Gemstones and jewellery shipments from India to the US contracted sharply from April to December 2025, reflecting the ongoing impact of tariffs and subdued discretionary demand.

Latest data from the the Gem & Jewellery Export Promotion Council (GJEPC) showed that Indian exports to the US declined 44.42 per cent year on year to US$3.86 billion from US$ 6.95 billion in the same period in 2024. In December 2025 alone, exports were down 50.44 per cent.

Shri Kirit Bhansali, chairman of GJEPC, said the US is still India’s largest export destination, accounting for nearly 30 per cent of the country’s gem and jewellery exports.

“The sharp decline in shipments is a matter of serious concern,” continued Bhansali. “Prolonged uncertainty around tariffs could adversely impact the long-term viability of the US market for Indian jewellery exporters.”

Meanwhile, India’s overall gem and jewellery exports remained stable during the period in review. Provisional exports data for the nine months of 2025 reached US$20.75 billion, reflecting a marginal dip of 0.41 per cent.

GJEPC attributes this to market stabilisation, with strong growth in jewellery shipments, particularly gold, silver and platinum jewellery, offsetting the moderate performance of cut and polished diamonds and lab-grown diamonds. “This trend reflects the industry’s ability to adapt through product mix optimisation, value addition and diversified export destinations,” the council said. 

Cut and polished diamond exports from April to December 2025 reached US$8.99 billion, down 7.85 per cent from 2024 largely due to tariff-related pressures and reduced demand from the US. Polished lab-grown diamond exports declined 10.28 per cent to US$840.14 million while coloured gemstone exports hit US$294.52 million, down 3.16 per cent.

GJEPC said free Trade Agreements (FTAs) and a stronger presence in alternative markets are key to steady exports. Data showed that shipments to the United Arab Emirates rose 28.08 per cent to US$6.89 billion while those to Hong Kong increased 28.19 per cent to US$4.25 billion. Exports to Australia also recorded strong growth, rising 39.83 per cent to US$277.76 million.

Bhansali added, “Recent FTAs with the UK, Oman, New Zealand and others will further enhance competitiveness by reducing duties and easing trade barriers.”

Data further revealed that total gold jewellery exports, including plain and studded jewellery, grew 7.28 per cent to US$8.67 billion. Within this, plain gold jewellery exports increased 7.72 per cent in value, while studded gold jewellery exports rose 6.93 per cent. Silver jewellery exports surged 44.36 per cent to US$ 1.11 billion while platinum jewellery exports jumped 49.16 per cent to US$195.65 million.