India's Gems and Jewellery Exports Slide 15.81% in May Amid US Tariff Impact; Gold Jewellery Shines

Mumbai, June 17: According to the data released by the Gems and Jewellery Exports Promotion Council,  India’s overall gems and jewellery exports witnessed a sharp year-on-year decline of 15.81% in May 2025, dropping to USD 2,263.42 million (Rs 19,260.81 crore). The downturn is primarily attributed to the recent tariff announcements by the United States, a key export destination for the industry.

In May 2024, exports stood at USD 2,688.38 million (Rs 22,414.02 crore).

Key Segment-Wise Performance

Cut and Polished Diamonds

The major contributor to the sector, the exports of cut and polished diamonds, faced a dramatic fall of 35.49% in May 2025:

• USD 949.70 million (Rs 8,089.81 crore), compared to
• USD 1,472.08 million (Rs 12,272.03 crore) in May 2024

Lab-Grown Diamonds

Polished lab-grown diamonds also saw a substantial dip:

• Down 32.76% to USD 80.90 million (Rs 689.71 crore)
• From USD 120.32 million (Rs 1,003.06 crore) last year

Gold Jewellery

In contrast, gold jewellery exports surged by 17.24% in May:

• Reaching USD 997.50 million (Rs 8,482.61 crore)
• Up from USD 850.81 million (Rs 7,094.52 crore) in May 2024
  This growth is attributed to geopolitical tensions in the Middle East, which have pushed demand for gold as a safe-haven asset.

Silver Jewellery (April-May)

Silver jewellery exports for the April-May period were down 17.59%:

• USD 150.08 million (Rs 1,281.92 crore)
• Compared to USD 182.11 million (Rs 1,518.69 crore) in the same period last year

Coloured Gemstones (April-May)

Exports of coloured gemstones recorded a marginal decline of 1.13%:

• USD 62.51 million (Rs 533.08 crore)
• Versus USD 63.22 million (Rs 527.36 crore) a year ago

Outlook and Commentary

Kirit Bhansali, GJEPC Chairman, mentioned that external trade barriers, particularly the new US tariffs, have impacted total export performance; however, the demand for gold jewellery is resilient due to global geopolitical uncertainties.

The data reflects a challenging global environment for India’s gems and jewellery sector, with select segments like gold jewellery providing a silver lining amid broader declines.

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