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
Zaveri Bazaar Cluster Development Proposal Addresses Parking, Traffic Mobility, Safety, and Security For Citizens and Traders
Proposal Presented To Ravindra Chavan, The BJP’s Maharashtra President
A group of industry leaders met with Ravindra Chavan, the BJP’s Maharashtra president, to press for infrastructure and policy support aimed at revitalizing Mumbai’s Zaveri Bazaar. A comprehensive Cluster Development Proposal for Zaveri Bazaar was presented by Dhiraj Rajmal Baldia, Founder, Jain Bullion Gem & Jewellery Federation (JBGJF). Kanayaa Kakkad, Jt Treasurer-IBJA, presented the key focus areas, including improving parking infrastructure and enhancing traffic mobility to ensure greater safety and security for citizens and traders in the region.
The delegation—comprising senior representatives from 12 leading trade associations—presented a cluster development proposal for Zaveri Bazaar, one of India’s most prominent gold trading districts. Dhiraj Rajmal Baldia outlined the plan, which calls for upgrades to parking facilities, tighter traffic management, and enhanced security measures for traders and visitors.
Industry executives used the meeting to flag ongoing challenges, including market volatility, while emphasizing opportunities for growth. They said targeted policy intervention could help stabilize the sector and sustain momentum. Saiyam Mehra presented the GJCs’ position, while Surendra Mehta detailed concerns raised by the India Bullion and Jewellers Association, along with recommendations for reform.
Chavan signaled support for the initiative and urged the industry to submit detailed project reports to accelerate execution, according to people familiar with the discussions.
Present at the meeting were Saiyam Mehra, IPC, GJC, Vijay Agrawal, National Governing Board Director, IBJA & Director, World Silver Council; Kanayaa Kakkad, Jt Treasurer-IBJA;Surendra Mehta, National Secretary, IBJA; and the Directors of GJC – Madan Kothari, Sahil Mehra, Nilesh Shobhawat. Dhiraj Rajmal Baldia, Founder, Jain Bullion Gem & Jewellery Federation (JBGJF); Mahesh Bafna, President; Anil Pamecha, Director of MWGJA; Bharat Kothari, Director; and Anil Jain, Secretary from Shri Mumbadevi Dagina Bazaar Association; Rahul Desai, CEO & MD, IIG; Hausila Prasad Gupta, Dhanji Street Trade Association; Kishan Dagalia, Founder President; Sundarlal Sankhla, President; Rakesh Agarwal, VP; and Rajeev Agarwal, Secretary of Shri Sarafa Welfare Association, Mumbai.
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