In the fiscal year 2024-25, India’s cut and polished diamond exports reached a 20-year low due to decreased demand from major markets like the US and China. The Gems and Jewelry Export Promotion Council (GJEPC) stated that these exports typically make up nearly half of all gem and jewelry shipments.
The GJEPC disclosed a 16.8% drop in cut and polished diamond exports to $13.3 billion, leading to a significant 11.7% decrease in total gem and jewelry exports to $28.5 billion compared to last year’s $32.28 billion, marking a four-year low for India’s gem exports.
The GJEPC noted subdued demand for polished diamonds has led Indian processors to decrease rough diamond imports by 24.3% to $10.8 billion. India, processing around 90% of world diamonds, is a key global hub for cutting and polishing. This highlights the significant impact of global market trends on domestic trade dynamics in India.
In March, despite an overall decline, gems and jewelry exports from India increased marginally by 1% year-on-year to $2.56 billion, with exporters boosting shipments before potential US tariffs. Shaunak Parikh, GJEPC’s vice-chairman, stated that US buyers stocked up in anticipation of the tariffs. Tariffs are likely to keep impacting global markets and buyer confidence, leading to a challenging year ahead for India’s gems and jewelry export industry.
Sources News From Various Digital Platforms, Websites, Journalists, And Agencies.
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