Mumbai, February 13 India's exports of gemstones and jewelry declined by 5.79 per cent year-on-year in January to USD 2,238.54 million amid global trade headwinds and tariff-related pressures in key markets, the Gem and Jewelry Export Promotion Council (GJEPC) said on Friday.
Overall exports stood at USD 2,376.02 million in January 2025, for the same period of the previous year, GJEPC said in a statement.
However, overall exports remained steady during the April 2025-January 2026 period with a marginal decline of 0.64 per cent at USD 23,185.87 million, as compared to USD 23,334.73 million for the same period of the previous year.
The export outcome was significantly influenced by a sharp contraction in shipments to the United States, India's largest destination for gemstones and jewelry exports, where exports declined by over 45 per cent due to elevated tariffs and pricing disadvantages.
Meanwhile, India has successfully diversified its export markets, and during April 2025 - January 2026, exports to the United Arab Emirates grew by 23.71 per cent, Hong Kong rose by 33.5 per cent, while Australia and France posted robust growth of over 36 per cent each.
Other markets such as Belgium, Thailand, and Israel also recorded double-digit growth, demonstrating India's growing global footprint and the industry's ability to adapt to shifting trade dynamics.
"India's gemstone and jewelry exports have remained broadly stable during April-January at USD 23.19 billion, despite global headwinds, with a marginal decline in dollar terms and positive growth in rupee terms, underscoring the sector's resilience."
"The announcement of the framework for the India-US trade deal has brought much-needed relief, with the revised 18 per cent tariff on jewelry and zero duty on diamonds and colored gemstones, which will place India in a structurally superior position over key competitors across diamonds, colored gemstones and studded gold jewelry," GJEPC chairman Kirit Bhansali said.
He said, this advantage is expected to help Indian exporters regain lost ground in the US market and re-create trade, potentially adding up to USD 3 billion in the near term.
Supported by market diversification and a strong pipeline of trade agreements, the industry is well-positioned for recovery and sustained growth in 2026-27, Bhansali added.
"This outward-looking trade strategy has been strongly complemented by domestic reforms. The Union Budget 2026-27 is highly positive for the gemstone and jewelry sector, with a clear focus on ease of doing business, customs reforms, faster clearances and improved access to finance, which is aligned with the sector's long-term vision of achieving USD 100 billion in exports by 2047," added Bhansali.
Meanwhile, the overall exports of cut and polished diamonds declined by 3.64 per cent in January at USD 979.27 million compared to USD 1,016.3 million for the same period of the previous year.
Total exports of polished lab-grown diamonds in January dipped by 2.81 per cent at USD 83.45 million as against USD 85.86 million in the same month of the previous year.
Export of gold jewelry dipped by 16.57 per cent in January at USD 883.12 million compared to USD 1,058.51 million for the same period of the previous year.
However, silver jewelry exports surged by 107.04 per cent in January to USD 152.42 million compared to USD 73.62 million in the corresponding month of the previous year.