India’s gem and jewellery exports to the United States witnessed a sharp contraction during April–December 2025, declining 44.42% year-on-year to US$ 3.86 billion, compared to US$ 6.95 billion in the corresponding period last year. In December 2025, exports to the US declined by 50.44% year-on-year, reflecting the continued impact of tariff-related pressures and subdued discretionary demand.
Commenting on the sharp decline, Shri Kirit Bhansali, Chairman, GJEPC, said, “The United States remains India’s largest export destination, accounting for nearly 30% of our gem and jewellery exports. The sharp decline in shipments is a matter of serious concern. Prolonged uncertainty around tariffs could adversely impact the long-term viability of the US market for Indian jewellery exporters. That said, we have full faith in the Government of India and remain hopeful that ongoing bilateral trade discussions will lead to a positive and timely resolution.”
Despite the sharp contraction in the US market, India’s overall gem and jewellery exports remained stable during April–December 2025, underscoring the industry’s resilience. Provisional exports for the nine-month period aggregated US$ 20.75 billion, reflecting a marginal dip of 0.41% year-on-year, while registering a 3.69% growth in rupee terms, supported by currency movement and steady trade flows.
The near-flat performance highlights market stabilisation, with strong growth in jewellery exports—particularly gold, silver and platinum jewellery—offsetting moderation in cut and polished diamonds and lab-grown diamonds. This trend reflects the industry’s ability to adapt through product mix optimisation, value addition, and diversified export destinations.
A key stabilising factor has been the industry’s ability to leverage Free Trade Agreements (FTAs) and deepen its presence in alternative markets. Exports to the United Arab Emirates rose 28.08% year-on-year to US$ 6.89 billion, while shipments to Hong Kong increased 28.19% to US$ 4.25 billion. Exports to Australia also recorded strong growth, rising 39.83% to US$ 277.76 million, underscoring the growing importance of diversified and FTA-supported markets.
These gains helped cushion the impact of weaker demand in select developed markets.
Highlighting the role of trade agreements, Bhansali said, “Free Trade Agreements with the UAE and Australia have come at a crucial time for the industry. Recent FTAs with the UK, Oman, New Zealand and others will further enhance competitiveness by reducing duties and easing trade barriers. With the Government of India currently negotiating multiple trade agreements, we are confident these will open new markets and strengthen India’s position globally on quality, value and trust.”
As a result, the Indian gem and jewellery industry today is no longer dependent on a few traditional markets. Market diversification has emerged as one of the most important structural shifts for the sector. Exporters are steadily expanding their footprint across West Asia, Asia-Pacific, Australia, Latin America and other emerging regions, building a more balanced and future-ready export base.
Commenting on the rising bold prices, Shri Kirit Bhansali, Chairman, GJEPC, said, “During April- December 2025, plain gold jewellery exports recorded a value growth of 7.72% to US$ 3816.97 million. It is important to note that this increase was largely value-led, as gold bar prices rose by 52% compared to the same period last year, resulting in higher export realisations even though export volumes moderated.”
During April–December 2025:
Offical Facebook account of heerazhaveraat.com, homepage for Trade News, Articles and Promotion of D
Heera Zhaveraat (HZ International) A Diamond, Watch and Jewellery Trade Promotion Magazine provide dealers and manufactures with the key analytical information they need to succeed in the luxury industry. Pricing, availability and market information in the Magazine provides a critical edge.
