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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.

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National News

Zoya Unveils Its Second Boutique In Bengaluru At The Leela Palace

Celebrating Craft and Meaning At Its 4th Boutique In South India and 13th In India

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Zoya, India’s leading luxury jewellery brand and a landmark of quiet luxury, unveils its 13th boutique in India and its second in Bengaluru, with Amanpreet Ahluwalia, Business Head of Zoya from the Tata Group, leading the unveiling. Set within the Colonnade at The Leela Palace Bengaluru, the boutique redefines the experience as intimate, warm, and deeply meaningful. Unfolding like a poem, the boutique draws the unapologetically herself Zoya muse in, revealing itself slowly as she moves through the space, discovering stories expressed through soulful craft and exquisite jewellery.

Zoya means alive—and at the heart of the brand is the belief that every woman is on her own heroine’s journey. At the threshold, she is greeted by an enigmatic mural that captures this defining evolution. Zoya’s intricate yet minimal boutique becomes a space of her own, wrapped in hand-beaded wallpaper—a quiet expression of India’s artisanal pride and legacy. Lit by a handcrafted chandelier in banana fibre paper and organza, this gallery of wearable art gently invites her into her feminine journey. As she moves through the boutique, a quiet sense of belonging deepens.

The space is thoughtfully crafted to bring meaningful collections to life, softly revealing the stories each piece holds. In this gentle unfolding, a sense of boundlessness stirs within her. As she gazes at the Beyond collection—an inlay of diamonds and emerald-cut emeralds that move like the Indus River—it reminds her that she is a force of nature. At the Alive collection, she feels like a wildflower—wherever she stands, she blooms.

The bespoke wall draws her in, where gemstones and stories come together—each one-of-a-kind piece an ode to her uniqueness.

She steps into a more cocooned space, where the Zoya experience deepens. With a cup of freshly brewed coffee and delectable hors d’oeuvres in hand, she lingers, held in a moment of quiet indulgence, immersed in stories expressed through each collection in a space that feels like a quiet oasis.

Commenting on the boutique, Amanpreet Ahluwalia, Business Head of Zoya from the Tata Group, said:

Our thirteenth boutique in India and our second in Bengaluru – and with each one, Zoya grows into a deeper expression of herself. At The Leela Palace, the space unfolds like a gallery of wearable art – where each piece is meant to be seen, felt, and experienced. The boutique is intentionally immersive and deeply personal, shaped by an instinctive warmth. We hope every woman who walks in finds her own pause here-a moment to slow down and return to herself”

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