Gems and Jewellery exports declined by 9 per cent in April to $2.45 billion (Rs 20,952 crore) due to the ripple effect of ongoing geopolitical tensions in West Asia, which has led to the trade taking a cautious approach in the near term. Imports declined by 10 per cent to $2.03 billion last month.

Export of cut and polished diamonds was down 20 per cent at $891 million against $1.11 billion due to sluggish demand as retailers pruned inventory in major export markets. Cut and polished diamond imports more than tripled to $222 million ($62 million) as the trade replenished stocks on the expectation of recovery in the global demand and increased their procurement activities from the SEZs.

Rough diamonds imports dipped 29 per cent to $848 million ($1.21 billion) due to cautious purchasing and lower manufacturing activity.

Polished lab grown diamonds export also decreased 16 per cent to $93 million ($110 million) due to lower global demand for retail products, pricing adjustment and increased competition in the international markets.

High gold price impact

Gold jewellery exports were down 22 per cent at $842 million ($1.08 billion) compared to that of the previous year. The high gold prices and turbulent global economy has hit global demand amid.

Colin Shah, MD, Kama Jewelry said the gems and jewellery exports were under pressure due to persistent global economic headwinds and volatility in precious metal prices.

The traditional categories or star performers such as cut and polished diamonds and plain gold jewellery remained under pressure due to cautious consumer sentiment and high bullion prices, he said.

“While there was no predictable sign, we remain strongly hopeful of a possible truce between the countries at conflict,” he added.

Bucking the weak trend, silver jewellery export jumped over four times to $268 million (49 million) due to high demand for affordable jewellery substitutes in the global market. Volatility in the price of silver during the period also contributed to the sharp rise.

Platinum jewellery exports were up 90 per cent at $22 million ($12 million) due to rising demand from the developed markets and the preference of the consumers towards buying the premium contemporary jewellery, especially in the bridal and lifestyle segment.

Published on May 15, 2026