Even diamonds lose their sparkle under global strain. Although the market is perceived as stable, India’s gem and jewellery exports took a hit in 2024-25, slipping by 11.72% as geopolitical unrest, economic slowdowns, and the rise of lab-grown competitors dulled the industry’s shine.
G&J exports dropped to $28.5 billion in 2024-25 from $32.28 billion in the preceding financial year.
In the ten days leading up to the implementation of the new 26% reciprocal tariff rate in the US, exports exceeding $1 billion were conducted by the Indian industry. This serves as a crucial indicator of market growth.
The overall gross imports in the G&J sector amounted to $19.6 billion, reflecting an 11.96% decline in 2024-25 from $22.2 billion the previous year.
The situation didn’t seem dire in January, which recorded growth compared to that in the preceding month. Yet, the growth was low in comparison to the same month last year. Overall gross G&J exports of $2.5 billion for March 2025 represent a growth of 1.02% from $2.55 billion in March 2024.
Cut and polished diamonds (CPD) constitute the primary component of Indian G&J exports. In 2024-25, total gross CPD exports were valued at $13.2 billion, a decrease of 16.75% from $15.96 billion in 2023-24. There was a 36.6% decline in CPD imports from the US, which fell from $1.9 billion in 2023-24 to $1.2 billion in 2024-25.
Another key aspect of the G&J sector is rough diamonds sourced from mining and trading hubs. The gross imports of rough diamonds were valued at $10.8 billion in 2024-25, representing a drop of 24.27% from $14.2 billion in the previous year.
In terms of volume, the total gross import of rough diamonds for the financial year 2024-25 stood at 1,044.34 lakh carats, down by 16.20% from 1,246.17 lakh carats the year prior.
During the 2024-2025 financial year, gross exports of polished lab-grown diamonds were valued at $1.2 billion, marking a 9.64% decrease from $1.4 billion the previous year.
The gross exports of total gold jewellery for the financial year 2024-2025 reached $11.21 billion, reflecting a slight decline of 0.11% from $11.22 billion in 2023-24. Among these exports, plain gold jewellery accounted for $5.1 billion, while studded gold jewellery exports amounted to $6.1 billion. In the case of studded gold jewellery, exports increased by 14% compared to last year’s figure of $5.35 billion.
Gross exports of silver jewellery during the financial year 2024-2025 were valued at $962 million, experiencing a 40.58% decline from $1.6 billion the previous financial year. Furthermore, gross exports of platinum jewellery for 2024-2025 reached $182.75 million, an increase of 11.79% from $163.48 million in the prior year.
Over the past two years, India’s gem and jewellery exports have been hit hard by geopolitical tensions, economic headwinds from the US and China, and pressure from the sharp increase in lab-grown gems and sanctions on Russian diamonds. However, following a protracted period of market volatility, industry analysts claim that a glimmer of stability has returned to diamond pricing, including rough, cut, and polished, notwithstanding the turmoil.
