The 2025 financial year saw Indian gem and jewellery gross exports decrease by 11.72% year on year amid global trade tensions, fraught international relations, and the rise in popularity of lab grown diamonds.
The Indian gem and jewellery industry reported an export total of approximately $28.5 billion for the previous fiscal year, which ended in March, compared to $32.28 billion in the 2024 financial year, ET Retail reported. Although diamond prices regained some stability, factors such as sanctions against Russian mined diamonds negatively affected Indian export values.
The 2025 financial year witnessed overall gross gem and jewellery imports valued at $19.6 billion, the Economic Times reported. Gem and jewellery imports had been 11.96% higher in the 2024 financial year with a total of $22.2 billion.
In January this year, India’s gem and jewellery industry reported month on month grown, signalling an improvement. The main product exported by India’s gem and jewellery industry is cut and polished diamonds and other goods include rough diamonds, gold jewellery, lab grown diamond jewellery, and studded gold jewellery among others, according to the Gem and Jewellery Export Promotion Council, a traders’ body which works to boost Indian gem and jewellery exports.
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