India's Gem & Jewellery Export Woes Amid Geopolitical Tensions

India's gems and jewellery exports fell by 11.72% to USD 28.5 billion in 2024-25 due to geopolitical tensions affecting key markets like China and the US. The decline is accompanied by a dip in demand, notably impacting diamonds, gold, silver, and coloured gemstones, though platinum improved.

India's gems and jewellery exports experienced a significant decline in the financial year 2024-25, dropping by 11.72% to USD 28.5 billion, according to the latest data from the Gem & Jewellery Export Promotion Council (GJEPC). The downturn is attributed primarily to ongoing geopolitical tensions that have suppressed demand in crucial markets such as China and the United States.

Despite the overall decrease, March offered a glimmer of recovery with a 1.02% rise in exports. Chairman of GJEPC, Kirit Bhansali, noted that falling demand and a correction in rough diamond prices by 10-15% also contributed to the diminishing export values.

Diamonds, whether cut and polished or lab-grown, along with gold, silver, and coloured gemstone exports, all saw notable declines. However, platinum jewellery exports bucked the trend, registering an 11.79% increase over the previous year.

(With inputs from agencies.)