West Asia conflict | Constantly monitoring situation to ensure continuity of shipments: GJEPC

'The past year has been challenging for the global gem and jewellery industry, shaped by evolving US tariff policies, geopolitical uncertainties,' said GJEPC chairman.

Mumbai: The gem and jewellery industry, which in the past one year has seen challenging situation because of evolving American tariff policies, geopolitical uncertainties, and changing consumer preferences across key markets, is closely watching developments in West Asia because of the war involving the coalition of Israel-United States and Iran.

The Gem and Jewellery Export Promotion Council (GJEPC), the apex body of the industry, said that during the period April 2025 to February 2026, the overall gross exports of gems and jewellery reached US$ 25.93 billion (Rs. 2,28,230.06 crores), marking a marginal growth of 0.07% (4.34% in Rupee terms) compared to US$

25.92 billion (Rs. 2,18,737.62 crores) during the same period of the previous financial year.

“The past year has been challenging for the global gem and jewellery industry, shaped by evolving US tariff policies, geopolitical uncertainties, and changing consumer preferences across key markets. Despite these headwinds, the Indian gem and jewellery sector has demonstrated remarkable resilience,” GJEPC Chairman Kirit Bhansali said on Monday.

“Exporters have actively diversified their export markets, strengthening their presence in destinations such as the UAE and Australia, where Free Trade Agreements have played a significant role, while markets like Hong Kong have continued to provide strong support. The Government of India’s proactive trade diplomacy through FTAs has been instrumental in opening new opportunities and helping the industry diversify its export base. This strategic shift is reflected in the sector’s overall performance during the year,” added Bhansali.

According to him, recent developments in the U.S. tariff framework have also provided some support to the studded jewellery segment.

“As per the current understanding, the effective duty on jewellery exports from India is around 15.5%, which is significantly lower than earlier proposed levels and helps maintain competitiveness in this category. At the same time, the industry awaits greater clarity regarding the final tariff treatment for natural diamonds and certain loose stone categories, which are currently subject to a 10% import duty under the prevailing US executive order,” he said.

Talking about the geopolitical tension in the Middle East region, Bhansali said: “The industry remains watchful of evolving geopolitical developments and global trade conditions as we move into the final phase of the financial year. Exporters are closely monitoring the situation and working with trade partners to ensure continuity of shipments and supply chains.”