India’s Gem and Jewellery Trade Witnesses Mixed Trends in May 2025

Overall Exports & Imports Drop in May, but April-May Figures Show Growth

India’s gem and jewellery exports for May 2025 witnessed a noticeable dip, with gross exports falling 15.81% to US$ 2,263.42 million (₹19,260.81 crore), compared to US$ 2,688.38 million (₹22,414.02 crore) in May 2024. Imports also dropped 12.96% to US$ 1,689.61 million (₹14,393.12 crore).

However, in a positive turn, the cumulative export value for April-May 2025 increased by 4.96% year-on-year to US$ 5,202.01 million (₹44,407.30 crore). Imports during the same period declined slightly by 2.52% to US$ 3,748.62 million (₹32,006.09 crore).

Cut & Polished Diamonds See Major Decline

Exports of cut and polished diamonds in May 2025 fell sharply by 35.49% to US$ 949.70 million (₹8,089.81 crore) from US$ 1,472.08 million (₹12,272.03 crore) in May 2024. Imports also declined by 38.76% to US$ 84.80 million (₹722.74 crore).

For April-May 2025, diamond exports stood at US$ 2,058.70 million (₹17,578.92 crore), a drop of 22.41%. Imports fell by 35.38% to US$ 146.43 million (₹1,250.13 crore), showing continuing weakness in the segment.

Gold Jewellery Exports Surge Amid Global Demand

Gold jewellery exports showed robust growth in May 2025, rising 17.24% year-on-year to US$ 997.50 million (₹8,482.61 crore). Over the April-May 2025 period, exports increased by 40.11% to US$ 2,264.26 million (₹19,324.14 crore).

Plain gold jewellery exports for April-May 2025 grew an impressive 81.51% to US$ 1,178.61 million (₹10,067.45 crore), while studded gold jewellery saw a growth of 12.3% to US$ 1,085.65 million (₹9,256.69 crore).

Lab-Grown Diamonds Reflect Slump

The export of polished lab-grown diamonds in May 2025 declined significantly by 32.76% to US$ 80.90 million (₹689.71 crore). For the April-May 2025 period, exports decreased by 16.66% to US$ 192.41 million (₹1,643.16 crore), indicating continued pressure on this emerging sector.

Rough Diamond Imports Experience Mild Dip

Rough diamond imports during April-May 2025 amounted to US$ 2,262.21 million (₹19,311.73 crore), reflecting a 5.46% drop from the previous year. In volume terms, imports were down 1.81% to 196.57 lakh carats.

Silver & Platinum Jewellery Performance Diverges

While silver jewellery exports dropped 17.59% to US$ 150.08 million (₹1,281.92 crore), platinum jewellery posted a healthy growth of 29.78%, reaching US$ 33.09 million (₹282.62 crore) for April-May 2025.

Coloured Gemstones Stable, Gold Coins Nosedive

Coloured gemstone exports remained nearly stable, dipping only 1.13% to US$ 62.51 million (₹533.08 crore). Conversely, gold medallions and coins saw a dramatic 99.09% decline to just US$ 0.83 million (₹7.07 crore), a significant drop from US$ 90.68 million (₹755.93 crore) in the previous year.

Conclusion:

Despite the slump in May, India’s gem and jewellery sector showed resilience in April-May 2025, driven by strong gold jewellery exports. However, persistent weakness in the diamond segment and lab-grown sector reflects market challenges that need attention going forward.

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