Representative image.
Credit: Reuters Photo
Mumbai: US tariffs has sparked uncertainty in India’s gem and jewellery trade with overall gross exports at $ 2117.05 million (Rs 18529.08 crores) registered in the month of August 2025 showing a growth of (+) 5.12% (9.67% in Rs. term) as compared to $ 2013.93 million (Rs 16896.04 crores) for the same period of previous year.
While the primary growth trigger is the rush among Indian exporters to minimise the impact of tariff threat, other positive elements including Free Trade Agreements (FTAs) such as India-UAE CEPA, and reduced duties on imports for raw materials have also played a pivotal role, according to the Gems and Jewellery Export Promotion Council (GJEPC), the apex body for gems and jewellery in India.
On the other hand, the overall gross imports of gems and jewellery at $ 1471.85 million (Rs 12887.18 crores) in August is showing a growth of (+) 0.77% (5.17% in Rs. term) as compared to $ 1460.56 million (Rs 12253.84 crores) for the same period of previous year, the GJEPC said in its latest statement on trade outlook for August.
This rise is marginal in nature and reflects a steady demand for raw and semi-finished products back in the home country to support production for the upcoming holiday season internationally as well as domestic festive demand.
“The Indian gems and jewellery sector is evolving with sheer agility to absorb the jitters of US tariffs and economic uncertainty it has created. There were strong numbers in August 2025 showing growth and density of exports to international markets, highlighting the rush among the exporters community to conduct trade early and get saved from the tariffs,” said Colin Shah, MD, Kama Jewelry.
“Parallelly, fresh opportunities as close alternatives to the US due to trade deals (India-UAE CEPA), and consumers are increasingly gravitating toward sustainable, premium, and custom jewellery. Highly priced gold, global volatility, and volatile metal markets are persistent challenges, but coming out of the upcoming festive and wedding season will bring new energy to the sector,” added Shah.
Down
Cut & Polished diamonds exports show a decline of (-) 6.29%
Coloured Gemstone exports down by of (-) 4.46%
Polished Lab Grown Diamond exports shows a decline of (-) 2.29%
Coloured Gemstone exports down by of (-) 4.46%
UP
Gold Jewellery export up by 63.24%
Rough diamond imports have shown a growth of (+) 3.18%
Platinum Jewellery export shown growth of (+)13.52%