India’s Gem and Jewellery Imports Witness Marginal Dip in May 2025 Despite Gold Surge
Overall Imports Slightly Down by 0.18% YoY
India’s total imports under the Gem & Jewellery category (Chapter-71) for May 2025 stood at ₹32,006.09 crore (US$3,748.62 million), showing a marginal year-on-year decline of 0.18% in rupee terms and 2.52% in dollar terms when compared to ₹32,065.28 crore (US$3,845.69 million) in May 2024.
Rough Diamonds See Slight Drop
Imports of rough diamonds in May 2025 amounted to ₹19,311.73 crore (US$2,262.21 million), registering a YoY decline of 3.20% in rupee terms and 5.46% in dollar terms. Compared to ₹19,949.36 crore (US$2,392.87 million) in May 2024, the decrease reflects subdued demand in the cutting and polishing industry.
Gold Bar Imports Surge Over 100%
Gold bar imports jumped significantly to ₹7,554.46 crore (US$884.17 million) in May 2025, compared to ₹3,621.70 crore (US$434.30 million) in May 2024, marking a 108.59% growth in rupee terms and a 103.58% rise in dollar terms. This surge underscores a rebound in bullion demand amid economic recovery signals.
Lab-Grown Diamond Imports Decline
Lab-grown diamonds and synthetic stones imports fell to ₹1,432.20 crore (US$167.82 million) in Apr-May 2025, down from ₹1,587.84 crore (US$190.21 million) in the same period last year — a drop of 9.80% in rupee terms and 11.77% in dollar terms.
Silver Jewellery and Imitation Jewellery Lead Growth
Silver jewellery imports grew by 34.63% YoY (₹6.36 crore in May 2025), while imitation jewellery imports more than doubled to ₹6.20 crore from ₹2.02 crore, reflecting a 206.93% growth in rupee terms. These categories continue to gain traction in global markets due to affordability and design innovation.
Cut & Polished Diamonds Continue Decline
Cut and polished diamond imports dropped sharply to ₹1,250.13 crore (US$146.43 million) in May 2025, reflecting a 33.84% decline in rupee terms and 35.84% in dollar terms over May 2024. This trend continues the downward trajectory from the last fiscal year.
Platinum Imports Show Robust Growth
Platinum bar imports surged to ₹646.23 crore (US$75.92 million) in Apr-May 2025, up from ₹145.20 crore (US$17.02 million) a year ago — marking a massive 345.06% growth in rupee terms and 335.77% in dollar terms.
Imports from SEZ Decline
The imports from SEZs and EOUs showed a significant drop in various categories, including waste & scrap and some silver base metal categories, indicating lower re-export activities or stock corrections.
Summary: A Mixed Bag
Despite the slump in rough and polished diamond imports, the surge in gold and platinum bar imports kept the overall numbers steady. The gold bar segment emerged as a strong performer, while diamonds and synthetic stones faced market corrections. With the total value nearly maintaining last year’s levels, India’s gem & jewellery import landscape in May 2025 presents a mixed sentiment — cautious optimism driven by selective high-demand segments.
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