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Time of India
a day ago
- Business
- Time of India
Gems and jewellery exports decline 14.25% in June amid economic uncertainties and geopolitical tensions
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads 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 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 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 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 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 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 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 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 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 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.'
Time of India
a day ago
- Business
- Time of India
Are diamonds forever? Surat's sparkle wanes as war and tariffs cut deep
Surat , known as the diamond hub of India, has been facing challenging times over the past few years. Problems stemming from the Russia-Ukraine war, the Israel-Palestine conflict, and Trump tariffs have adversely impacted the diamond trade, jeopardising the future of a city responsible for 90% of the world's diamond cutting and polishing. The statistics further reveal the slump in trade. As per data from industry body Gem and Jewellery Exports Promotion Council ( GJEPC ), the overall gross exports of cut and polished diamonds during April-June 2025 amounted to $2837.29 million, reflecting a decline of 22.72% from $3,671.33 million for the same period in the previous year. In fact, in April, India's exports of cut and polished diamonds plummeted to their lowest level in nearly two decades in FY 2024-25 due to sluggish demand from the United States and China, as per a Reuters report. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Join new Free to Play WWII MMO War Thunder War Thunder Play Now Undo Surat's significance as a diamond city is well known all over the world. The city is home to approximately 4,000 operational diamond factories, employing over a million people. Industry experts contend that the dismal situation has been further aggravated by US tariffs, leaving the industry uncertain about how things will unfold in the times ahead. Pintu Dholakia, CEO of Surat-based Hari Krishna Exports , says that the double-digit duty coming into the industry will further diminish the already low profit margins that are present. 'This has been the final blow leading to the downfall,' he states, ruefully. Losing Lustre Live Events Jewellery manufacturers in the city do not see any significant improvement in the trade for the next couple of years. Some have also changed their strategy in response to the current situation by focusing on other geographies beyond the US, such as Europe and Asia. 'We want to reduce our dependence on the US market, as three months have already passed, and we don't know how Trump's strategy will pan out. Our other focus is India, where consumers are fond of branded jewellery, so that we can sell most of the products to Indian consumers as well,' Dholakia elucidates. In addition to the tariffs, several other factors have played spoilsport over the years for the industry. Russia's invasion led the EU and G7 to ban imports of Russian diamonds from third countries, limiting access to raw material used by the diamond industry in India. The ban, which came into effect in March 2022, led to many job losses, salary cuts, and suicides resulting from financial distress. This was followed by the Israel-Palestine conflict, which put immense pressure on India's diamond supply chains. Cut and polished diamonds, the highest exported commodity category to Israel, fell 11.24% year-on-year to $1.2 billion in FY23. In imports, rough diamonds, the highest exported commodity from Israel, fell nearly 53% to $519 million, according to industry data. In fact, a Surat-based major diamond manufacturing firm, Kiran Gems , had even declared a 10-day 'vacation' for its 50,000 employees from August 17 to 27 last year, citing diminished demand for polished diamonds in international markets due to recession, a PTI report stated. Moreover, the advent of lab-grown diamonds (LGDs) has also taken the sheen away from natural diamonds. However, there are both pros and cons to it, experts say. Jayanti N. Savaliya, Regional Chairman-Gujarat Region, GJEPC, states that though natural diamond trade has been impacted with LGDs making a foray, it has also helped in survival for the industry. 'LGDs came up as an alternative to those looking for work. So, there are advantages as well as disadvantages to it. There was stability in the Surat market, and workers did not go unemployed. So, though the industry was facing an impact due to low trade volumes, LGDs helped sustain some momentum,' he highlights. Brand Surat Going forward, Savaliya is of the view that Surat needs to up the ante on technology, branding, and quality to stay competitive. 'More focus should be on value-added jewellery, which can then be exported. Skill work development also needs to happen so that industry can understand more about LGDs, which are tech-based. Besides this, exporters need to be imparted with more awareness and tech education so that they can deliver products that are of international standards and quality,' he says. Affirming his views, Vijay Mangukiya, Managing Director at Dhani Jewels, says that even though it is a challenging time right now, people have found a way to diversify and move ahead. He adds a caveat, though. 'They need to cater to the current global trends and what consumers want. This is what will translate to survival for them. Natural diamonds will have their own market, and so will lab-grown ones. As the jewellery industry survives on new categories, creation and innovation will take centre stage. Those who are not able to align with the shift will not survive in this industry,' Mangukiya states. In this cut-throat industry characterised by profit margins, agility and the capacity to think quickly are essential for maintaining stability. Dholakia mentions that Surat is now slowly also elevating itself as a jewellery manufacturing hub. 'In the past couple of years, 200-500 units have sprung up in the city. Since money is not able to get capitalised in the natural diamond business, people are looking to diversify in jewellery manufacturing instead. Ultimately, everyone has the money; they just have to see where to utilise the capital to get lucrative returns,' he says. Dholakia is hopeful that the gem and jewellery industry will be taken into account in the trade deal being negotiated between India and the US. 'We are employing more than 10 million people and are a significant contributor to the GDP. Hence, the industry should be factored in during the trade deal. We are one of the most beautifying industries, where jewellery is worn not just by people but also by Gods and Goddesses in temples. We see that our industry is forever, as diamonds are forever,' he emphasises categorically.
The Hindu
2 days ago
- Business
- The Hindu
GJEPC targets Saudi Arabia to grow gems and jewellery exports
As part of its ongoing efforts to diversify export markets and explore untapped opportunities, the Gem & Jewellery Export Promotion Council (GJEPC) has focused on Saudi Arabia — the Gulf's largest economy, with a GDP of $1.1 trillion. With its jewellery market projected to nearly double from $4.56 billion in 2024 to $8.34 billion by 2030, Saudi Arabia is fast emerging as a key destination for contemporary and luxury jewellery, the GJEPC said. A young, urban population and a dynamic retail environment are driving demand for 18K and 21K plain gold, diamond-studded jewellery, and premium design-led products, it added. Under this backdrop, GJEPC has announced to organise SAJEX 2025– The Saudi Arabia Jewellery Exposition from 11 to 13 September 2025 at Jeddah Superdome. It will be the first dedicated B2B gem & jewellery show in the Kingdom of Saudi Arabia. Two curtain raiser events have been held in Jeddah on 6 July and Riyadh on July 8, 2025 with the support of the Ministry of Commerce & Industry, Government of India, the Embassy of India in Riyadh; the Consulate General of India in Jeddah; and the Dubai Jewellery Group. 'SAJEX, positioned as 'The World Gem and Jewellery Fair,' marks the beginning of a long-term partnership between India and Saudi Arabia in the jewellery sector,' GJEPC said. India, as the global hub for jewellery manufacturing, will showcase its craftsmanship, design, and manufacturing expertise at this platform which will feature over 200 leading exhibitors across over 250 booths from India, Saudi Arabia, UAE, Turkey, Hong Kong, and Lebanon. The event will witness over 2,000 international buyers, and the product showcase will span diamond and coloured gemstone-studded jewellery, 18kt, 21kt, and 22kt plain gold jewellery, platinum jewellery, lab-grown diamond jewellery, gifting collections, along with latest jewellery technology. Suhel Ajaz Khan, Ambassador of India to the Kingdom of Saudi Arabia said, 'India and Saudi Arabia share a strategic and deep-rooted relationship, and SAJEX reflects this evolving bond. This initiative opens new avenues for bilateral partnerships, drives cultural exchange through craftsmanship, and contributes meaningfully to Saudi Arabia's Vision 2030 goals.' Fahad Ahmed Khan Suri, Consul General of India in Jeddah said, 'SAJEX 2025 is more than just an exhibition — it is a symbol of the growing partnership between India and Saudi Arabia.' Kirit Bhansali, Chairman, GJEPC, said, 'With India as a leading global supplier of gems and jewellery, exporting $32 billion annually, and Saudi Arabia's jewellery market projected to nearly double to $8.34 billion by 2030, this partnership is set to reshape the industry and set new benchmarks for collaboration, innovation, and growth across the region and beyond.'
Time of India
18-06-2025
- Business
- Time of India
Jewellery exports hand carriage debut from Kol airport
1 2 Kolkata: This week, Kolkata airport conducted two hand-carriage exports of gems and jewellery from the city to Italy and Dubai. While the second consignment was dispatched to Dubai on Wednesday night through the hand luggage of a representative from M Sashi Badalia & Sons Pvt Ltd, the first consignment was hand-carried in a personal baggage on Monday by Senco Gold MD and CEO Suvankar Sen to Milan for an exhibition. "With clearance timelines now down to just two days, hand-carriage has become an efficient and reliable export option. It's helping us meet tighter delivery schedules, keep our clients happier, and even cater to urgent or last-minute shipment. We will look at this model for other international markets as well," said Golubhai Badalia, M Sashi Badalia & sons director and founder. The export was accomplished through coordinated efforts of Customs authorities, Gems and Jewellery Export Promotion Council (GJEPC), AAI Cargo Logistics and Allied Services Company, and BVC Logistics. The initiative was supported by Shivaji H Dange, principal commissioner of customs, Kolkata, and Pankaj Parekh, regional chairman (eastern region), GJEPC. Sen said: "We hope that 10% of exports from Kolkata will happen through hand-baggage avenue. It will boost jewellery export from the city in a big way." Among the major exporters of gems and jewellery in the city are Hasmukh Parekh Jewellers, Modern Impex, and Senco. Gems and jewellery export from Bengal stands at around Rs 12,000 crore — one of the highest in the country.
Time of India
18-06-2025
- Business
- Time of India
Stakeholders to set aside 1% to boost natural diamonds
Surat: In a landmark move to boost the appeal of natural diamonds across the globe, top natural diamond mining, manufacturing and marketing players signed the Luanda Accord on Wednesday, in Luanda, the capital of Angola. Tired of too many ads? go ad free now Stakeholders jointly agreed to contribute the equivalent of 1% of annual revenues from rough diamond sales to a collective marketing initiative. Under pressure due to conflicts between countries, slowing economies and shifting consumer preferences towards lab-grown diamonds, the natural diamond trade is taking various measures to stabilize the market. After a significant drop in the global diamond business, industry leaders are joining hands to secure the industry's interests. This is a significant development for Surat and India. Eight lakh people are employed in the diamond manufacturing industry in the city, while seven lakh more work in the gems and jewellery sector in other cities of the country. The agreement was signed by the governments of Angola, Botswana, the Democratic Republic of Congo, Namibia, South Africa, officials of India's Gem and Jewellery Export Promotion Council, Antwerp World Diamond Centre (AWDC), Dubai Multi Commodities Centre and De Beers Group. The 1% contribution will be channelled through the Natural Diamond Council (NDC), which will take the lead in designing and executing a global generic marketing strategy aimed at enhancing consumer awareness and demand for natural diamonds. "Implementation details, including the mechanisms for making these contributions, will be finalized after legal review. Each participating govt will work in coordination with industry representatives to establish suitable arrangements for contributions in their respective jurisdictions," said an official present at the meeting. Tired of too many ads? go ad free now The agreement included that, to ensure transparency and alignment with contributor interests, the governance structure of the NDC will undergo a review. Annual assessments of both financial contributions and the impact of marketing campaigns will be conducted by NDC members. "The Luanda Accord marks a fundamental shift in the way our industry comes together to protect and promote the future of natural diamonds. As the world's largest diamond manufacturing centre, India is proud to stand shoulder to shoulder with African producer nations and global partners," said Shaunak Parikh, vice-chairman, GJEPC. "A unified global marketing push is no longer optional — it's essential. GJEPC remains deeply committed to this shared vision and is ready to contribute actively to the next chapter of sustainable growth for our industry," Parikh added. "The signing of the Luanda Accord marks a historic moment of unity in our industry. After a year of collaboration with African diamond-producing nations and global partners like the GJEPC and DMCC, we've committed to collectively fund and promote natural diamonds. This is a powerful step toward a stronger, more sustainable future for our industry — and I'm proud of the leadership role the AWDC played in making it happen," said Ravi Bhansali, vice-president, AWDC.
