Gems and jewellery exports decline 14.25% in June amid economic uncertainties and geopolitical tensions
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Exports of gems and jewellery in June stood at USD 1626.96 million (Rs. 13978.980 crores) reflecting a dip of 14.25% as compared to USD 1897.25 million (Rs. 15836.94 crores) for the same period last year, according to data released by the Gem & Jewellery Export Council ( GJEPC ). This downtrend is primarily because of the economic uncertainties circling Trump's tariff, which has led to weak demand from key markets. Moreover, the recent geopolitical unrest in the Middle-East has further disturbed the global consumption demand.On the other hand, the overall imports of gems and jewellery for June stood at USD 1549.17 million (Rs. 13308.49 crores) showing a decline of 2.96% as compared to USDb1596.36 million (Rs. 13322.76 crores) for the same period of previous year. The demand in the home ground is stagnant due to high gold prices and economic uncertainties clubbed with a comparatively dull period for gold-buying. Having said that, the onset of the festive and wedding season is expected to bring back the lost vigour in terms of demand.The overall gross export of cut and polished diamonds stood at USD 778.78 million (Rs. 6692.94 crores) in June showing a decline of 23.49% as compared to USD1017.87 million (Rs. 8496.87 crores) for the same period of previous year. Major markets like the US, China, and Europe have seen reduced consumer spending on luxury goods due to inflation, recession fears or high interest rates that has led to a decline in demand for polished diamonds. Also, the global preference for lab grown diamonds has increased especially in the US market which has possibly led to the declined interest in real diamonds.Similarly, the overall gross imports of cut and polished diamonds at USD 71.82 million (Rs. 616.72 crores) in June is showing a decline of 7.03% as compared to USD 77.25 million (Rs.644.8 crores) for the same period of previous year.Gross imports of rough diamonds at USD 3222.93 million (Rs 27567.68 crores) in June 2025 has shown a decline of 5.13% compared to USD 3397.08 million (Rs. 28330.10 crores) for previous year. This can be attributed to muted demand from major markets like the US and China. This has also led to traders clearing their existing inventories first due to the fear of uncertain market conditions.Gross export of polished Lab Grown Diamonds for June 2025 was at USD 66.67 million (in Rs. 572.86 crores) showing a decline of 24.95% over the comparative figure of USD 88.83 million (Rs. 741.48 crores) for the previous year. Countries like China are increasing the lab-grown diamond production, resulting in a stringent price competition in international markets that has led to the decline in exports.The total gross export of gold jewellery stood at USD 630.33 million (Rs. 5415.71 crores) in June 2025, showing a growth of 5.75% as compared to USD 596.07 million (Rs. 4974.61 crores) for the same period of previous year. This could be a result of increased demand from major export destinations such as the Middle East, the US and Southeast Asia. This growth can also be attributed to the rising demand of the yellow metal leading to consistent price rise due to global economic uncertainties. This has prompted consumers to park their wealth in safe-haven assets like gold which is known to provide a hedge to the investments to safeguard against global economic volatilities.Gross export of platinum jewellery in June stood at USD 45.67 million (Rs. 390.75 crores) showing growth of 13.56% compared to USD 40.21 million (Rs. 335.4 crores) for previous year. Platinum is gaining popularity as a symbol of luxury and status, especially among affluent buyers in countries like the US, Japan and China where buyers are looking for precious metals that are exclusive and timeless. Platinum is also becoming a sought-after jewellery, especially amongst men across the younger demographics.Export of coloured gemstones for June 2025 at USD 96.7 million (in Rs. 826.44 crores) showing growth of 6.06% compared to USD 91.18 million (Rs. 760.74 crores) for previous year. This can be attributed to the trend of return of coloured gemstones that are increasingly seeing a comeback in bridal Jewellery and designer jewellery driven by both celebrities and fashion houses.Commenting on the same, Mr. Colin Shah, MD, Kama Jewelry said, 'The consistent decline of exports rolling over is majorly due to the uncertainties that are still looming around the impending tariffs that Donald Trump has been announcing gradually. This has disrupted the global markets and has spread a wave of uncertainties whose chain-effects are clearly visible on the domestic market as well. Moreover, the prolonged geopolitical tensions in the Middle East and Russia-Ukraine continue to act as a deterrent to the demand, thereby adding further woes to the already ailing sector."He added "Going forward, we expect trade activities to be discreet till Trump tariffs are completely rolled out, as this will decide how the industry will navigate with the new tariff regime. Additionally, we will need to monitor the development regarding the India-US Bilateral Trade Talks closely as that would decide the further course of trade activities between both the countries. One the other hand, domestic demand for gold is now likely to gain momentum with the start of Indian festivities and wedding season.'
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