India’s overall gems and jewellery exports declined 11.72 per cent to $28.5 billion (around ₹2.41 lakh crore) in 2024-25 compared with the previous financial year on continued geopolitical tensions, according to the Gem & Jewellery Export Promotion Council (GJEPC). The overall gems and jewellery exports stood at $32.2 billion (₹2.67 lakh crore) in 2023-24, according to GJEPC data.
However, in March, the exports improved slightly, witnessing a growth of 1.02 per cent at $2,582.97 million (₹22,340.89 crore) compared with $2,556.97 million (₹21,228.71 crore) in the same month of the previous year.
“The decline in gems and jewellery exports is mainly due to the continuous dip in demand in China as well as the US, India’s key export markets, due to the ongoing geopolitical tensions. Also, the correction in rough diamond prices by 10-15 per cent impacted the value, causing the overall decline in exports,” GJEPC chairman Kirit Bhansali told PTI.
The overall exports of cut and polished diamonds dipped 16.75 per cent to $13,292.0 million (₹1.12 lakh crore) compared with $15,967.02 million (₹1.32 lakh crore) for the same period of the previous year.
The export of polished lab-grown diamonds for the period of April 2024-March 2025 declined 9.64 per cent at $1,267.26 million (₹10,716.13 crore) from $1,402.44 million (₹11,612.36 crore) in the previous year.
Total gold jewellery exports during FY25 showed a decline of 0.11 per cent at $11,215.46 million (₹94,937.78 crore) against $11,227.72 million (₹93,066.82 crore) in FY24.
Silver jewellery exports in FY25 dipped 40.58 per cent at $961.79 million (₹8,115.32 crore) compared with $1,618.63 million (₹13,424.4 crore) in the previous year.
However, exports of platinum jewellery in FY25 witnessed a growth of 11.79 per cent at $182.75 million (₹1,547.3 crore) against $163.48 million (₹1,354.41 crore) a year ago.
Coloured gemstone exports showed a decline of 8.01 per cent during FY25 at $440.38 million (₹3,729.93 crore) compared with $478.71 million (₹3,961.98 crore) a year ago.