Indian Gems & Jewellery Trade witness an uptick influenced by the jitters of Tariff Threats; exports up by 15.98% while imports witnessed a 26.55% rise during July 2025
- Cut & Polished diamonds exports grow by 17.76% with 32.02% growth in imports
- Rough diamond imports show a growth of 1.48%
- Polished Lab Grown Diamond exports grew by 27.61% in July 2025
- Gold Jewellery export up by 16.39% in July 2025
- Platinum Jewellery export up by 14.11% in July 2025
- Coloured Gemstone exports up by 1.93%
13th August 2025: As per the data released by the Gems and Jewellery Export Promotion Council (GJEPC), the overall gross exports of Gems & Jewellery witnessed a spike of 15.98% to US$ 2178.24 million (Rs. 18756.28 crores) during July 2025, as compared to US$ 1878.09 million (Rs. 15700.0 crores) for the same period of previous year. On the other hand, the overall gross imports of Gems & Jewellery witnessed a growth of 26.55% to US$1810.43 million (Rs. 15587.73 crores) in July 2025, as compared to US$1430.55 million (Rs. 11956.04 crores) for the same period of the previous year.
This massive rise is due to the expedited trade activities during July as a preventive measure against Tariff Threats kicking in August 2025 onwards. As India heads into the festive season, and following this is the holiday season in the West, a major part of the trade has already been concluded in July 2025.
Along with this, multiple factors beyond seasonal demand, like Product diversification into lightweight and contemporary designs, appealed to younger global consumers, while improved market access through trade agreements like the India-UAE CEPA enhanced competitiveness.
Cut and Polished Diamonds: The overall gross export of Cut & Polished diamonds recorded US$1071.73 million (Rs. 9230.66 crores) in the month of July 2025, reflecting a growth of 17.76% (21.32% in Rs. Term) as compared to US$ 910.13 million (Rs. 7608.79 crores) for the same period of previous year. This can be attributed to increased stocking by global buyers anticipating price fluctuations. Enhanced efficiency in manufacturing, better quality standards, and growing penetration into emerging markets further contributed to the export momentum.
Similarly, the overall gross imports of Cut & Polished diamonds at US$113.75 million (Rs. 980.65 crores) in the month of July 2025 are showing a growth of 32.02% (36.18% in Rs. term) as compared to US$86.16 million (Rs. 720.13 crores) for the same period of the previous year. Manufacturers and traders stepped up inventory purchases ahead of the festive and wedding seasons.
Rough Diamonds: Gross imports of rough diamonds at US$4373.88 million (Rs 37475.56 crores) between April 2025 and July 2025 have shown a growth of 1.48% (4.21% Rs. terms), compared with the imports at US$4310.28 million (Rs. 35962.94 crores) for the previous year. With the uncertainty of trade tariffs and further depreciation of INR, traders have stocked rough diamonds, which can be processed to cater to the demand during the festive season, and this is likely to see a growth in demand not only in the home ground but also in other markets like the UAE, UK, etc.
Platinum: Provisional gross export of Platinum Jewellery for the period of April 2025 – July 2025 at US$65.18 million (Rs. 558.73 crores) shows growth of 14.11% (17.2% Rs. term) over the comparative figure of US$57.12 million (Rs. 476.73 crores) for the previous year. The metal’s attractiveness as a premium yet inexpensive alternative to gold attracted younger consumers, and new and modern lightweight designs were increasing export orders.
Increasing adoption of platinum for men’s jewellery means more inventory is moving through the retail sector. There was some consumer growth ahead of the festive and wedding seasons, and some international retailers restocked their inventory for the wedding and holiday season in the West. The depreciation of the rupee against the dollar in the ex-category improved INR realisations and contributed to overall value growth.
Polished Lab Grown Diamonds: Provisional gross export of Polished Lab Grown Diamonds for the period July 2025 at US$122.43 million (in Rs. 1054.65 crores) shows a growth of 27.61% (31.48% in Rs. term) over the comparative figure of US$95.94 million (Rs. 802.16 crores) for the previous year. Improved production efficiency and quality standards in India have helped in enhancing competitiveness. Expansion into new markets and rising adoption by global jewellery brands further contributed to growth.
Gold Jewellery: A total gross export of Gold Jewellery of US$813.77 million (Rs. 7005.96 crores) in July 2025, recording a growth of 16.39% (19.88% in Rs. term) over US$699.17 million (Rs. 5844.28 crores) during the same month in the previous year. With the festive season and wedding season approaching abroad and in India, retailers started stocking up on inventories, supported by renewed consumer confidence and expectations of gold prices going up.
The devaluation of the rupee against the US dollar also aided the valuations of exports in INR terms. Besides, diversification in products in lightweight, contemporary designs and benefits of being part of trade agreements like the India-UAE CEPA made us competitive, leading to strong growth in the sector during the month.
Silver Jewellery: Provisional gross export of Silver Jewellery for the period APR 2025 - JUL 2025 at US$281.2 million (Rs. 2408.27 crores) shows a decline of 2.44% ( 0.13% Rs. term) over the comparative figure of US$288.23 million (Rs. 2405.1 crores) for the previous year. The decline was impacted by subdued demand in key markets such as the US and Europe amid slower economic recovery and reduced discretionary spending. Global silver prices remained volatile, prompting buyers to delay fresh orders and focus on clearing existing inventories. Additionally, competition from alternative sourcing destinations and a shift in consumer preference toward gold and lab-grown diamond jewellery in certain markets affected volumes.
Coloured Gemstones: Provisional gross export of Coloured Gemstones for the period APR 2025 - JUL 2025 at US$116.66 million (in Rs. 998.03 crores) shows growth of 1.93% (4.48% in Rs. term) over the comparable figure of US$114.45 million (Rs. 955.25 crores) for the previous year. The niche market for bespoke and high-value gemstone jewellery remained robust, underpinned by innovation in gemstone cutting and jewellery design techniques.
Commenting on the same, Mr. Colin Shah, MD, Kama Jewelry, said, “The gems & jewellery exports are witnessing a dynamic shift, earlier due to the geo-political tensions and now the tariff complexities. The strong performance in July 2025 is a cautionary uptick ahead of a freefall in cross-border business activities. While trade agreements have opened new avenues, challenges like high gold prices, economic uncertainties, and volatile metal markets continue.
It is important to monitor the development of the India-US Bilateral Trade Talks closely, as that would decide the further course of trade activities between both countries. With the current imposed 50% trade tariffs, it will be difficult to maintain this growth, but domestic demand for gold is now likely to gain momentum with the start of Indian festivities and wedding season, which will be a relief for the industry.”