Mumbai, April 15: India’s total gem and jewellery exports declined by 11.72 percent to USD 28.5 billion (approximately Rs 2.41 lakh crore) during the financial year 2024–25, compared to USD 32.2 billion (Rs 2.67 lakh crore) in the previous year. According to data released by the Gem and Jewellery Export Promotion Council (GJEPC), the drop is largely due to ongoing geopolitical tensions and weak demand from key markets such as the United States and China.
As per an agency report, there was a slight recovery in the month of March, with exports rising by 1.02 percent to USD 2.583 billion (Rs 22,340.89 crore) from USD 2.557 billion (Rs 21,228.71 crore) during the same month last year.
GJEPC Chairman Kirit Bhansali explained that the sustained decline in demand from the US and China, coupled with a 10–15 percent fall in raw diamond prices, had significantly impacted the export value.
Exports of cut and polished diamonds fell by 16.75 percent to USD 13.29 billion (Rs 1.12 lakh crore) from USD 15.97 billion (Rs 1.32 lakh crore) a year earlier. Similarly, exports of polished lab-grown diamonds dropped 9.64 percent to USD 1.267 billion (Rs 10,716.13 crore) compared to USD 1.402 billion (Rs 11,612.36 crore).
Gold jewellery exports remained nearly flat, falling marginally by 0.11 percent to USD 11.215 billion (Rs 94,937.78 crore) in FY 2024–25 from USD 11.227 billion (Rs 93,066.82 crore) in the previous year.
Silver jewellery exports saw a steep decline of 40.58 percent, falling to USD 961.8 million (Rs 8,115.32 crore) from USD 1.618 billion (Rs 13,424.4 crore). In contrast, platinum jewellery exports rose by 11.79 percent to USD 182.7 million (Rs 1,547.3 crore) from USD 163.5 million (Rs 1,354.41 crore).
The export of colored gemstones also dropped by 8.01 percent, standing at USD 440.38 million (Rs 3,729.93 crore) in FY 2024–25 compared to USD 478.7 million (Rs 3,961.98 crore) the previous year.
The figures highlight the challenges faced by India’s gem and jewellery sector amid global uncertainties and changing market dynamics.
