cross-border businesses.

Executive summary

The latest disclosures show demand appearing at different points in the value chain. China’s end-October gold reserves rose by 0.83 million troy ounces from September, equivalent to approximately 25.8 tonnes. Goldiam reported 44% year-on-year growth in quarterly total income, with lab-grown diamond jewelry accounting for 91.2% of export sales. NMDC’s recent auction sold approximately 2,050 carats of natural diamonds. Reserve accumulation, company sales and rough-diamond transactions are distinct measures; together they do not establish an industry-wide recovery.

The practical priority is to track orders, margins and inventory separately by material, product and customer channel. Raw-material signals can inform procurement, while company results and auction outcomes require attention to sample scope, quality mix and payment terms. Operating implications below are the report’s analysis, not quotations or investment recommendations.

1 Gold reserve growth is distinct from jewelry demand

The official reserve asset table updated by China’s State Administration of Foreign Exchange on November 7 shows 78.30 million troy ounces of gold at the end of October, compared with 77.47 million at the end of September. The difference is 0.83 million troy ounces, or approximately 25.816 tonnes using 31.1034768 grams per troy ounce. This is the net change between month-end balances, not a purchase made on the disclosure date. Official release.

Source: SAFE

The monthly series establishes a rising reserve-quantity trend but does not show whether jewelry unit sales, consumer budgets or factory orders increased at the same time. Official reserves are one part of macroeconomic demand. Jewelry orders also depend on finished prices, product weight, customer inventories and delivery schedules. A direct claim that reserve growth proves stronger jewelry sales would exceed the evidence.

For buyers, a workable response is to manage metal exposure alongside confirmed order weight and delivery dates. Procurement for committed orders can follow contractual schedules, while unconfirmed demand should not justify extra stock solely because of a reserve announcement. Supplier quotations should separate the metal reference price, labor charges, validity period and revision terms.

2 Goldiam illustrates a company opportunity rather than a market average

Goldiam disclosed results on November 7 for the quarter ended September 30, 2026, its second quarter of fiscal 2027. The investor presentation reports approximately INR 2,917 million in total income, compared with INR 2,019 million a year earlier, a 44% increase. Profit after tax was approximately INR 494 million, up 58%. The chart uses the presentation’s rounded INR-million figures. Total income should not be confused with revenue from operations. Investor presentation.

Source: Goldiam investor presentation page 4

Lab-grown diamond jewelry represented 91.2% of export sales, versus 90% in the comparable quarter, a rise of 1.2 percentage points. This is a company export-mix measure, not the market share of lab-grown diamonds in India or globally, and not a diamond-price increase. The company is a useful supply-chain sample, but its growth cannot be assumed to apply to every manufacturer.

Source: Goldiam investor presentation page 6

For manufacturers, the result encourages examination of both product selection and customer execution. A competitive offer depends on more than loose-stone cost: consistency, setting quality, documentation, replenishment and after-sales responsibility also need to be tested. Buyers should distinguish natural diamonds, lab-grown diamonds and other simulants explicitly in specifications and records.

Supplier assessment also needs a cash-flow view. Sales growth alone does not establish collection speed or inventory quality. Cross-border orders should specify payment milestones, returns or consignment terms, insurance and acceptance criteria. Public company results are not a substitute for due diligence on a particular supplier or order.

3 Natural-diamond auction results are transaction samples

The Times of India reported on November 7, citing NMDC, that approximately 2,050 carats of Panna diamonds sold for about INR 67 million. One 8.12-carat gem-quality stone fetched INR 5.7 million. The auction sessions took place on October 22–23 and November 3–4; November 7 was the reporting date. This evidence is a media account attributed to the company, rather than a matching original company announcement obtained for this report. Read the report.

Measure	Reported result	Scope
Quantity sold	About 2,050 carats	Combined auction result
Sale value	About INR 67 million	Combined auction result
Individual gem-quality stone	8.12 carats at INR 5.7 million	One stone, not a quality average

A rough-diamond average cannot serve directly as a polished-diamond procurement benchmark. Color, clarity, shape, cutting plans and recoverable polished weight change the potential value. An individual large-stone result does not represent other sizes. Meaningful comparisons require similar specifications, quality and transaction terms.

Manufacturers and traders should evaluate acceptable rough costs against conservative cutting yields, processing costs and selling periods. Without lot-level quality details and payment conditions, this auction is best treated as evidence of transaction activity rather than a direct basis for procurement budgets or polished-price forecasts.

4 Operating priorities for manufacturers buyers and exporters

Manufacturers should separate raw-material, work-in-progress and finished-goods inventory, then monitor conversion, delivery and collections by actual product category. Before copying a successful company’s product mix, test whether the customer base, distribution channels and after-sales capacity are comparable.

Buyers should translate supplier claims into verifiable delivery conditions: consistent specifications, documentation matched to the goods, clear sample-to-bulk tolerances, and explicit price and delivery terms. Separate records for natural and lab-grown diamond products reduce the risk of inconsistent descriptions and disputes.

Cross-border businesses should have applicable-market specialists check classification, origin documentation, declared value and allocation of taxes and duties. A company’s own trading arrangement is not automatically transferable to another exporter. This report does not validate the legal or tax treatment of any specific shipment and makes no customs-clearance commitment.

5 Outlook and methodology

The next step is to look for alignment between reserve data, jewelry sell-through and company orders. Diamond businesses also need comparable-price evidence, inventory turnover and customer collection data. Until those measures are available, judgments by value-chain segment are more reliable than an industry-wide conclusion drawn from one announcement.

This report uses public information verified as of November 8. Gold figures are month-end stocks, corporate figures cover the quarter ended September 30, and auction results relate to specific sales sessions. Currency values remain in their original denomination. Reference photographs do not depict China’s reserve vaults, Goldiam products or the NMDC auction discussed here. No sufficiently important new silver development within the past 24 hours was verified for a separate section; older quotes are not presented as new news.

Sources

1. SAFE official reserve assets release, November 7, 2026; 2026 monthly table.

2. Goldiam November 2026 investor presentation, November 7, particularly pages 4 and 6; results press release.

3. The Times of India report on NMDC diamond auctions, November 7, 2026.