India's gem and jewelry exports hit 5-year low at $27.72bn

Business Apr 15, 2026

India's gem and jewelry exports just hit their lowest point in five years, dropping 3.3% to $27.72 billion for the year ending March 2026.
The main reason? Fewer shipments to the US which is India's top buyer, thanks to new tariffs and extra duties making things tougher.

U.S.-bound exports -45% after 25% duty

Exports to the US fell sharply, down 45%, after a hefty 25% duty was slapped on Indian goods.
Even cut-and-polished diamond exports dropped by 8.5%, reaching their lowest level in over 20 years.
On the bright side, places like the UAE and Hong Kong are picking up some of the slack, and industry leaders are hopeful that upcoming trade deals with the UK and EU could help turn things around soon.