India’s gem and jewelry industry faced a decline in exports in April 2025, largely due to tariffs and ongoing global trade tensions.
According to Colin Shah, MD of Kama Jewelry and former GJEPC chairman, U.S. tariffs have disrupted the global market, causing a ripple effect on India’s exports.
Geopolitical conflicts in the Middle East, Russia-Ukraine, and the U.S.-China trade war have also added uncertainty, impacting supply and demand worldwide.
The Gem and Jewelry Export Promotion Council (GJEPC) reported that total gross exports fell 5 percent year-over-year to $2.04 billion in April, down from $2.14 billion the previous year. Imports dropped even more sharply, falling 18 percent to $1.57 billion.
Specifically, cut and polished diamond exports declined 6 percent to $1.12 billion, while diamond imports plunged 46 percent to $47.6 million, reflecting continued softness in global diamond demand.
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