India’s gem and jewellery exports were almost flat during April-December 2025 over the previous year, but exports to the United States during the same period declined 44% from $6.95 billion in April–December 2024 to $ 3.86 billion for the nine months of 2025, the Gem and Jewellery Export Promotion Council (GJEPC) said on Friday.
Provisional exports for the nine-month period of 2025 stood at $ 20.75 billion, a marginal year-on-year decline of 0.41%, while recording a growth of 3.69% in rupee terms.
Exports to the US declined 50.44% year on year in December 2025, reflecting tariff-related pressures and subdued discretionary demand. The United States is India’s largest export market for gems and jewellery, accounting for nearly 30% of total exports, according to the council.
In a statement, GJEPC chairperson Kirit Bhansali said the sharp decline in shipments was a matter of serious concern. “Prolonged uncertainty around tariffs could adversely impact the long-term viability of the US market for Indian jewellery exporters. That said, we have full faith in the Government of India and remain hopeful that ongoing bilateral trade discussions will lead to a positive and timely resolution,” he said.
Surat, which processes eight out of every ten diamonds sold globally, has been facing sustained challenges in recent years. Global disruptions, including supply chain constraints, declining demand, and United States sanctions on polished diamonds made from Russian rough stones that account for nearly 33% of Surat’s supply, have led to factory slowdowns and job losses.
According to GJEPC, the growth in jewellery exports offset moderation in diamonds, with gold, silver and platinum jewellery compensating for lower exports of cut and polished diamonds and lab-grown diamonds.
Exports to alternative markets supported overall trade. Shipments to the United Arab Emirates rose 28% year-on-year to $ 6.89 billion, exports to Hong Kong increased 28% to$ 4.25 billion, and exports to Australia grew about 40% to $ 277.76 million.
Bhansali said the Free Trade Agreements with the UAE and Australia had come at a crucial time for the industry. “Recent FTAs with the UK, Oman, New Zealand and others will further enhance competitiveness by reducing duties and easing trade barriers. With the Government of India currently negotiating multiple trade agreements, we are confident these will open new markets and strengthen India’s position globally on quality, value and trust.”