Gems and jewellery exports have fallen into the negative zone - down 15 per cent year-on-year - to USD 3 billion in December due to poor demand from Europe and the US.
The exports stood at USD 3.5 billion in the same period last year, according to the Gems and Jewellery Export Promotion Council (GJEPC).
In May, the overseas shipments had logged in 33 per cent growth, touching the peak this fiscal.
"There has been a demand slowdown for our products mostly from the western markets like the US and EU," GJEPC Chairman Rajiv Jain said.
The major markets for the country's gems and jewellery exports also include the UAE and Hong Kong.
During the April-December period this fiscal, gems and jewellery exports have grown 11.65 per cent to USD 32.1 billion, compared to the same period last fiscal.
To reduce dependence on traditional markets, the exporters are exploring new markets like Latin America, Africa and Russia.
India mainly imports gold and rough diamonds in large quantities and re-exports value-added items like jewellery.
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