National News
India’s polished diamond exports continue to slide in June
India’s gross monthly polished diamond exports declined by 23% year-on-year in June, amounting to $779 million, according to the latest data released by the Gems and Jewellery Export Promotion Council (GJEPC).
While the drop continues the downward trajectory seen over the past two years, the June decline was less severe than May, when exports fell by 35.5%, from $1.47 billion in May 2024 to $950 million—one of the steepest falls in recent memory.
India’s polished diamond exports have faced sustained pressure since 2022, with weakened consumer sentiment in major markets like the United States and China driving demand down. For the fiscal year 2024–25, exports declined 16.8% to $13.3 billion, marking the sector’s lowest performance in nearly two decades.
The latest data also highlights a 5% decline in rough diamond imports for the April–June quarter, signaling a cautious buying approach amid global market uncertainty.
While the overall gems and jewellery sector also experienced a downturn, it fared slightly better than diamonds alone, registering a 14.1% year-on-year decline in revenue.
The session saw a power packed panel of experts that comprisedSurendra Mehta, National Secretary- IBJA,Ranjith Singh,Head of Business Development, IIBX, Shweta Dhanak, Director – Vijay Exports,S Thirupathi Rajan, MD Goldsmith Academy, Shivanshu Mehta, SVP & Head Bullion-MCX.The session was moderated by Chirag Seth, Principal Consultant, Metals Focus.
Some salient points made by the panelists:
- Gold prices are not linked to consumer demand. They are linked to central bank buying and ETFs
- Till the banking system doesn’t collapse, gold price will continue to rise
- Jewellers were advised to use a mix of futures and options for risk mitigation
- Given the current situation manufacturers selling on credit or unfavorable deals could be fatal flaw for business.
- Precious metals forecast: Surendra Mehta said he sees gold in 2026 in $4900-5100 range and silver in $90-105.Looking further he said by 2030-2035 gold could touch $18000- 20000 and silver could reach $500. Chirag Seth predicted silver touching $105 this year and gold moving in the $ 5200- $ 5500.
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