Gems and jewellery exports fall in April amid rising gold prices and geopolitical tensions
The overall gross exports of gems and jewellery in April stood at USD 2037.06 million (Rs. 17428.480 crores), showing a decline of 4.62% compared to USD 2135.7 million (Rs. 17814.87 crores) for the same period last year, according to data released by Gem & Jewellery Export Promotion Council (
GJEPC
).
On the other hand, the overall imports of gems and jewellery for
April 2025
stood at USD 1569.13 million (Rs. 13419.63 crores), showing a decline of 17.61% compared to USD 1904.4 million (Rs. 15880.47 crores) for the same period last year. Demand and supply economics have continued to be subdued for a long time, against the backdrop of
geopolitical tensions
and the recently introduced
Trump tariffs
.
The overall gross export of cut and polished diamonds declined by 6.12% in April 2025 at USD 1108.74 million (Rs. 9486.88 crores) compared to USD1180.99 million (Rs. 9851.2 crores) for the corresponding period last year. The major consumer markets for this product category, including the USA and China, are witnessing a slowdown in demand as people are increasingly moving towards investing in gold as a safe haven during times of uncertainty, thus resulting in a decline in Indian
diamond exports
. The parallel strengthening of
lab-grown diamonds
is also posing as a hurdle for the natural counterpart.
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Similarly, the overall gross imports of cut and polished diamonds saw a decline of 45.95% in April 2025, which stood at USD 47.64 million (Rs. 407.51 crores) when compared to USD 88.13 million (Rs. 735.1 crores) for the same period last year.
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Gross Imports of rough diamonds stood at USD 1200.06 million (Rs 10265.19 crores) in April 2025, showing a marginal growth of 0.56% as compared to USD 1193.32 million (Rs 9949.57 crores) for the last year. This can be attributed to the industry's need for a continued supply of rough diamonds to cater to the demand for finished diamonds, as India is known to be a global leader in diamond cutting and polishing. Along with this, the domestic demand for rough diamonds looks as traditional jewellery styles like polki witnessed a rise this wedding season.
The provisional gross export of polished lab-grown diamonds during April 2025 stood at USD 110.74 million (in Rs 946.85 crores), showing a minimal growth of 0.41% as compared to USD 110.29 million (Rs 919.96 crores) for the previous year. Lab-grown diamonds are gradually but steadily picking up pace in the international market and are largely preferred by the younger age groups, given the factors of affordability and sustainability at play.
The total gross export of gold Jewellery in April 2025 stood at USD 684.51 million (Rs. 5856.15 crores), showing a decline of 5.41% as compared to USD 723.63 million (Rs. 6036.07 crores) for the same period of last year. The affinity towards the yellow metal continues to shine globally, however, the rising prices owing to geopolitical scenarios and economic instability make it an uphill climb for buyers, thus reflecting poorly on the buying trend.
Provisional gross export of coloured gemstones in April 2025 stood at USD 27.76 million (in Rs. 237.18 crores), witnessing a growth of 11.95% compared to USD 24.8 million (Rs. 206.91 crores) for the same period last year. The market for this product category is a niche by itself, and the demand at large remains unaffected, with probably some minor ups and downs in the demand-supply graph.
Commenting on the same,
Colin Shah
, managing director of Kama Jewelry said, 'The exports witnessing a decline in April 2025 can be viewed as a direct impact of the tariffs levied by President Trump, which had shaken the global market, thereby creating a ripple effect in the domestic market as well. Secondly, the prolonged geopolitical tensions in the Middle East and Russia-Ukraine and the US-China trade war continue to spread a wave of uncertainty across the globe, thereby impacting the demand-supply dynamics. Going forward, we expect trade activities to see some momentum following the recent talks between the two major markets of the world- the US and China, regarding tariffs, which is expected to ease the situation in the coming months.'
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