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India’s Gem & Jewellery Exports Drop 11.72% in FY25 Amid Global Pressures

Studded gold and platinum jewellery buck trend with positive growth; CPD and silver exports see sharp declines

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India’s gem and jewellery (G&J) exports declined by 11.72% in the financial year 2024-25, totaling USD 28.5 billion, compared to USD 32.28 billion in FY24. The industry grappled with multiple global challenges including sluggish demand in key markets like the US and China, ongoing geopolitical tensions, and rising competition from lab-grown diamonds.

Despite the overall decline, exports of studded gold jewellery rose by 14% year-on-year to USD 6.1 billion, and platinum jewellery exports also saw an uptick of 11.79% to USD 182.75 million. In contrast, exports of cut and polished diamonds (CPD), the sector’s largest component, plummeted 16.75% to USD 13.2 billion, while silver jewellery exports dropped a staggering 40.58% to USD 962 million.

The imposition of a 26% US tariff on certain goods triggered a last-minute surge in exports, with over USD 1 billion worth of shipments sent in the 10 days prior to the tariff’s implementation — a sign of underlying global demand potential.

On the import front, gross G&J imports fell 11.96% to USD 19.6 billion, down from USD 22.2 billion in the previous fiscal year. Imports of rough diamonds, a key raw material, dropped 24.27% in value to USD 10.8 billion, while the volume declined 16.2% to 1,044.34 lakh carats.

Exports of lab-grown polished diamonds were also impacted, declining by 9.64% to USD 1.2 billion.

Gold jewellery exports were relatively stable, recording only a marginal decline of 0.11% to USD 11.21 billion. Of this, plain gold jewellery contributed USD 5.1 billion.

Signs of recovery were visible from January 2025 onwards, with month-on-month growth, although still trailing behind year-on-year figures. Exports in March 2025 were USD 2.5 billion, showing a modest 1.02% growth over February, but slightly below the USD 2.55 billion recorded in March 2024.

Industry players remain cautiously optimistic, citing stabilizing diamond prices and improving market sentiment as early indicators of a turnaround, despite ongoing global uncertainty.

National News

Vibrant Hues Of Celebration: Elevate Your Navratri Look With Kalyan Jewellers’ Huescape Collection

Kalyan Jewellers’ Huescape Collection Blends Handcrafted Gold With Vibrant Gemstones, Bringing A Contemporary Burst Of Colour To Navratri Celebrations.

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Celebrating the power, grace, and vibrant energy of the feminine spirit during Navratri, the world of fine jewellery is witnessing a refreshing shift from traditional all-gold ensembles to radiant, gemstone-adorned creations. As each day of the festival highlights a distinct color palette and mood, today’s modern women seek versatile adornments that express their personal style while honoring heritage. Capturing this essence of festive transformation, Kalyan Jewellers presents the Huescape Collection, a refined celebration where meticulously handcrafted gold meets a delicate palette of pastel and vibrant gemstones. Perfectly suited to elevate both daytime festive rituals and lively Garba evenings, each creation seamlessly complements the nine colors of Navratri, delivering heirloom-worthy jewellery that remains both timeless and contemporary.

Pastel Heritage Set

Perfect for Navaratri’s vibrant nine-day celebrations, this gold choker and earring duo reimagines heritage craft with a playful pastel twist. Rounded gemstones in ametrine, aquamarine, morganite, prehnite, chrysoprase and sunstone bring soft pops of colour to intricate gold detailing, making it a versatile choice for festive dressing. The ornate craftsmanship is balanced by a light, contemporary mood, reflecting the growing appeal of coloured gemstone jewellery among modern brides and jewellery enthusiasts.

The matching earrings add gentle movement and pastel charm, while the set brings a refreshing modernity to traditional festive dressing ideal for adding a pop of colour to Navaratri celebrations and beyond.

Pastel Mosaic Necklace Set

A tapestry of design, this long necklace pairs intricate gold craft with pastel stones in aqua, blush, and amber tones, featuring aquamarine, morganite, sunstone, and prehnite. The centrepiece glows with a mosaic of gemstones, framed by layered golden detailing, while delicate pearl strands soften the look with fluidity. Perfect for Navaratri’s nine days of colour and celebration, the necklace brings a vibrant yet elegant touch to festive dressing.

Matching earrings echo the pastel play, balancing tradition with a modern sensibility. An artistic statement that turns jewellery into wearable design, reflecting the growing allure of coloured gemstones among contemporary connoisseurs and modern brides.

Pastel Harmony Necklace Set

Gold meets colour in perfect balance, making this necklace avibrant choice for Navaratri’s nine days of festive dressing. Gemstones like blush-pink morganite, softblue aquamarine and earthy tiger’s eye are set against intricate gold detailing, creating a rich yet contemporary palette. The necklace flows with ornate motifs and delicate dangling elements that add lightness and rhythm, while a central green chrysoprase stone brings depth and contrast to the design. Matching earrings highlight soft pink morganite drops with a playful finish.

A statement that brings together the richness of traditional craftsmanship with the joyful colours and modern spirit of Navaratri.Pastel Harmony Necklace Set Gold meets colour in perfect balance, making this necklace a vibrant choice for Navaratri’s nine days of festive dressing. Gemstones like blush-pink morganite, softblue aquamarine and earthy tiger’s eye are set against intricate gold detailing, creating a rich yet contemporary palette. The necklace flows with ornate motifs and delicate dangling elements that add lightness and rhythm, while a central green chrysoprase stone brings depth and contrast to the design. Matching earrings highlight soft pink morganite drops with a playful finish. A statement that brings together the richness of traditional craftsmanship with the joyful colours and modern spirit of Navaratri.

Pastel Radiance Necklace Set

A golden canvas brought to life with gemstones in lilac ametrine, aqua aquamarine, blush morganite and deep berry hessonite garnet, this necklace captures the vibrant spirit of Navaratri. The centrepiece features a striking green chrysoprase, framed by pastel accents and intricate gold danglers, creating a rich interplay of colour and craftsmanship. Each gem along the neckline adds its own hue to the spectrum, echoing the joy and vibrancy of the nine-day celebration. The earrings complement the necklace with stacked colour and ornate goldwork, bringing a festive finish to the look. A radiant expression of tradition reimagined through a softer, contemporary palette.

Pastel Blossom Necklace Set

Teardrop green chrysoprase gemstones framed in delicate pearls form the heart of this gold necklace, bringing a fresh pop of colour to Navaratri dressing. Blush-pink rhodochrosite stones add a soft contrast, creating a harmonious pastel palette that complements the vibrancy of the nine-day celebration. Ornate gold detailing flows around each gem, adding depth and texture, while matching earrings mirror the teardrop motif, balancing boldness with grace. Rooted in traditional craftsmanship yet painted in lighter, contemporary hues, the set brings an elegant and modern touch to festive celebrations

Pastel Prism Necklace Set

A radiant line-up of gemstones in lilac amethyst, rich emerald, deep ruby and soft rose quartz, each framed in gold, brings the vibrant spirit of Navaratri to life. The necklace forms a rhythmic pattern, with every gemstone adding a distinct brushstroke of colour, echoing the joy and energy of the nine-day celebration. Dangling gold motifs introduce light movement, enhancing its playful charm, while matching earrings carry the same vibrant palette in a compact form. A striking expression of festive elegance that transforms traditional gold into a kaleidoscope of soft, modern hues.

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