Mumbai: The glitter of India’s gems and jewellery sector has dimmed with the exports facing a sharp jolt to the United States, which is the world’s largest gems and jewellery consumers market. According to the data provided by the Gems and Jewellery Export Promotion Council (GJEPC), during April to December 2025, exports to the US fell by a steep 44.42% year-on-year to US$ 3.86 billion, compared to US$ 6.95 billion in the same period last year, highlighting the huge impact of the tariff on Indian goods in the US, inflationary headwinds and dwindling consumer demand.
GJEPC Chairman Kirit Bhansali said that the US is India’s largest export destination, accounting for an average of 30% of our gems and jewellery exports. The sharp decline in shipments is a matter of serious concern. It is necessary that tariff and other time-sensitive issues are resolved positively in bilateral trade talks.
Cut and polished diamond exports during April-December 2025 stood at US$ 8.99 billion, a decline of 7.85% year-on-year. Total gold jewellery exports, including plain and studded jewellery, grew by 7.28% year-on-year to US$ 8.67 billion. Silver jewellery exports grew by 44.36% to US$ 1.11 billion.
The US market could have an adverse impact on the long-term viability of Indian jewellery exporters. We have full confidence in the Government of India and hope that the ongoing bilateral trade discussions will progress positively.
“For India, the US is the largest export destination, accounting for an average of 30% of our gems and jewellery exports. The dramatic decline in the shipments from India has created a major concern among the exporters. We have already represented the Central Government to resolve the tariff issue positively in the bilateral trade deals with the US” said Bhansali.
In contrast, gold jewellery exports showed resilience, with total exports — including plain and studded jewellery — rising by 7.28% year-on-year to US$ 8.67 billion. Silver jewellery emerged as a standout performer, surging by an impressive 44.36% to US$ 1.11 billion, driven by competitive pricing and increased global demand for affordable luxury.
“All the business planning cycles in the industry have got disturbed due to the tariff uncertainty and delay in the clarity for trade negotiations by the Indian government with their US counterparts. The industry immediately want relief from tariff to sustain our profit margins” said a Mumbai-based exporters.
