National News
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
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
IAGES Receives Strong Response To IAGES–SPJIMR Advanced Leadership Programme In Gold Entrepreneurship
Next-Generation Leaders From Gold Business Entities Across India Join The Inaugural Cohort
The Advanced Leadership Programme in Gold Entrepreneurship, developed by the Indian Association for Gold Excellence and Standards (IAGES) jointly with SPJIMR (Bharatiya Vidya Bhavan’s S. P. Jain Institute of Management & Research), has received a strong response from gold businesses across the value chain. The first batch of the six-month programme begins on 17 November 2026.
Since the programme was announced in August 2026, enquiries have come in from gold business entities in metros as well as Tier II and Tier III cities. These businesses share a common need: next-generation leaders who learn sound finance, inventory and compliance practices, brand-building and succession planning to augment the trade knowledge they already have.
The inaugural cohort brings together gold business entities from across the country, and includes:
• Mr. Suyash Bansal, B.K. Saraf Private Limited, Lucknow
• Mr. Rishi Jain, Shankheshwar Jewellers, Mumbai
• Mr. Keval Radhanpura, N J Arts, Rajkot
• Mr. Darshan Patel, Samarth Jewellers, Ahmedabad
• Mr. Aryan Anand, Harsahaimal Shiamlal Jewellers, Bareilly
• Ms. Aishwarya Verma, Kuldip Sons Jewellers Pvt. Limited, Jamshedpur
• Mr. Ishaan Jain, Jodhamal Kailashchand, Meerut
• Mr. Azaz Mirza, Kalamandir, Surat
• Mr. Vivan Ranka, Ranka Jewellers, Pune
• Mr. Samyak Shah, Chandukaka Saraf Private Limited, Baramati
• Ms. Pradnyapti Jain, Chandukaka Saraf Private Limited, Baramati
• Mr. Sarthak Singhal, Singhal Jewels and Gems Private Limited, Ghaziabad
• Mr. Tanishq Soni, Govind Ram Jewellers, Lucknow
• Mr. Aman Talla, Talla Jewellers, Jammu
• Mr. Ipsit Karmakar, Bidhan Jewellers, Siliguri
The curriculum is built around the daily realities of every gold business entity: working capital and gold hedging, taxation, BIS hallmarking and compliance, ethical sourcing, the IAGES Code of Conduct, pricing and margins, building a brand, and professionalising the family business, along with AI for business and marketing. It includes 75+ campus sessions, three weeks at SPJIMR’s Mumbai campus and IAGES-led industry sessions. Those who complete the programme receive SPJIMR Executive Alumni status.
Kaushlendra Sinha, Chief Executive Officer, IAGES said:

“The response shows that our industry is ready to invest in its own future. These young leaders come from both IAGES accredited and non-accredited businesses that have earned customer trust over decades, and they are now preparing to run those businesses with stronger systems, governance and transparency. We look forward to welcoming them to the first batch.”
A few seats remain in the first batch, and applications are open until 31 October 2026. Gold businesses that want to prepare their next generation of leaders can find programme details at www.iages.com.
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