India's gems and jewelry exports tumble 31% in October
What's the story
India's gems and jewelry exports witnessed a massive decline of 30.57% in October, according to the Gems and Jewelry Export Promotion Council (GJEPC). The overall sectoral exports stood at $2,168.05 million (₹19,172.89 crore) for the month, down from $3,122.52 million (₹26,237.1 crore) in October last year. The drop was primarily attributed to subdued global demand amid high interest rates and supply chain disruptions.
Market challenges
Trade tariffs and economic slowdown impact exports
Colin Shah, MD of Kama Jewelry, noted that the effects of trade tariffs are now being felt. He said these have resulted in higher costs and reduced buying, while manufacturers are adjusting inventory post-festive season. The GJEPC data shows a significant drop in exports of cut and polished diamonds by 26.97% to $1,025.99 million (₹9,071.41 crore) in October compared to last year.
Export decline
Gold jewelry exports plummet amid US tariffs
Gold jewelry exports witnessed a major fall of 28.4% in October to $850.15 million, as the 50% US tariff made Indian products uncompetitive and led to order cancelations. However, for the April-October 2025 period, gold jewelry exports were up by an impressive 11.9% to $6,645.63 million on account of higher gold prices and strong early-year demand. Exports of polished lab-grown diamonds fell 34.9% in October to $94.37 million, while silver jewelry exports declined 16% to $121.37 million.