Prolonged uncertainty around tariffs could adversely impact the long-term viability of the US market for Indian jewellery exporters he said.
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SHAILESH ANDRADE
Hit by the punitive tariff, gem and jewellery exports to the US plunged 44 per cent in the first nine months this fiscal to $3.86 billion against $6.95 billion logged in the same period last year.
Exports to the US halved in December, reflecting the continued impact of tariff-related pressures and subdued discretionary demand, according to the provisional data released by Gem and Jewellery Export Promotion Council data.
Kirit Bhansali, Chairman, GJEPC, said the US remains India’s largest export destination, accounting for nearly 30 per cent of gem and jewellery exports and the sharp decline in shipments to US is a matter of serious concern.
Prolonged uncertainty around tariffs could adversely impact the long-term viability of the US market for Indian jewellery exporters, he said.
Overall flat performance
However, overall gem and jewellery exports between April and December saw little movement from year ago at $20.75 billion, while registering a growth of 4 per cent in rupee terms, supported by currency movement and steady trade flows.
The near-flat performance highlights market stabilisation, with strong growth in jewellery exports—particularly gold, silver and platinum jewellery—offsetting moderation in cut and polished diamonds and lab-grown diamonds.
Exports to the United Arab Emirates rose 28 per cent y-on-y to $6.89 billion, while shipments to Hong Kong increased 28 per cent to $4.25 billion. Exports to Australia also recorded strong growth of 40 per cent to $278 million, underscoring the growing importance of diversified and FTA-supported markets.
Plain jewellery shipments up
Kirit Bhansali, Chairman, GJEPC, said the plain gold jewellery exports recorded a value growth of 8 per cent to $3.82 billion as gold bar prices rose by 52 per cent compared to the same period last year, resulting in higher export realisations even though export volumes moderated.
Cut and polished diamond exports between April and December declined 8 per cent at $8.99 billion largely due to tariff-related pressures and reduced demand from the United States.
Gold jewellery exports grew 7 per cent y-on-y to $8.67 billion during the period. Silver jewellery exports surged 44 per cent to $1.11 billion. Polished lab-grown diamond exports declined 10 per cent y-on-y to $840 million.
Published on January 16, 2026
