India's Glitter Fades: 23.49% Plunge in Gems & Jewellery Exports

India's gems and jewellery exports saw a substantial decline of 23.49% in February due to decreased demand from major markets like the US and China. Ongoing geopolitical tensions and adjustments in diamond prices play a significant role in this reduction, according to the Gem and Jewellery Export Promotion Council.

India's gems and jewellery exports fell sharply by 23.49% in February to USD 2,422.9 million, equivalent to Rs 21,085.03 crore, as a result of reduced demand from key markets such as the US and China, the Gem and Jewellery Export Promotion Council (GJEPC) revealed on Wednesday.

Overall exports during the same month last year were markedly higher at USD 3,166.66 million, according to GJEPC data. Between April 2024 to February 2025, exports further dipped by 13.43% to USD 25,732.72 million, highlighting consistent challenges.

Kirit Bhansali, the newly appointed GJEPC Chairman, attributed the decline to persistent demand decreases in the US and China, geopolitical tensions, and a 10-15% correction in rough diamond prices. Cut and polished diamonds, gold, and polished lab-grown diamonds also saw notable declines.