Indian gems and jewellery exports rise 16%, imports up 27% in July amid tariff concerns

The Indian gems and jewellery sector recorded a rise in exports and imports in July 2025, driven largely by anticipatory trade ahead of potential tariff changes, according to data released by the Gems and Jewellery Export Promotion Council (GJEPC).Gross exports increased 16% to $2,178.24 million (₹18,756.28 crore) in July 2025, compared with $1,878.09 million (₹15,700.0 crore) during the same period last year. Imports grew 27% to $1,810.43 million (₹15,587.73 crore), up from $1,430.55 million (₹11,956.04 crore) previously.

The spike reflects accelerated trade as businesses sought to complete shipments before tariffs were expected to take effect in August.

Segment-wise performanceCut and polished diamonds: Exports rose 17.76% to $1,071.73 million (₹9,230.66 crore), while imports grew 32.02% to $113.75 million (₹980.65 crore), driven by increased stocking for festive and wedding seasons.

Rough diamonds: Imports from April to July 2025 increased 1.48% to $4,373.88 million (₹37,475.56 crore) compared to the previous year, reflecting traders’ cautious stocking amid tariff uncertainties.

Polished lab grown diamonds: Exports surged 27.61% to $122.43 million (₹1,054.65 crore), supported by improved production efficiency and rising adoption by global brands.Gold jewellery: Exports increased 16.39% to $813.77 million (₹7,005.96 crore), aided by seasonal demand and favourable rupee-dollar movements.

Platinum jewellery: Exports rose 14.11% to $65.18 million (₹558.73 crore), benefiting from modern lightweight designs and increased adoption in men’s jewellery.

Silver jewellery: Exports declined 2.44% to $281.2 million (₹2,408.27 crore), impacted by subdued demand in key markets and volatile silver prices.

Coloured gemstones: Exports grew 1.93% to $116.66 million (₹998.03 crore), driven by innovation in cutting and design for niche markets.

Industry experts attribute the overall growth to a combination of seasonal demand, product diversification targeting younger consumers, and improved market access through trade agreements such as the India-UAE CEPA.

Commenting on the trends, Colin Shah, MD of Kama Jewelry, said, “The gems and jewellery exports are witnessing a dynamic shift, earlier due to geopolitical tensions and now tariff complexities. The strong performance in July is a cautionary uptick ahead of a slowdown in cross-border activities. Trade agreements have opened new avenues, but high gold prices, economic uncertainties, and volatile metal markets remain challenges. Domestic demand is expected to gain momentum with the Indian festive and wedding seasons.”