India’s gems and jewellery exports drop over 15% in May; diamond shipments see sharp fall

India's overall gems and jewellery exports declined by 15.81% in May 2025, according to data from the Gems and Jewellery Export Promotion Council (GJEPC). Exports stood at $2,263.42 million (₹19,260.81 crore), compared to %2,688.38 million (₹22,414.02 crore) in May 2024.

Imports also fell 12.96% year-on-year to $1,689.61 million (₹14,393.12 crore), down from $1,941.29 million (₹16,184.80 crore) last year. Industry players attribute the fall to global uncertainties, including US tariff policies and ongoing geopolitical tensions.

Sharp decline in diamond segment

Cut and polished diamond exports dropped 35.49% to $949.70 million (₹8,089.81 crore), from $1,472.08 million (₹12,272.03 crore) a year ago. Imports in this category also declined 38.76%, standing at $84.80 million (₹722.74 crore).

Rough diamond imports were down 5.46% to $2,262.21 million (₹19,311.73 crore). Industry sources cite falling prices and excess inventory as key factors.

Exports of polished lab-grown diamonds fell 32.76% to $80.90 million (₹689.71 crore), from $120.32 million (₹1,003.06 crore) in May 2024. Weak overseas demand, particularly in the U.S. and China, contributed to the decline.

Gold jewellery exports rise

Gold jewellery exports rose 17.24% year-on-year to $997.50 million (₹8,482.61 crore), up from $850.81 million (₹7,094.52 crore). GJEPC attributes the growth to increased global demand for wearable gold.

Coloured gemstones see marginal dip

Exports of coloured gemstones recorded a marginal decline of 1.13%, totalling $62.51 million (₹533.08 crore) versus $63.22 million (₹527.36 crore) last year.

Commenting on the overall decline, Colin Shah, MD of Kama Jewelry, said the sector continues to feel the impact of tariffs imposed by the U.S. and geopolitical tensions in the Middle East and Eastern Europe. However, he added that improving trade dialogue between the U.S. and China may offer some relief.

GJEPC expects continued volatility in the coming months and urges close monitoring of global trade developments.