While the global gem and jewellery market stabilizes despite shocks, gross exports from India fell by 11.72 per cent in 2024-25 from the previous financial year. G&J exports fell to USD 28.5 billion in 2024-25 from USD 32.28 billion the previous financial year.
Global factors such as sluggish US and China markets, war in various parts of the world, sanctions against Russian-mined diamonds and competition with affordable lab-grown diamonds have severely affected gem and jewellery exports from India over the past two years. However, prices of rough, cut and polished diamonds are showing stability after almost two years of uncertainty.
In the 10 days before the new US reciprocal tariff rate of 26 per cent came into force, exports of over USD 1 billion were executed by the industry from India. This is an important indication of growth in the market.
Overall gross imports of G&J stood at USD 19.6 billion, a decline of 11.96 per cent in 2024-25 from USD 22.2 billion the previous year.
The situation started improving in Jan and growth has been recorded compared to the previous month. However, it has remained low compared to the corresponding month last year. Overall gross exports of G&J at USD 2.5 billion for March 2025 show a growth of 1.02 per cent from USD 2.55 billion in March 2024.
The major component of Indian G&J exports is cut and polished diamonds (CPD). Overall gross exports of CPD were USD 13.2 billion in 2024-25, a decline of 16.75 per cent from USD 15.96 billion in 2023-24. There was a decline of 36.6 per cent in the import of CPD from the US, going from USD 1.9 billion in 2023-24 to USD 1.2 billion in 2024-25.
Another major parameter of the G&J sector is rough diamonds from mining and trading centres. Gross imports of rough diamonds were worth USD 10.8 billion in 2024-25, a decline of 24.27 per cent from USD 14.2 billion the previous year.
In volume terms, gross import of rough diamonds was 1,044.34 lakh carats in the 2024-25 financial year, a decline of 16.20 per cent from 1,246.17 lakh carats the previous year.
Gross exports of polished lab-grown diamonds during the 2024-2025 financial year were worth USD 1.2 billion, a 9.64 per cent decline from USD 1.4 billion the previous year.
Gross exports of total gold jewellery for the 2024-2025 financial year were USD 11.21 billion, with a decline of 0.11 per cent from USD 11.22 billion in 2023-24. Of this, plain gold jewellery exports were worth USD 5.1 billion and studded gold jewellery exports were worth USD 6.1 billion. In studded gold jewellery, exports improved by 14 per cent from last year’s figure of USD 5.35 billion.
Gross exports of silver jewellery for the 2024-2025 financial year were worth USD 962 million, a 40.58 per cent fall from USD 1.6 billion the previous financial year. Gross exports of platinum jewellery for 2024-2025 were worth USD 182.75 million, increasing by 11.79 per cent from USD 163.48 million the previous year.
Surat: While the global gem and jewellery market stabilizes despite shocks, gross exports from India fell by 11.72 per cent in 2024-25 from the previous financial year. G&J exports fell to USD 28.5 billion in 2024-25 from USD 32.28 billion the previous financial year.
Global factors such as sluggish US and China markets, war in various parts of the world, sanctions against Russian-mined diamonds and competition with affordable lab-grown diamonds have severely affected gem and jewellery exports from India over the past two years. However, prices of rough, cut and polished diamonds are showing stability after almost two years of uncertainty.
In the 10 days before the new US reciprocal tariff rate of 26 per cent came into force, exports of over USD 1 billion were executed by the industry from India. This is an important indication of growth in the market.
Overall gross imports of G&J stood at USD 19.6 billion, a decline of 11.96 per cent in 2024-25 from USD 22.2 billion the previous year.
The situation started improving in Jan and growth has been recorded compared to the previous month. However, it has remained low compared to the corresponding month last year. Overall gross exports of G&J at USD 2.5 billion for March 2025 show a growth of 1.02 per cent from USD 2.55 billion in March 2024.
The major component of Indian G&J exports is cut and polished diamonds (CPD). Overall gross exports of CPD were USD 13.2 billion in 2024-25, a decline of 16.75 per cent from USD 15.96 billion in 2023-24. There was a decline of 36.6 per cent in the import of CPD from the US, going from USD 1.9 billion in 2023-24 to USD 1.2 billion in 2024-25.
Another major parameter of the G&J sector is rough diamonds from mining and trading centres. Gross imports of rough diamonds were worth USD 10.8 billion in 2024-25, a decline of 24.27 per cent from USD 14.2 billion the previous year.
In volume terms, gross import of rough diamonds was 1,044.34 lakh carats in the 2024-25 financial year, a decline of 16.20 per cent from 1,246.17 lakh carats the previous year.
Gross exports of polished lab-grown diamonds during the 2024-2025 financial year were worth USD 1.2 billion, a 9.64 per cent decline from USD 1.4 billion the previous year.
Gross exports of total gold jewellery for the 2024-2025 financial year were USD 11.21 billion, with a decline of 0.11 per cent from USD 11.22 billion in 2023-24. Of this, plain gold jewellery exports were worth USD 5.1 billion and studded gold jewellery exports were worth USD 6.1 billion. In studded gold jewellery, exports improved by 14 per cent from last year’s figure of USD 5.35 billion.
Gross exports of silver jewellery for the 2024-2025 financial year were worth USD 962 million, a 40.58 per cent fall from USD 1.6 billion the previous financial year. Gross exports of platinum jewellery for 2024-2025 were worth USD 182.75 million, increasing by 11.79 per cent from USD 163.48 million the previous year.
