Gems & Jewellery exports decline by 7.01% imports down 37.83% in January 2025
As per the data released by the Gems and Jewellery Export Promotion Council (GJEPC), the apex body for the Gems & Jewellery Industry in India, the overall gross exports of Gems & Jewellery in January 2025 stood at USD 2237.14 million (INR 19302.280 crores), showing a decline of 7.01% compared to USD 2405.78 million (INR 19995.66 crores) for the same period last year. This is due to the economic uncertainty looming in the market on the back of tariff threats by Donald Trump right after his arrival in the power again
Overall Imports Decline
The overall imports of Gems & Jewellery for January 2025 stood at USD 1421.61 million (INR 12269.41 crores), showing a decline of 37.83% as compared to USD 2286.55 million (INR 19008.4 crores) for the same period last year. While there may be multiple factors like loosened demand due to the end of the wedding season, this also indicates the strengthening aatmanirbharta of the Indian Gems & Jewellery sector, where domestic demand is met by domestic jewellery manufacturers, reducing reliance on international players for finished jewellery products.
Cut and Polished Diamonds
The overall gross export of Cut & Polished diamonds declined by 12.48% in January 2025, standing at USD 1015.98 million (INR 8765.34 crores) compared to 1160.79 million (INR 9647.24 crores) for the corresponding period last year. As consumer demand remains subdued in two major markets of the world, there is a ripple effect on diamond exports from India, the largest cutting and polishing hub of the world.
Similarly, the overall gross imports of Cut & Polished diamonds saw a decline of 67.04%, standing at USD 54.0 million (INR 465.44 crores) when compared to USD 163.87 million (INR 1362.57 crores) for the same period last year.
Rough Diamonds
Gross imports of rough diamonds stood at USD 8746.70 million (INR 73505.97 crores) in January 2025, showing a decline of 22.49% when compared with the imports for the same period last year, which stood at USD 11284.26 million (INR 93292.2 crores). This decline is due to weak demand in international markets caused by economic uncertainty due to earlier geopolitical tensions and now with Trump’s tariff threats. Consumers are increasingly investing in safe-haven assets like gold compared to diamonds, which are non-yielding assets.
Polished Lab-Grown Diamonds
The total gross export of Polished Lab-Grown Diamonds during January 2025 stood at USD 85.44 million (INR 736.87 crores), showing a decline of 24.95% as compared to USD 113.85 million (INR 946.10 crores) for the previous year. This decline is due to weak demand in international markets. Additionally, price fluctuations in this category are another factor pushing demand downwards in global markets.
Gold Jewellery
The total gross export of Gold Jewellery in January 2025 stood at USD 949.46 million (INR 8193.44 crores), showing a decent growth of 20.48% compared to USD 788.06 million (INR 6549.58 crores) for the same period last year. This growth is due to global economic uncertainty, which has pushed consumers to invest in safe-haven assets like gold, which has been witnessing a constant price rise.
Coloured Gemstones
Provisional gross export of Coloured Gemstones during January 2025 stood at USD 353.92 million (INR 2979.69 crores), witnessing a decline of 9.62% compared to USD 391.57 million (INR 3238.89 crores) for the same period last year. There is a niche category of buyers for coloured gemstones, and while there may be a downtrend, this segment will not be affected at large.
Industry Expert Comments
Commenting on the same, Mr. Colin Shah, MD, Kama Jewelry, said, “With Trump coming back into power and aggressively pushing massive tariff hikes, the impact of the same is evidently visible on overall global trade activities. We are in a wait-and-watch situation to monitor Trump’s tariff stance, which will decide how the global market will navigate through these times. However, a gradual rebound in trade activities could be seen in the upcoming months once there is absolute clarity.”
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