WhatsApp
Email
Facebook
Twitter
LinkedIn
The Gem & Jewellery Export Promotion Council (GJEPC) reported a sharp decline in India’s exports to the US as tariffs weighed on the sector.
India’s supply to the US plunged 50% year on year in December, the organization said last week. Meanwhile, the period from April to December saw a 44% year-on-year drop to $3.86 billion. The decline stemmed from persistent tariff pressures and weakened discretionary purchasing.
“The United States remains India’s largest export destination, accounting for nearly 30% of our gem and jewelry exports,” said GJEPC chairman Kirit Bhansali. “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 jewelry exporters.”
Overall, Indian’s gem and jewelry sector exports were largely stable during the nine months that ended December 31. Overall exports for the period slipped 0.4% year on year to $20.75 billion, while rising 3.7% in rupee terms, supported by currency movements and stable trade activity, according to provisional figures the GJEPC published. The near-flat result suggested market stabilization, as gains in jewelry exports — especially gold, silver and platinum — balanced softer performance in polished and lab-grown diamonds, the council commented. This highlighted the industry’s adaptive focus on product mix, value addition and market diversification, it added.
Shipments to the United Arab Emirates increased 28% year on year to $6.89 billion, and exports to Hong Kong climbed 28% to $4.25 billion. Trades to Australia also recorded strong growth, rising 40% to $277.8 million, emphasizing the growing role of diversified markets supported by Free Trade Agreements(FTA).
During the April-to-December period, gold-bar prices jumped 52% year on year. Gold-jewelry exports, including plain and studded jewelry, grew 7% year on year to $8.67 billion, while cut and polished diamonds saw an 8% decline, amid tariff pressures and lower demand from the US. Polished lab-grown diamond exports dropped 10% year on year to $840.1 million, while colored-gemstone shipments slid 3.2% to $294.5 million.
Image: Rough diamonds. (Shutterstock)
