India’s gem and jewelry exports for the financial year April 2024 to March 2025 totalled US$28.50 billion (₹2,41,089.50 crore), reflecting an 11.72% decline year-on-year in US dollar terms, according to provisional figures released by the Gem & Jewelry Export Promotion Council (GJEPC). Imports over the same period fell by 11.96% to US$19.61 billion (₹1,65,819.35 crore).
For March 2025, exports showed a slight increase of 1.02% year-on-year to US$2.58 billion, while imports decreased by 7.2% to US$1.94 billion.
Cut and Polished Diamonds
Exports of cut and polished diamonds totalled US$13.29 billion (₹1,12,410.58 crore) for FY 2024–25, representing a 16.75% year-on-year decline. Imports decreased by 36.6% to US$1.21 billion (₹10,225.99 crore). Imports into Domestic Tariff Areas (DTAs) and Special Economic Zones (SEZs) declined by 15.91% and 42.96% respectively.
For March 2025, exports in this category declined by 0.76% year-on-year to US$1.16 billion, while imports for the month fell by 57.07% to US$52.09 million.
Rough Diamonds
Rough diamond imports during the financial year amounted to US$10.80 billion (₹91,355 crore), a decrease of 24.27% from the previous year. In volume terms, imports were down 16.2% to 1,044.34 lakh carats. The decline in imports corresponds with lower demand and reduced procurement activity over the period.
Lab-Grown Diamonds
Exports of polished lab-grown diamonds stood at US$1.27 billion (₹10,716.13 crore), a decrease of 9.64% year-on-year. For March 2025, exports were US$132.08 million (₹1,141.38 crore), reflecting an increase in shipments during the final month of the period.
Gold Jewelry
Total exports of gold jewelry (plain and studded) for FY2024–25 were broadly stable, recording a marginal decline of 0.11% to US$11.21 billion. Within this category, plain gold jewelry exports declined by 13.1% to US$5.10 billion, while studded gold jewelry exports increased by 14.13% to US$6.11 billion.
In March 2025, gold jewelry exports grew by 27.27% year-on-year to US$1.11 billion. Plain gold jewelry exports rose by 39%, while studded gold jewelry recorded a 16.65% increase.
Silver and Platinum Jewelry
Silver jewelry exports declined by 40.58% year-on-year to US$961.79 million. In contrast, platinum jewelry exports rose by 11.79% to US$182.75 million.
Coloured Gemstones and Other Segments
Exports of coloured gemstones amounted to US$440.38 million (₹3,729.93 crore), a decrease of 8.01% year-on-year. Exports of gold medallions and coins declined by 40.04% to US$120.38 million.
Industry Considerations
Export performance across major jewelry categories reflected varying trends. The significant reductions in both rough and polished diamond imports and exports indicate subdued trade activity over the year. Studded gold jewelry and platinum jewelry were among the few segments to report growth, while plain gold, silver, and lab-grown diamonds saw overall declines.
Exporters are likely to remain attentive to factors such as international demand, pricing conditions, and consumer trends. Close attention to product performance and trade policy developments will remain relevant in the year ahead.
