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India’s Gem & Jewellery Exports to the US Fall 44.42%; Market Diversification and FTAs Keep Overall Exports Stable at US$ 20.75 Billion

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  • December alone saw a further sharp contraction of 50.44% in exports to the US
  • Strong growth in UAE and Hong Kong offsets pressure
  • Gold bar prices increased by 52% compared to last year April to December, which reflects increase in value but decline in volume in exports

India’s gem and jewellery exports to the United States witnessed a sharp contraction during April–December 2025, declining 44.42% year-on-year to US$ 3.86 billion, compared to US$ 6.95 billion in the corresponding period last year. In December 2025, exports to the US declined by 50.44% year-on-year, reflecting the continued impact of tariff-related pressures and subdued discretionary demand.

Kirit bhansali

Commenting on the sharp decline, Kirit Bhansali, Chairman, GJEPC, said, “The United States remains India’s largest export destination, accounting for nearly 30% of our gem and jewellery exports. The sharp decline in shipments is a matter of serious concern. Prolonged uncertainty around tariffs could adversely impact the long-term viability of the US market for Indian jewellery exporters. That said, we have full faith in the Government of India and remain hopeful that ongoing bilateral trade discussions will lead to a positive and timely resolution.”

Despite the sharp contraction in the US market, India’s overall gem and jewellery exports remained stable during April–December 2025, underscoring the industry’s resilience. Provisional exports for the nine-month period aggregated US$ 20.75 billion, reflecting a marginal dip of 0.41% year-on-year, while registering a 3.69% growth in rupee terms, supported by currency movement and steady trade flows.

The near-flat performance highlights market stabilisation, with strong growth in jewellery exports—particularly gold, silver and platinum jewellery—offsetting moderation in cut and polished diamonds and lab-grown diamonds. This trend reflects the industry’s ability to adapt through product mix optimisation, value addition, and diversified export destinations.

A key stabilising factor has been the industry’s ability to leverage Free Trade Agreements (FTAs) and deepen its presence in alternative markets. Exports to the United Arab Emirates rose 28.08% year-on-year to US$ 6.89 billion, while shipments to Hong Kong increased 28.19% to US$ 4.25 billion. Exports to Australia also recorded strong growth, rising 39.83% to US$ 277.76 million, underscoring the growing importance of diversified and FTA-supported markets.

These gains helped cushion the impact of weaker demand in select developed markets.

Highlighting the role of trade agreements, Kirit Bhansali said, “Free Trade Agreements with the UAE and Australia have come at a crucial time for the industry. Recent FTAs with the UK, Oman, New Zealand and others will further enhance competitiveness by reducing duties and easing trade barriers. With the Government of India currently negotiating multiple trade agreements, we are confident these will open new markets and strengthen India’s position globally on quality, value and trust.”

As a result, the Indian gem and jewellery industry today is no longer dependent on a few traditional markets. Market diversification has emerged as one of the most important structural shifts for the sector. Exporters are steadily expanding their footprint across West Asia, Asia-Pacific, Australia, Latin America and other emerging regions, building a more balanced and future-ready export base.

Commenting on the rising bold prices, Kirit Bhansali, Chairman, GJEPC, said, “During April- December 2025, plain gold jewellery exports recorded a value growth of 7.72% to US$ 3816.97 million. It is important to note that this increase was largely value-led, as gold bar prices rose by 52% compared to the same period last year, resulting in higher export realisations even though export volumes moderated.”


During April–December 2025:

  • Cut and polished diamond exports during April–December 2025 stood at US$ 8.99 billion, registering a 7.85% year-on-year decline, largely due to tariff-related pressures and reduced demand from the United States.
  • Total gold jewellery exports, including plain and studded jewellery, grew 7.28% year-on-year to US$ 8.67 billion during the period. Within this, plain gold jewellery exports increased 7.72% in value, while studded gold jewellery exports rose 6.93%
  • Silver jewellery exports surged 44.36% to US$ 1.11 billion
  • Platinum jewellery exports jumped 49.16% to US$ 195.65 million, aided by rising acceptance in niche markets
  • Polished lab-grown diamond exports declined 10.28% year-on-year in value to US$ 840.14 million.
  • Coloured gemstone exports during the period stood at US$ 294.52 million, marginally lower by 3.16% year-on-year.
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Senco Gold & Diamonds Partners With Olocker to Give Customers Free Jewellery Insurance, Letting Precious Memories Be Worn, Not Hidden Away

A Customer-First Initiative Designed to Help People Wear Their Precious Memories with Confidence.

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Senco Gold & Diamonds, one of India’s most trusted jewellery houses, has partnered with Olocker, India’s first dedicated jewellery insurance platform, to offer free jewellery insurance to its customers, protecting purchases against risks such as snatching, robbery, and housebreaking.

On the surface, it’s a simple value-add: buy jewellery from Senco, get it insured, at no extra cost. But the thinking behind it is more personal — the freedom to actually live with the things you love. 

There is a quiet ritual that plays out in homes across India every wedding season, every anniversary. A piece of jewellery is bought with love, worn once or twice with pride — and then, almost apologetically, tucked away in a bank locker for “safekeeping.” The very thing meant to be cherished ends up spending most of its life in the dark.

A Locker Is No Place for a Memory

Ask any family that owns fine jewellery, and you’ll hear the same quiet anxiety: the fear of stepping out wearing something precious, the fear of a break-in while the house is empty. For many, the solution has always been the same — lock it away, take it out only for weddings and festivals, and let it sit untouched the rest of the year.

It’s a practical response to a real risk, but it also means jewellery bought to mark a marriage or a milestone ends up being seen far less than it deserves.

This is the exact problem Senco Gold & Diamonds’ Managing Director, Suvankar Sen,

has spoken about wanting to solve. Known for a customer-first philosophy that goes beyond transactions, Sen has often said jewellery should be something people live with, not something they merely own. “Jewellery is never just metal and stone,” Sen said, explaining the thinking behind the Olocker partnership. “It’s a wedding day, a mother’s blessing, a promise kept. When customers can’t step out wearing it, or can’t leave home without worrying about a break-in, something is broken in that experience. We wanted to fix that.” 

That sentiment is the quiet engine behind this initiative. Rather than simply selling jewellery and stepping back, Senco has chosen to walk the extra mile — ensuring that once a customer takes a piece home, they can wear it freely and pass it down through generations, without the constant undercurrent of worry. 

What the Partnership Actually Offers

Through this collaboration, Senco customers receive free jewellery insurance via Olocker on qualifying purchases, protecting against snatching, robbery, and housebreaking.

Olocker, India’s first digital platform dedicated to jewellery insurance and asset tracking, brings the technical and insurance backbone — while Senco brings its decades of trust, built since 1938, to make sure customers actually use it. 

For a family that has just bought a piece for a wedding, this means peace of mind — wearing that necklace to a dinner without the nagging thought of “what if someone snatches it,” or “what if someone breaks in while we’re away.” 

A Partnership Built on Shared Intent

The excitement isn’t one-sided. At Olocker, the partnership is seen as validation of the idea the platform was built on — that jewellery insurance should be a natural, everyday companion to ownership, not a niche afterthought.

“This is genuinely one of the most exciting collaborations we’ve been part of,” said Milind Shethia, Founder & Chief Marketing Officer at Olocker. “Our mission has been to help people wear their jewellery instead of locking it away, and partnering with a name as trusted as Senco brings that mission to millions of customers at once.

What’s heartening is Mr. Sen’s own approach — he didn’t look at it as a marketing tie-up, but as giving something back to people who’ve trusted Senco for generations. That kind of intent is rare, and it’s exactly the spirit we built Olocker around.” 

That mutual sense of purpose is what gives this partnership its quiet credibility. It isn’t a scheme or a promotional hook, but two organisations agreeing on a simple, shared belief: jewellery should be lived in, not locked up. 

A Bigger Idea About Ownership

There is a broader philosophy at play, one Suvankar Sen has championed throughout his tenure at Senco — that jewellery is an emotional asset as much as a financial one, and customers shouldn’t have to choose between enjoying it and protecting it.

This partnership feels less like a marketing initiative and more like a promise kept, reflecting a leadership style that measures success in something harder to quantify — how cared for a customer feels long after leaving the showroom. 

As jewellery increasingly doubles as adornment and investment, initiatives like this one may well set a new benchmark for customer care in the industry.

Senco, through its partnership with Olocker, isn’t just insuring jewellery against snatching or a break-in — it’s giving people back the freedom to wear their memories, out loud, without fear. 

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