Gems, jewellery exports down 15.81 pc to USD 2,263 mn in May: GJEPC
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The overall gross exports of gems and jewellery in May 2025 stood at USD 2263.42 million (Rs. 19260.81 crores), showing a decline of 15.81% compared to USD 2688.38 million (Rs. 22414.02 crores) for the same period last year, according to figures released by the Gem & Jewellery Export Promotion Council ( GJEPC ).On the other hand, the overall imports of gems and jewellery for May 2025 stood at USD 1689.61 million (Rs. 14393.12 crores), showing a decline of 12.96% as compared to USD 1941.29 million (Rs. 16184.80 crores) for the same period last year. This can be attributed to the economic uncertainties surrounding the tariffs levied by Trump as well as the continuation of geopolitical tensions which has been pushing the demand downwards.The overall gross export of cut and polished diamonds declined by 35.49% in May 2025, standing at USD 949.70 million (Rs. 8089.81 crores) compared to USD 1472.08 million (Rs. 12272.03 crores) for the corresponding period last year. This is due to the slowdown in demand for this product category in major consumer markets like the USA and China.Similarly, the growing affirmation of consumers towards a more sustainable and cost-effective category like lab-grown diamonds is another reason which is impacting the demand for natural diamonds.Similarly, the overall gross imports of cut & polished diamonds saw a decline of 38.76% in May 2025, which stood at USD 84.80 million (Rs. 722.74 crores) when compared to USD 138.47 million (Rs. 1154.4 crores) for the same period last year.Gross imports of rough diamonds stood at USD 2262.21 million (Rs 19311.73 crores) in May 2025, showing a decline of 5.46% as compared to USD 2392.87 million (Rs. 19949.36 crores) for the same period last year. This can be attributed to weaker demand from key markets like the US and China. Moreover, falling prices coupled with oversupply is another factor leading to a decline in imports as traders look forward to clearing the existing inventories during such times.The provisional gross export of polished Lab Grown Diamonds during May 2025 stood at USD 80.90 million (in Rs. 689.71 crores), showing a decline of 32.76% as compared to USD 120.32 million (Rs. 1003.06 crores) for the previous year. This is due to the subdued demand in the overseas markets, primarily the US and China, resulting in overall weakened demand as both these countries are key export destinations for India.The total gross export of gold jewellery in May 2025 stood at USD 997.50 million (Rs. 8482.61 crores), showing a growth of 17.24% as compared to USD 850.81 million (Rs. 7094.52 crores) for the same period of last year. This can be attributed to the evolution of gold becoming more than just an investment asset but also a daily-delight jewellery which is increasingly being preferred by buyers across the globe.Provisional gross export of coloured gemstones in May 2025 stood at USD 62.51 million (Rs. 533.08 crores), witnessing a marginal decline of 1.13% compared to USD 63.22 million (Rs. 527.36 crores) for the same period last year. Being a niche product category, the consumption tends to oscillate as per the demand. Nevertheless, this product category remains immune to any macro factors and can bounce back stronger.Commenting on the same, Mr. Colin Shah, MD, Kama Jewelry said, 'The consistent decline of exports rolling over in May 2025 can be attributed to the uncertainties that followed the tariffs announcement by Donald Trump. This cast a shadowing effect on the domestic market, which is still navigating with the knee-jerk reaction that followed post-Trump's tariff wave. To add to this, the prolonged geopolitical tensions in the Middle East and Russia-Ukraine continue to disrupt the demand-supply dynamics, adding further woes to the already ailing sector. However, the peaceful trade talks between the US and China bring in some relief, which is expected to lift the sector's sentiments.'
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