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.

Nine carat Gold (375 ppt) is now officially under mandatory hallmarking as per BIS Amendment No. 2 .All jewellers and hallmarking centres must comply. Jewellers and hallmarking centres are required to comply with this addition of 9 karat gold(375 ppt)  to the mandatory hallmarking list under the BIS regulations. The changes are effective from July 2025. Earlier, categories of 14KT, 18KT, 20KT, 22KT, 23KT, and 24KT gold were in mandatory hallmarking.

More consumers are also turning to 9K-carat gold as higher grades have become very expensive. It is also easier to design jewellery items. By making it mandatory to hallmark 9-karat gold, the BIS hopes to protect consumer interest while also making gold items easier to trace .

over 40 crore gold jewellery items have been hallmarked with a unique HUID, ensuring greater trust and transparency for the consumers in the market.The Bureau of Indian Standards began the fourth phase of mandatory hallmarking under the Hallmarking of Gold Jewellery and Gold Artefacts Amendment Order, 2024, from November 5, 2024.

Additionally, during the fourth phase, 18 additional districts where hallmarking centres have been set up under Mandatory Hallmarking. Following the implementation of the fourth stage, the total number of districts covered under Mandatory Hallmarking now stands at 361.

BIS earlier implemented the first phase of mandatory hallmarking, which was launched on June 23, 2021. This phase covered 256 districts, whereas the second phase commenced from April 4, 2022, where 32 districts were further added.This was followed by the third phase, which was implemented from 6th September, 2023, and covered 55 newly added districts.

Rahul Desai, MD & CEO of the International Institute of Gemology (IIG), known for his transformative leadership and foresight in the jewelry business, officially announces the launch of RD Consultancy, a dedicated jewelry business growth consultancy. With a specialized focus on Product Planning, People Management, Brand Pulse, and Placement Strategy; RD Consultancy is positioned as a holistic partner for jewelry businesses looking to evolve, scale, and lead in an increasingly competitive landscape. This new venture marks a significant evolution in his multifaceted career, adding to his legacy as a strategist, educator, and trusted advisor within the industry.

With more than two decades of experience spanning manufacturing, retail, branding, and digital integration, Rahul Desai has played a pivotal role in elevating both B2B and B2C jewelry enterprises. Through RD Consultancy, he now brings this depth of experience into a formal structure designed to guide businesses through real, scalable transformation. The consultancy is built on a singular promise: to help jewelry brands move from vision to execution with strategic clarity and operational precision.

“In my experience,” Rahul Desai shares, “many entrepreneurs have the ambition and potential, but they often lack the framework to convert that into sustained success. RD Consultancy offers that missing blueprint. Whether it’s about building from scratch, navigating a market shift, or unlocking the next level of growth, we help bridge the gap.” The consultancy also supports businesses transitioning across models, from B2C to B2B or D2C, and into e-commerce, with strategies tailored to today’s dynamic consumer and trade landscapes.

Rather than offering off-the-shelf solutions, RD Consultancy approaches each project with a bespoke customized strategy. From recalibrating growth plans to streamlining teams and operations, from reimagining merchandise assortments to building compelling brand narratives, the focus remains on long-term value creation. Its solutions are insight-driven and outcome-oriented, ensuring clients don’t just keep pace, but lead.

Over the years, Rahul Desai has already been the silent force behind several successful turnarounds and brand evolutions. Now, with the official launch of RD Consultancy, this expertise becomes accessible to a wider audience ready to take their jewelry business to the next level.

For more information on RD Consultancy, visit www.rahuldesai.in and learn how it can help transform your jewelry business. You can also contact: rahul@iigindia.com and +91 98207 17183 for more information.