Gems and Jewellery Export Sector Faces 15.81% Decline amid US Tariffs

The Gems and Jewellery Export Promotion Council (GJEPC) reports a 15.81% decline in overall exports in May due to US tariffs. Exports of diamonds and lab-grown diamonds saw a significant drop, while gold jewellery exports increased by 17.24%. Silver jewellery and coloured gemstones also experienced declines.

The Gems and Jewellery Export Promotion Council (GJEPC) has announced a drastic 15.81% fall in total exports for May, attributed primarily to newly imposed US tariffs. According to GJEPC data, the exported value stood at USD 2,263.42 million, down from USD 2,688.38 million a year earlier.

Notably, exports of cut and polished diamonds suffered a steep decline of 35.49%, totaling USD 949.70 million, a significant reduction from the USD 1,472.08 million recorded last year. In tandem, polished lab-grown diamonds exports fell by 32.76% to USD 80.90 million.

Conversely, gold jewellery exports surged by 17.24% to USD 997.50 million, driven by increasing geopolitical tensions in the Middle East, reinforcing demand. However, silver jewellery and coloured gemstones saw downturns of 17.59% and 1.13%, respectively, as the industry continues to navigate fluctuating international demands.

(With inputs from agencies.)