India’s Diamond, Gold and Silver Jewellery Exports Decline in FY25

India’s gems and jewellery exports have faced a significant decline in the financial year 2024–25. According to data released by the Gem & Jewellery Export Promotion Council (GJEPC), the total exports dropped by 11.72%, amounting to USD 28.5 billion (₹2.41 lakh crore), compared to USD 32.2 billion (₹2.67 lakh crore) in FY24.

Global Demand Weakens Due to Geopolitical Tensions

One of the primary reasons behind the slump is the continued dip in demand from India’s two biggest markets—China and the United States. According to GJEPC Chairman Kirit Bhansali, geopolitical tensions in these regions have negatively impacted consumer sentiment and purchasing power, leading to lower orders for Indian gems and jewellery.

The overall correction in rough diamond prices, which fell by 10–15%, has also contributed to the decline in export value, especially in the diamond segment.

March 2025 Shows Slight Improvement

Despite the overall annual decline, March 2025 showed a small sign of recovery. Exports for the month grew by 1.02% to USD 2.58 billion (₹22,340.89 crore), compared to USD 2.55 billion (₹21,228.71 crore) in March 2024. While this is a positive development, it remains to be seen whether this is the beginning of a sustained recovery or just a temporary uptick.

Segment-Wise Export Performance

The detailed export data for various segments in the gems and jewellery sector presents a mixed picture:

• Cut and Polished Diamonds (CPD): This segment witnessed a steep decline of 16.75%, falling to USD 13.29 billion (₹1.12 lakh crore) from USD 15.97 billion (₹1.32 lakh crore) in FY24.
• Lab-Grown Diamonds: Exports dropped by 9.64%, reaching USD 1.27 billion (₹10,716.13 crore) compared to USD 1.4 billion (₹11,612.36 crore) in the previous year.
• Gold Jewellery: The decline here was minimal, with a marginal dip of 0.11%, totalling USD 11.21 billion (₹94,937.78 crore).
• Silver Jewellery: This segment experienced a massive fall of 40.58%, with exports dropping to USD 961.79 million (₹8,115.32 crore) from USD 1.61 billion (₹13,424.4 crore).
• Platinum Jewellery: Unlike the others, platinum jewellery exports grew by 11.79%, touching USD 182.75 million (₹1,547.3 crore), up from USD 163.48 million (₹1,354.41 crore).

Conclusion

While traditional strongholds like cut and polished diamonds and silver jewellery experienced notable declines, the resilience shown in segments like platinum jewellery and the slight recovery in March 2025 offer some hope.

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