India’s overall gems and jewellery exports dropped by 15.81% to $2,263.42 million (₹19,260.81 crore) in May 2025, compared to $2,688.38 million (₹22,414.02 crore) during the same month in 2024, as per the latest data released by the Gems and Jewellery Export Promotion Council (GJEPC).

According to GJEPC, the decline was largely due to the tariff announcements by the United States, which significantly impacted outbound shipments. Among the segments, exports of cut and polished diamonds experienced a sharp fall of 35.49%, standing at $949.70 million (₹8,089.81 crore) in May 2025, down from $1,472.08 million (₹12,272.03 crore) in the corresponding period last year.

Similarly, exports of polished lab-grown diamonds saw a decline of 32.7%, falling to $80.90 million (₹689.71 crore) from $120.32 million (₹1,003.06 crore) recorded in May 2024.

On a positive note, gold jewellery exports witnessed a significant rise of 17.24% to $997.50 million (₹8,482.61 crore), compared to $850.81 million (₹7,094.52 crore) during the same period in the previous year. This growth is attributed to rising global demand for gold amid ongoing geopolitical tensions in the Middle East.

Meanwhile, gross silver jewellery exports during April–May dropped by 17.59% to $150.08 million (₹1,281.92 crore), down from $182.11 million (₹1,518.69 crore) in the same period last year. Coloured gemstone exports also saw a minor dip of 1.13%, totalling $62.51 million (₹533.08 crore) compared to $63.22 million (₹527.36 crore) during April–May 2024.

GJEPC Chairman Kirit Bhansali stated, “The overall exports continue to decline and in May the dip was 15.81% mainly due to the tariffs announcement by the US. However, gold jewellery exports have gone up due to the continuing geopolitical tensions in the Middle East, which has increased the demand for the precious metal as a safe haven.”